'Abraj Al Lulu', Bahrain's largest freehold luxury apartments project, is set to be unveiled tomorrow (27th September 2005) during a grand ceremony at the Ritz-Carlton Hotel, announced Mr. Mohammed Dadabhai - Chairman of Pearl Real Estate Development Company, during a press conference.
The BD 95 million 'Abraj Al Lulu' (Lulu Towers) project, the first of its kind in the Kingdom of Bahrain, was instigated by Bahrain-based Pearl Real Estate Development Company, which is co-owned by a group of Bahraini, Saudi and UAE investors who boast a wide experience and proven expertise in the real estate sector. Rising high from the heart of Bahrain's capital, this first-of-its kind venture will undoubtedly transform Bahrain's skyline and provide investors with a luxurious lifestyle at the centre of the downtown action.
Strategically located in the heart of Manama, Bahrain's capital, across the highway from the Bahrain Financial Harbour and opposite the Al Futtaim City Centre, 'Abraj Al Lulu' is a 20-minute drive from the Saudi causeway and less than 10 minutes away from the Bahrain International Airport. Abraj Al Lulu is expected to be completed by December 2007.
This revolutionary project covers an area of 200,000 square feet and will comprise of three multi-storey residential towers offering superior amenities fit for a luxurious life. The towers will house over 860 state-of-the-art apartments that will be complemented by a four-storey car park that will be able to accommodate over 1100 cars.
Mr. Mohammed Dadabhai commented that "this ground-breaking freehold luxury apartments project fulfils the needs and desire of many Gulf and expatriate families who wish to buy
property and get a residence permit in order to make Bahrain their home. To further facilitate the acquisition procedure, we are in the closing stages of finalising an agreement with a leading financial institution to provide the best mortgage finance deals to parties interested to invest in Abraj Al Lulu".
Mr. Dadabhai also added that "this project runs in-line with the policies of our wise leaders that aim to promote investment opportunities in Bahrain, enhance and develop the national economy, create more job opportunities for the local workforce and attract foreign investment in the kingdom."
"We would like to convey our sincere appreciation to our leaders and the various competent governmental bodies that supported this project since its inception and assisted us in bringing it to life."
Mr. Dadabhai also explained that this pioneering venture will not be the last of its kind as the company is seeking to expand its project-base to further contribute towards the country's social and economic development and potential investors should be encouraged to embark on similar initiatives in order to further benefit Bahrain and its citizens.
Talking about the interest generated in this project to-date, Mr. Hatim Dadabhai, Director of Dubai-based Pegasus Realty - the exclusive sales agents of the project, explained that "we are extremely pleased with the tremendous interest witnessed by 'Abraj Al Lulu' and have to-date sold over 40% of the apartments to investors around the GCC and Bahrain, which is an extremely positive sign for a development project of this nature."
"Although we were initially planning to set up our sales offices following the official unveiling ceremony of 'Abraj Al Lulu', the vast enquiries received by potential investors made it necessary for us to open up for sales earlier than anticipated. Located at Seef Residence, our sales offices have been set up to receive calls and enquiries on this pioneering venture as well as carry out processes and finalize sales transactions for all the 860 state-of-the-art apartments. We are also in
the process of continuously expanding our sales staff to handle the increasing number of enquiries and provide a superior level of service as is suitable for a project of this magnitude" continued Mr. Hatim Dadabhai.
Al Hamad Construction and Development Company, a highly experienced and one of the most efficient contracting companies in the region, has been appointed as the construction contractors for the Abraj Al Lulu project. Having been involved in the construction of similar large-scale projects such as Financial Harbour and Al Areen Developments, Al Hamad Construction has a track record of executing all construction deliverables well within the set time-frame.
Dubai-based Pegasus Realty, one of the most prominent names in the real estate arena with offices in London, Nice and Monaco, has been appointed as the exclusive sales agents in charge of the Abraj Al Lulu project. With a portfolio of over 200 prime properties, Pegasus Realty holds the keys to the best and most luxurious residences worldwide.
The BD95 million project was designed jointly by a group of renowned architects: Jafar Tukan, the winner of the most notable Aga Khan Award for architecture in 2001 and involved in many prestigious projects around the world, namely the Amman Hilton Hotel in Jordan, San Stefano Complex in Canada, Jordan Gate project and Mecca General Hospital in Saudi Arabia. Cowi Al Moayed and local architect Habib Mudara are also involved in this prestigious project.
-Ends-
Project Summary:
Abraj Al Lulu is the largest freehold luxury apartments project in the Kingdom of Bahrain. Due for completion in December 2007, the project will cover an area of 200,000 square feet and will comprise of three multi-storey residential towers offering superior amenities fit for a luxurious life. The towers will house over 860 state-of-the-art apartments and will be complemented by a four-storey car park that will accommodate over 1100 cars. Abraj Al Lulu is located in the centre of the capital - Manama - across the highway from the Bahrain Financial Harbour and close to the Al Futtaim City Centre, a 20-minute drive from the Saudi causeway and less than 10 minutes away from the Bahrain International Airport.
The BD95 million project ($252 million) is owned by a group of leading Bahraini, Saudi and UAE investors, in coordination with Bahrain-based Pearls Real Estate Development Company. Al Hamad Construction and Development Company has been appointed as the construction contractors for Abraj Al Lulu and Pegasus Realty has been appointed as the sales and marketing company in charge of promoting the project.
If you have, any further questions please contact:
Mohammed Abusaqer
Promoseven Weber Shandwick PR,
Bahrain, on +973 17- 225148;
E-mail: mohammed.abusaqer@promoseven.com
© Press Release 2005
