Bahrain Bay Development B.S.C.(c), the $2.5 billion landmark waterfront community located in the heart of Manama, announced today that the development remains on track despite the effects of the current economic climate.
In an important milestone for the project, Bahrain Bay recently energized one of its 66kv power substations. The substation will cater for the development's electricity needs and offers a range of benefits including lower line losses, higher load supplies, less operational constraints and a more reliable power supply.
Bob Vincent, CEO of Bahrain Bay, said, "The energisation of our electricity substation is an important milestone for the project and further demonstrates that Bahrain Bay remains on track. Given the ambition of Bahrain Bay, we are focused on the long-term opportunity of the project and what it will offer to Bahrain in terms of positive social and economic impact. We remain committed to the vision of Bahrain Bay and we are confident that we will navigate the challenges of today's financial environment to go on to create a waterfront community befitting of a 21st Century Bahrain."
With the majority of the development's land parcels now sold and with 16 third party developers on board, Bahrain Bay is progressing in line with expectations.
The deck formwork of the Bahrain Residential Avenue Bridge has now been completed and preparations are well underway for the installation of the post-tensioning cables. Work also continues on the construction of the platform for the Manama High Street Bridge, which is now 80% complete.
Several of Bahrain Bay's third party developers are already progressing through the initial stages of their individual projects, with Arcapita having completed its structural frame along with concreting works and has recently commenced the installation of its curtain walls. Its full team of contractor, sub-contractor and consultants are committed and focused on the completion of the building in accordance with the construction programme. Thirteen of the third party developers have now completed their Due Diligence, and several have signed off on designs and completed their soil investigations, with many expected to commence construction work later this year.
Concluding, Bob Vincent, said, "The work completed to date on the project demonstrates the developers' commitment to the Bahrain Bay project. We are encouraged by the progress of our third party developers and how effectively they are managing their projects in the current environment. Developers across the world are taking the opportunity to reassess how best to implement projects now to harness opportunities, such as lower construction costs, resulting from the current economic situation."
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About Bahrain Bay Development B.S.C.(c) (www.bahrainbay.com)
Bahrain Bay is a new metropolis coming to life. A vibrant destination in the heart of Manama, Bahrain, this distinct community is a fusion between the calm of water and the vitality of an urban centre, the essence of Bahraini tradition. Positioned off the north-eastern shore of Manama, Bahrain Bay is a landmark $2.5 billion waterfront development designed around vibrant neighbourhoods of residential, commercial and retail spaces, all based upon the unique concept of an island connected by two bridges forming an inner harbour. Contemporary in design and modern in its sensibility, Bahrain Bay brings a new energy to Bahrain, uniquely combining its diverse components and contrasting elements into an authentic and welcoming destination.
The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new HQ building for Arcapita, the leading international investment firm and lead investor in the project.
Bahrain Bay is committed to establishing and maintaining a new standard of urban centre. With an emphasis on social fabric and sense of place, Bahrain Bay will be created as a complete community filled with residents, businesses and visitors from all over the world. Bahrain Bay offers a range of high quality development opportunities for developers to participate in creating residential, commercial and retail offerings around the anchor developments. In addition to the anchor developments, Bahrain Bay has attracted investment from regional and international developers.
Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the masterplan for Bahrain Bay has been designed to create a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which, together as Bahrain Bay, will serve as symbol of Bahrain's promising future.
For further information please contact
Bahrain Bay sales centre: +973 17505555
Website:www.bahrainbay.com
Gene Redelinghuys
Bahrain Bay Development B.S.C.(c)
Email: gredelinghuys@bahrainbay.com
Tel: + 973 17505555
© Press Release 2009
