Manama, Kingdom of Bahrain, 28 October 2008 - Building on its recent success throughout the region, CapitaLand, the Asian real estate developer of Raffles City Bahrain, today announced the first public showcasing of the residential apartments of the highly anticipated new mixed development to the Bahraini public during Property Arabia from 29 October to 1 November 2008. Located on 43,000 square metres of prime waterfront property within the greater Bahrain Bay development, Raffles City Bahrain represents the first truly integrated development in the GCC region and is the first Raffles City-branded development outside Asia.
The launch of the public sales builds on the hugely successful private sales initiative for the apartments in one of the residential towers which were launched in June this year. In three weeks, it closed with approximately 80% of the available units booked. The average sale price achieved for the units was higher than that of other high quality residential apartments in Bahrain, which was a testament of the premium placed on the preferred location of Raffles City Bahrain and the premium quality of its residential apartments as well as an endorsement of CapitaLand's real estate delivery track record. CapitaLand manages the Shari'ah-compliant Raffles City Bahrain Fund which owns and develops Raffles City Bahrain.
"The choice to develop the internationally recognised Raffles City brand in Manama was built on a number of favourable factors, including the attractive Bahraini investment climate, the country's sound economic fundamentals and its burgeoning hospitality industry," said Mr Wong Heang Fine, CEO of CapitaLand GCC Holdings Pte Ltd. "Furthermore, our entrance into the rest of the GCC has been eased as we now have an established platform to display our track record of delivering quality real estate products and services to the region. The success we have seen thus far in the GCC has been recognised regionally with the prestigious CNBC Arabian Property Award in the category of 'Best Property, Bahrain'."
Raffles City Main View.
Designed by Rafael Vi?oly Architects -- the internationally acclaimed architectural firm headquartered in New York -- the iconic Raffles City Bahrain integrated development will combine unsurpassed luxury living, fine dining and exclusive shopping in a unique location, ideal for both business and residential buyers, which is set to become the Kingdom's new city centre once complete.
Three curving apartment towers, varying in height from 34 to 41 storeys, form the backdrop of the integrated development, which rises above the 92,000-square metre luxury retail mall. A total of twelve two-storey penthouses and over 600 luxury high-rise and terraced apartments combine with the 200 room 5-star serviced residence, managed by The Ascott Group - the largest international serviced residence owner-operator worldwide - to provide the exciting new design on Manama's growing skyline. Below these, 50 terraced sky villa residences provide large, luxurious living for a select group of residents. Each sky villa includes a private swimming pool, green landscaped terraces, courtyards, drive-up parking and garage access. The residential components of Raffles City Bahrain will be named in due course.
The public will be able to view the model for Raffles City Bahrain at Stand 105 in the Bahrain International Exhibition Centre during Property Arabia from 29 October - 1 November 2008.
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About Raffles City Bahrain (www.rafflescitybahrain.com.bh)
Comprising sculptured high rise apartments and penthouses, landscaped sky villas, high-end retail, exquisite dining and five star serviced residences in the integrated development, Raffles City Bahrain is the preferred address in the Kingdom of Bahrain. Due for phased completion from Q4 2010, Raffles City Bahrain offers the ultimate cosmopolitan destination for luxurious living, with iconic bay and city views and the best lifestyle indulgences Bahrain has to offer. Developer CapitaLand, one of Asia's largest real estate companies, has drawn on its global development expertise and the talents of world-renowned architect Rafael Vi?oly, to add an iconic dimension to the Manama skyline.
Project Statistics
Apartments & Penthouses - Over 600 units comprising 1-,2-,3-bedroom apartments and 4-bedroom penthouses
Sky Villas - 50 units
Tenure of residential units - Freehold
Serviced Residences - About 200 units
Total Land Area - 43,000 square metres
Gross Floor Area - 288,000 square metres
Retail Outlets Space - 92,000 square metres
Investment Capital - About US$800 million
Source of Investment - Shari'ah-compliant equity sukuk fund, Raffles City Bahrain Fund
Project Completion Date - Phased completion from Q4 2010
About 'Raffles City'-branded integrated developments
CapitaLand's 'Raffles City'-branded integrated developments are designed to be urban icons within business or cultural districts in global gateway cities. The "Raffles" name is synonymous with Singapore and the descriptor 'City' connotes the central location and integrated nature of these developments. Each of the Raffles City integrated developments varies in composition, but they are consistent in offering quality in both design and facilities. Designed by internationally acclaimed architects, the 'Raffles City' brand has garnered international recognition as a mark of excellence.
The first Raffles City was officially opened in Singapore in 1986. Currently, CapitaLand has four other Raffles City integrated developments across China and one in Bahrain. Of these, Raffles City Shanghai has been opened while those in Beijing, Chengdu, Hangzhou and Bahrain are under development.
About CapitaLand Group (www.capitaland.com)
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific, Europe and the Gulf Cooperation Council (GCC) countries.
The company's real estate and hospitality portfolio spans more than 120 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed subsidiaries and associates of CapitaLand include Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust and CapitaRetail China Trust.
For Raffles City Bahrain-related media queries please call:
GCC region
Julia Atherton-Dandy / Sami Amin
Gulf Hill & Knowlton
Tel: +973 17533532
Email: julia.dandy@hillandknowlton.com / sami.amin@hillandknowlton.com
For CapitaLand-related media queries please call:
Singapore
Julie Ong
CapitaLand GCC Holdings Pte Ltd
Tel: +65-97340122
Email: julie.ong@capitaland.com
Press Release 2008
