With over 30% of Silver Towers already being sold, the company receives confirmed interests for another 15%

Other two towers of the project namely, Gold Pearl and Black Pearl have already been sold out

Project receives an outstanding response at the recently held Property Arabia and the Worldwide Property Show 2007

Manama, Bahrain, October 29, 2007: Pearl Development and Real Estate Company (PDREC), a consortium of GCC investors, today announced that it had received a strong response  for the recently launched sales of the 50 storey Silver Pearl, one of the three towers of its landmark BD 95 million (US$ 250 million) Abraj Al Lulu project in Bahrain.

Commenting on the development, Mr. Hatim Dadabhai, Managing Director, Pegasus Realty, said: "It gives us immense delight to announce that the investor response towards the sale of Silver Pearl has been truly overwhelming. This is a clear reflection of the faith that our investors have reposed in our product offering and vindicates our strategy of ensuring optimal stakeholder value. As of today, over 30% of Silver Pearl has been sold out and the company has received confirmed interests for another 15%. Furthermore, we are proud to inform all that the other two towers of the project namely, Gold Pearl and Black Pearl have already being sold out. "

The Silver Pearl tower is approximately 180m high. It comprises a mixture of apartments ranging from 1-bedroom to 4-bedroom flats and 5-bedroom duplex penthouses.

Conceived with the active support of the Government of Bahrain and conceptualized by a team of international architects, the Abraj Al Lulu project is Bahrain's largest private sector freehold residential development. It is a unique project housing 900 apartments in one complex in 3 towers along with 1200 parking spaces. The complex is on a plot area of 184,700 sq.ft. and the total built up area is 2.25 million sq.ft. distributed among 2 identical towers, Gold Pearl and Silver Pearl which are 50 floors each and a third tower, Black Pearl which is 40 floors.

With Pegasus Realty as the exclusive sales agents for the project, Abraj Al Lulu also has agreements with leading banks for competitive mortgage and home finance facilities for its investors.

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© Press Release 2007