RealCAPITA, the newly established real estate development company, unveiled today the details of one of its major projects "Amwaj Gateway". Also today RealCAPITA's vice chairman and president Mr. Mohammed Al-Tawash signed a founder's agreement with Yara Investment Company CEO Mr. Jameel Al-Matrook for the joint collaboration of establishing Amwaj Gateway Company B.S.C. (c) with a paid up capital of BD20 million, split into 20% for Yara and 80% for RealCAPITA.
Amwaj Islands is one of the first reclaimed land projects in the Kingdom of Bahrain located off the Muharraq coast. It has a prime location of being close to the airport and the central business district in Manama. This one billion dollar project is set to build 35,000 units being developed off in different themes by different developers. Amwaj islands is constructed to create a new community and offer its residents a new approach to luxurious living.
Amwaj Gateway, the unique RealCAPITA and Yara Investment Comapany development, is located by the entrance of Amwaj Islands covering a plot of land of approximately 360,000 square feet where it will be developed to have six 20 story towers that will accommodate a total of 550 different units. The development will house all the facilities and infrastructure that will come forefront of luxurious living such as condos, apartments, hotel, restaurants, commercial outlets, town houses, swimming pools, gymnasiums and private beach all within a gated community giving them the true "access to luxury" . It's the only plot in Amwaj Islands to contain such a unique mix of facilities with unrestricted sea view and its own private beach. The founding stone, for the US$183 million project, will be laid in November 2006 and the total project is to be delivered within 30 months.
Mr. Tawash commented "Amwaj Gateway provides a unique opportunity for both the investors and end buyers alike, as this collaboration with Yara Investments should guarantee success considering the market demands trends".
Considering RealCAPITA recent entry into the investment market as an alternative new real estate investment firm based in Bahrain, RealCAPITA is proud to be able to introduce such a unique and prestige's project into the market. With an authorized capital of US$200 million, and a paid up capital of US$54 million RealCAPITA is considered one of the largest institutions of its kind in the region. With projects within the Kingdom such as development of gated community villas in Jassra and two 10 storey high residential towers in Mahooz in addition to major projects internationally such as the development of over 22,000 affordable housing units in Morocco. RealCAPITA's true strength lies in its team of industry leaders with a proven track-record in acquisitions, finance, institutional asset management, concept development and project management.
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© Press Release 2006
