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$600M USD Poured in a Real Estate Project in Bahrain Bay |
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Written by Mabelle
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Tuesday, 25 July 2006 |
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The landmark US$1.5 billion Bahrain Bay has become the only real estate development project in Bahrain which has attracted US$600 million in foreign investment, reaffirming the Kingdom's status as a preferred destination for foreign investors.
Officials said the development work would be completed ahead of the schedule announced by developers earlier. Bahrain Bay is a joint venture between Arcapita Bank and a Bahrain-based investment group. The MoU relates to the District Centre, the largest single zone available within Bahrain Bay, and covers an area of 45,500 square metres. On completion, it is expected to comprise 230,000 square metres of built up area, 20 per cent of the total Bahrain Bay project. CapitaLand intends to draw on its international expertise as it forms and leads a consortium in developing entertainment, retail and mix-use developments to transform this part of Bahrain Bay into a vibrant, family entertainment based development with unique retail and residential offerings.
By Mabelle Sese
http://realestatepress.org
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