Bahrain Real Estate News
Bahrain Bay set to be a major boost to national economy
Bahrain Bay, the landmark waterfront community, will boost the national economy by $5bn during the next decade, it has been declared.
Bob Vincent, the Chief Executive Officer, said that the project is behind schedule for completion by 12 to 18 months due to financial constraints and absence of a market and re-designing of product re-design, faced by third party developers.
He confirmed that all this will be ready by mid-2010, and all developers can move in.
Speaking during a press conference at the development’s site, he said several of the developers are already on site. Arcapita Bank is ready to move in during first quarter of 2010.
The project remains committed to Bahrain’s Economic Vision 2030 and the national economy, he commented.
Till date, the project has contributed $230million in infrastructure and utilities, including 66kv power stations being handed back to government, and additional two 66kv stations worth $44mn nearing completion. This investment by Bahrain Bay will be economically sustainable and in perpetuity.
Apart from this, Bahrain Bay has built its own district cooling and sewer treatment plant worth $105million. The internal bridges will be ready in six months at a cost of $12million.
As the project nears completion, about $50mn will be spent on beautification of public spaces and waterfront localities, apart from construction of three new Mosques at a cost of $25mn.
The infrastructure and public space will be maintained at nil cost to the government through commercial deeds committing investors to a sustainable funding arrangement.
Posted on 26/11/2009
Social Bookmarking
Read more news
> Manama Souq officially launched
> Riffa Views promises delivery of 100 more villas
> Bahrain, first in MENA region to electronically track land deals
> Manara Development to launch two major housing projects
> Deal signed for work on Water Garden City project
> Bahrain realty sector witnesses 20percent fall in prices
> Mortgage and real estate sectors need sound corporate governance
> Lagoon Real Estate Development sign lease contract
> Marina West properties to be handed over by June 2011
> GCC real estate firms post total rise in profits
View all real estate news