Bahrain Bay Development Company, the main developer of the up-market offshore district on the north eastern coast of Manama at a cost of $2.5 billion, recently took part in the MIPM Expo held at Cannes in France recently.

Bahrain Bay team also comprised 16 international developers who have bought plots of land in this major project.

Since September last year, the three anchor developers of Bahrain Bay - Arcapita, The Four Seasons and CapitaLand - have been joined by experienced investors such as Al Jomaih Investments, Co-operation Investment House, Khaleej Capita and Reliable Investment, said a top official.

Several of the developers are already progressing through the initial stages of their individual projects, with Arcapita having moved to its first concrete pour in early February and CapitaLand having already completed its piling work along with 40 per cent of its basement works.

Thirteen of the developers have also now completed their due diligence, 10 have approved their preliminary concepts and five developers have approved schematic designs. Several of the developers are also set to start construction before the end of the year.

Bob Vincent, CEO of Bahrain Bay, commented, "Despite the challenges we all face in today’s financial environment, we remain confident of the success of Bahrain Bay."

"It is our shared purpose, our shared commitment to excellence that will ultimately differentiate Bahrain Bay from other developments in the region. Thanks to the support and commitment from our third party developers, Bahrain Bay continues towards its goal of becoming a high-quality urban integrated mixed-use development.” he added.


Source: Trade Arabia News