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Key to the kingdom
I know of one major development where units have changed hands four times and it's still not built.
This was a similar trend during the nascent stages of Dubai's property boom, but then the market stabilised as it grew and appealed to a broader range of investors; in all likelihood, Bahrain will go the same way.
Given its 716 sq km geography, the focus on major offshore developments is as much an imperative as a reflection of ambition, with land already at a premium on the island-scattered state.
But that's not to say more land developments aren't forthcoming.
Among the eye-catching ones coming up are Riffa Views, with the first villas due to be handed over in June. The project is slated for total completion by June 2009.
Riffa Views is residential development which will feature 900 homes built around a championship golf course designed by the golfer Colin Montgomerie.
It will include three neighbourhood clusters, lagoons and waterways and all homes will have open views of the golf fairways.
Some of the most significant developments commercially evolve around Bahrain Financial Harbour, with European major Dexia Private Bank recently signing up to occupy the 23rd floor.
"Bahrain is without doubt the most promising financial hub in the Middle East region and we strongly believe that Bahrain Financial Harbour is the focal point and a perfect platform for all financial sector firms wanting to establish their presence in the region," said Markus Hermanek, Senior Vice-President, Head of the Middle East Branch in Bahrain, Dexia Private Bank (Switzerland).
Property-related financial deals remain in full swing, reflecting the ongoing growth in the market.
• Durrat Al Bahrain features 11 islands of luxury residential villas, gardens and beaches. The Kingdom's largest planned residential, leisure and tourist resort has completed land reclamation on the 12 islands (five Petal Islands, six Atoll Islands and a stand-alone island formation).
• Amwaj Islands comprises four man-made islands which are connected to the mainland by a three-kilometre highway. Located in the south-eastern region, Al Marsa will be a housing development spread across 83,000 sq m - effectively a floating city with waterfront villas, chalets and flats intertwined with a series of canals.
• The Two Seas freehold residential development, coming up on a man-made island to the northeast of Bahrain, is being developed by Gulf Finance House and Dala Development Properties Management.
• Positioned off the north-east shore of Manama, Bahrain Bay is a landmark US$2.5bn waterfront development designed around vibrant neighbourhoods of residential, commercial and retail spaces. The community is anchored by three key developments; a Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new HQ building for Arcapita. project is expected to take between five and seven years to complete.
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