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Key to the kingdom
Venture Capital Bank will invest US$1bn in the Middle East and North Africa by the end of this year with more than 25% of the investment channelled into Bahrain.
REALCapita, which saw its income rise by 80% last year as the firm moved into the European and Saudi markets, plans a new US$500m project in the near future in a move that will push the company's value beyond the US$1bn mark.
The company claims to have pioneered the concept of ‘green buildings', with its US$200m Amwaj Gateway (three 20-storey towers) being the first project in the Kingdom to obtain a Green Building certificate through adopting the ‘Leadership in Energy and Environment Design' criteria for new builds.
The Porta Reef Fund was oversubscribed on closure late December.
The US$34m fund was launched to source financing for Abu Dhabi Investment House's landmark residential project on Bahrain's US$1.2bn Reef Island. More than two-thirds of total units in the towers have been sold since they were launched in October.
Bahrain's Reef-Real Estate Finance Company and Calyon Crédit Agricole CIB have launched "a groundbreaking transaction" in real estate finance.
Through an Islamic warehousing facility to be refinanced by an international mortgage-back securitisation, the first of its type in the Kingdom, US$150m will be raised to help provide competitive financing for Bahrain property purchases.
With so much activity, it's clear that Bahrain is now unlocking its real estate potential and adding another dimension to the unit-hungry GCC.
• Real Gardens, which went on sale in December, consists of 47 luxury villas in Spanish, Moroccan, Tunisian, and Tuscan designs spread over 258,000 sq ft in the northwest region. Construction is expected to take 21 months.
• Bahrain Financial Harbour Holding Company has signed a tenancy agreement with Dubai-based Signature Clubs International, which will establish the Capital Club on the two top floors of the East Tower (levels 51 & 52), covering an area of 1,580 sq m.
• Bahrain Bay Development has signed a land purchase agreement with Kuwaiti developer Salhia Real Estate Company to develop a commercial and retail tower with an expected value in excess of US$125m.
• The 45-floor Sukoon Tower, launched in January, is a freehold luxury residential tower being developed by Tashyeed Properties and located in the Juffair area. The development is due for completion in 30 months and consists of 592 apartments, ranging from studios to three-bedrooms.
• Pearl Development and Real Estate Company (PDREC), a consortium of GCC investors, have launched its second project in the Kingdom, the US$66.4m Platinum Tower. It will be located in Seef, the commercial hub of Bahrain, and will be an exclusive private sector freehold commercial development.
• The Reef Island marketing tent, a reduced-to-scale replica of the island, enables prospective buyers to view every detail of the project's architecture and designs. The project on the northern shores of Manama comprises 39 residential buildings, 65 villas, 49 beach villas, a 250 room five-star hotel, open areas and parks.
• Durrat Al Bahrain launched its new brand under an "urban living, island style"
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