By Andrew White
EXCLUSIVE: Developer aims to generate $70m in sales before the end of Q1 2010.
The master developer of Bahrain Bay, one of the island state’s most high-profile real estate projects, hopes to generate as much as $70m in sales and revenues before the end of Q1 2010, despite the current economic climate.
“Close to $300m worth of sales has been achieved, and there’s another $100m under discussion at the moment,” Bahrain Bay CEO Bob Vincent told Arabian Business in an interview.
“We’d hope to generate additional sales and revenues for the project of in the order of $50 to $70m by the end of the first quarter.”
Bahrain Bay is a $2.5bn mixed use development on 430,000m² of reclaimed land on the northern waterfront of Manama. It will cater to more than 25,000 residents, and includes commercial towers, shopping malls, five star hotels and residential townships.
The project already has 16 sub-developers onboard, while the three anchor developments are the Four Seasons Hotel, the Arcapita Bank Headquarters and Raffles City Bahrain.
According to the master developer, 62 percent of the land has been sold, while a further 15 percent of the land is currently the subject of negotiations between Bahrain Bay and interested third party developers.
“We would hope to close that 15 percent by the end of the first quarter next year, and the remainder of the land to be sold by the end of 2011,” added Vincent.
Last month, Bahraini real estate firms reported that consumer demand in the property market had been minimal in the first half of the year, although the kingdom has at least been spared the mass project cancellations of some other Gulf states.