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Wed 25 May 2011 12:37 PM

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Bahrain Bay in talks with Qatar, China investors for 35% stake

Some 65% of the $2.5bn project is sold, infrastructure due to complete in August

Bahrain Bay in talks with Qatar, China investors for 35% stake
REAL ESTATE: Bahrain Bay is a $2.5bn mixed use development on the northern waterfront of Manama
Bahrain Bay in talks with Qatar, China investors for 35% stake
REAL ESTATE: Bahrain Bay is a $2.5bn mixed use development on the northern waterfront of Manama.

Bahrain Bay Development (BBD) is in talks with Qatari,
Chinese and local investors to sell the 35 percent of land plots in its $2.5bn Bahrain
Bay real estate development.

BBD, a unit of Arcapita Bank, launched the retail and
business development in 2006 and said 65 percent of land plots had already been
sold in the waterfront project to 13 third-party developers.

A source confirmed Qatari and Bahrani investors had
expressed interest in the plots, which will go on sale at the end of 2011, and
said a Chinese delegation had visited the site with a view to investing in the
project.

BBD halted land sales on the site in 2008, as land prices
plummeted in the wake of the global financial crisis.

CEO of the developer, Bob Vincent, told Al Wasat newspaper
this week that the project is moving forward as planned. Eight contractors are
bidding to build the $350m Four Seasons Bahrain hotel, located in the project,
he said.

The hotel will be the first in the kingdom and will be one
of three anchor developments in the Bay, the others being Raffles City Bahrain
hotel and the headquarters of Arcapita Bank.

In October, the Indian consortium Ajmera Mayfair said it
intended to invest up to $130m (BD50m) over three years in its residential development
within Bahrain Bay.

The twin-tower project, which is expected to have an estimated
200 residential units, is being designed by Skidmore Owings & Merrill, the
architect’s behind Dubai’s Burj Khalifa.

BBD declined to comment further when contacted by Arabian
Business.