Seef Properties has announced the launch of LAMA Real Estate, a new venture mandated to develop a major mixed-use project in Bahrain.
The project will be located in Hamala, with an estimated investment of BD40 million ($106 million), the company said in a statement.
The developer added that construction work will start by the second quarter of 2017 with an aim to finalise the project by end of 2018.
"We are optimistic that this project will be an added-value to the Kingdom’s robust real estate sector and further support the Kingdom’s vision of attracting investment. The Hamala project, once completed, will be a new integrated destination attracting residents and tourists,” said Seef Properties chairman Essa Najibi.
“The addition of this new project to Bahrain’s real estate sector will further enhance the tourism infrastructure in the Kingdom and support the national economy. Our priority, in the interim, is to finalise all details pertaining to the Hamala project in order to announce further details in the near future,” he added.
Seef Properties CEO, Ahmed Yusuf, said: “The main aim behind this unique project is to create a mixed-used development that can be positioned as a new shopping and leisure destination providing unparalleled services for residents and visitors.”
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