Bahrain-based developer Seef Properties has announced the establishment of a new real estate company to build a new mixed-use waterfront project between the two bridges in the Capital Governorate.
Seef Properties said in a statement that it owns 25 percent of the new company, with unnamed investors owning the remainder.
“It is with great pleasure that we announce the establishment of a real estate company to develop a well-designed and unique mixed-used project,” said Essa Najibi, chairman of Seef Properties.
“Currently, we are in the process of developing a project plan as well as appointing consultancy firms for the master plan. Further details regarding the project will be announced upon the completion of this phase,” he added.
The company owns a plot of land on the waterfront located between the two bridges in the Capital Governorate on which the project will be built.
As per the agreement, the project development will be carried out in several phases and will "address local market needs".
Ahmed Yusuf, CEO of Seef Properties, added: “The main objective of this unique development is to create an integrated real estate destination that meets the residential, shopping and leisure needs of visitors and residents. We are confident that this project will add value to the real estate sector and to the investors in general.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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