Indian real estate firm Ajmera Mayfair Realty Group has said it will increase its investment in Bahrain Bay ten-fold to $300m.
The group, a joint venture between The Ajmera Group and Mayfair Housing, will build a 50-storey commercial tower on a prime waterfront plot in the development, with construction to begin by the end of the year.
"We have reaffirmed our interest in the Bahrain Bay project, a unique waterfront development that encouraged us to choose it as our first overseas investment destination," spokesmen Rajnikant Ajmera and Nayan Shah said in a statement.
The $2.5bn master development covers 43 hectares of reclaimed land slightly north of the capital Manama’s central business district and is expected to become a 24-hour downtown hub.
Launched in 2006, Bahrain Bay had faced significant financial setbacks during the global financial crisis but in October CEO Robert Lee told Arabian Business he expected nearly half of the masterplan to be completed this year.
One of the three anchor buildings, Arcapita Bank, is already operational and the Four Seasons hotel is expected to open this year, with a dramatic h-shaped designed building with extensive views of the Arabian Gulf.
The third major investor is CapitaLand, Southeast Asia's largest property developer, which announced plans in 2006 to build Raffles City Bahrain, one of several Raffles City-branded developments it was working on across Asia.
The Wyndham hotel project’s iconic twisted design also is underway and expected to be one of the development’s standout projects.For all the latest real estate 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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