Thirty-two sea facing villas, the first to be made available for sale on a man-made island off the coast of Bahrain sold out in only three days, its developer has said.
The Seavilla project, the first residential offering at Dilmunia at Bahrain, a mixed-use development built on a man-made island off the coast of Muharraq, consists of 32 villas, each with its own sea frontage.
The project, which is being built on a total area of approximately 20,000 square metres with a 500-metre shoreline, will take 18 months to construct.
“Seavilla was announced and all available units were sold out less than three working days later,” said Ithmaar Development Company (IDC) chief executive Mohammed Khalil Alsayed.
“This dramatic success is clear, irrefutable testimony to growing investor confidence both in Bahrain’s economy and, more specifically, in the kingdom’s real estate industry.
“It is also a clear reflection of the market’s confidence in our ability to deliver innovative, high-quality solutions in time and on budget,” he said.
Alsayed’s announcement follows only days after the Central Bank of Bahrain pointed to a rebound in profits across all sectors of the banking industry in the first quarter of 2013.
“The dramatic success of Seavilla could not have come at a better time for us in Bahrain,” said Alsayed. “It is something we can all be justifiably proud of, and sets the stage for bigger, better things.”
Dilmunia at Bahrain, with a focus on health and wellness, will include residences, hotels, leisure and shopping districts, and provide residents and visitors with wellness facilities and spas.
Earlier this year, IDC announced it had awarded the infrastructure package, valued at $22.5m, to Cebarco Bahrain after completing a comprehensive tendering process.
The package, relating to the first phase of the ambitious 125 hectare island’s highways and roads, a distributor bridge crossing on top of Dilmunia’s Grand Canal, landscaping, its power, water, sewerage, drainage, and telecommunications networks, will take 24 months to be completed.
End-users are slated to be handed the keys to their units by mid-2015.
Dilmunia at Bahrain aims to tap into the fast-growing health and wellness industry, which is estimated to have exceeded $100bn globally by the end of 2012.
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