www.bahrainthismonth.com Recent developments in the global economic environment have had an impact on the GCC region, and Bahrain has seen a significant number of changes in everyday economics. The property market however, has taken this economic hit in its stride, and performed fairly well as per the expectation of real estate experts. The residential and retail segments of this industry have come out with a fair grade, if not flying colours, with the commercial piece of the pie not lagging too far behind. Experts are bullish on this market, expecting it to grow steadily in the coming years. There have been several new residential developments across the Kingdom in the last year, and this year many are set to unroll their blueprints for investors to examine. This itself is a positive sign, which shows the demand for such developments, both locally and from neighbouring GCC states. Proof that property markets in Bahrain are looking upbeat lies in the fact that major local and overseas players are banking on it. An apt example is the teaming up of Eagle Hills, a private real estate developer from the UAE, with Diyar Al Muharraq, who have jointly invested into the mega residential-commercial development, Marassi Al Bahrain. Bahrain Bay, the waterfront real estate development on the northern coastline of Manama has grown to become a familiar sight. The distinct modern buildings such as Four Seasons Hotel Bahrain Bay, Arcapita Bank global headquarters and the winding United Tower have made their mark on the capital’s skyline. Several new buildings are set to change the vista even further, with many beginning construction in 2016. Bin Faqeeh Real Estate Investment Company is a privately owned firm that has worked through the economic crisis caused by global and regional factors, and emerged strong in the face of tough competition. The company has major residential towers coming up in Seef that are due to be completed in 2016: the 34-storey Grand Tower, the 23-storey Tweet Tower, and the 28-storey Nest Tower. Layan, one of the most ambitious projects of Bin Faqeeh, and 360, both located in Durrat Marina, have also caught the eye of investors. In keeping with development of new and upcoming locations around the island, the Treasure Tower is a 13-storey residential tower in Delmunia Island, and Plus is a 12-storey residential building in Busaiteen. Spark and Storm are residential apartments in Juffair that are scheduled to be delivered in 2017. Bin Faqeeh has also ventured into commercial spaces with Forbes, a 43-storey office tower on King Faisal Highway, which the company is set to hand over by December 2016. Pegasus Real Estate, an award-winning realty agency in operation since 2005, has given Bahrain iconic properties in the past, and will soon add elegance to the Juffair skyline with the freehold Juffair Heights. Comprising two towers with four parking levels, a dedicated floor offering residents high-class amenities, and 376 one- and two-bedroom apartments with large floor-to-ceiling windows, several discerning buyers have already set their sights on this project which gives clients flexibility on floor layouts, where one-and two-bedroom apartments can be elegantly expanded to larger three- and four-bedroom ones. The developers are also in the final stages of launching another upscale residential project in Seef. The heads at Pegasus are bullish on the residential property market and believe that, going forward, the residential sector will see steady demand locally as well as from Saudi Arabia. A valid observation that the foresighted management has made is that the property market has not slowed down, but clients are weighing their choices more carefully, and want to make wise choices. Owners of freehold residential flats in the towering Orchid Plaza are already seeing good returns on their investment. Orchid Developers have offered these luxury apartments at reasonable prices, to ensure that clients get maximum returns on their investments. Energy efficiency is being addressed on in their upcoming projects, to provide cost-effective, high-quality living to residents. To invest, or not to invest, is the question these days on acuminous minds. BTM brings you facts and observations straight from the property frontline. Real Estate Round-Up Bahrain Bay propertyfeature April 2016 99
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