18/10/2016 05:22 AST
Bahrain Real Estate Investment (Edamah) showcased five of its major development projects coming up in the kingdom at a presentation held during the sixth BCCI Business Roundup at the Bahrain Exhibition and Convention Centre.
These projects - which include Sa’ada (happiness), a BD45-million ($117.4 million) waterfront development in Muharraq; a BD350 million ($913 million) North Hawar eco-friendly development, a key multi-storey car park in Adliya (The Terminal), a French-themed cultural hub (Versaille Plaza), and Isa Town Retail Strip (Sharwa) - once complete will create thousands of job opportunities across the kingdom.
Edamah, the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat), said these projects will positively impact the commercial and tourism sectors, and contribute to the development of the Bahraini economy.
The company currently manages an existing portfolio of over 60 properties and is also investing in new real estate projects in the kingdom that will ultimately drive the real estate industry’s growth and positively contribute to the local economy.
A commercial state-owned company, Edamah was established to develop, manage and promote a diverse portfolio of signature real estate assets in the kingdom.
Following the endorsement of HRH Prince Khalifa bin Salman Al Khalifa, the Prime Minister, and under the guidance of Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister and chairman of Edamah, the company announced Sa’ada, whose major highlights include a central car-parking station to the area and a link to Muharraq’s historical souq with a modern waterfront.
Unveiling the project, Mireille Mustapha Babti, the chief development officer of Edamah, said the project will be developed in two phases.
The first phase will include a number of restaurants and cafes, a marina, and entertainment facilities, while the second phase will see a 4-star hotel being built along with a multi-storeyed car park that wil connect the traditional souq with the waterfront through a pedestrian bridge, explained Babti.
The site work on the project is due to commence during the first quarter of 2017, she stated.
Babti also briefed the audience on the progress of the recently announced North Hawar development. The company has appointed consultants to conduct due diligence works, including environmental studies, and aims to commence site works next year.
The first phase is expected to be completed during 2019, whilst the overall completion of the proposed ecofriendly development is due by 2021.
On its other medium-size real estate projects that aim to provide commercial and entertainment offerings, Babti said site work on the French-style Versaille’s Plaza will begin by the year end.
Located in Isa Town, the kingdom's educational zone, this mixed-use development is inspired by the classic architectural style of Versailles Palace in France.
Comprising 13 French-themed retail units alongside six food and beverages (F&B) units, all components in this project are surrounded by lavish landscaped areas inspired by the renowned Versailles Gardens. The site work will be completion by 2017.
These included:
The other big project is The Terminal, a multi-storey car park in Adliya block 338 considered to be the food hub of Bahrain.
The new facility will provide over 300 car spaces to help enhance the parking experience in the area filled with restaurants and cafes. Site works have already commenced, and the project is expected to be completed by the end of 2017.
The Isa Town Retail Strip (Sharwa) is initiated to introduce convenience shopping in the area. Comprising of 24 retail and office units, Site works have already commenced, and project completion is expected by the first quarter of 2017.
Edamah stated that the portfolio of projects prese
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