JEDDAH, 28 April 2005 — Bahrain Financial Harbor (BFH) has appointed the Singapore-based global property agents and consultants, Chesterton International, as its sales, leasing and marketing consultants for the strategic markets of Southeast Asia and the Far East.
In a joint press statement issued on the sidelines of the World Economic Forum (WEF) Asia Roundtable yesterday, senior representatives of BFH and Chesterton said that strategic marketing of the unique integrated development which will reinforce the reputation of Bahrain as the Middle East’s hub of financial industry will commence soon in the Asian markets.
Esam Janahi, chairman of the Bahrain Financial Harbor Holding Co. said: “With this arrangement, BFH enters a new and crucial phase - that of showcasing the components to potential tenants and enable BFH to leverage Chesterton’s expertise in Asian property markets.” “The BFH concept has already evoked tremendous interest among investors in Asia. Chesterton will now offer them a firm opportunity to make a foray into Middle East’s lucrative financial markets,” he said.
The $1.3 billion BFH is planned as a landmark integrated development that will be home to the entire value chain in the financial services sector. The unique waterfront business and financial district on Manama Corniche will offer commercial, residential and leisure facilities comprising 30 individual development land parcels spanning 380,000 sq meters. The development of BFH is now on an accelerated pace with the construction of Phase I gathering momentum, scheduled for completion at the end of 2006. Simultaneously, the second phase of reclamation works on the project is now underway.
Ricky Sim, managing director of Chesterton, said: “We are delighted to be associated with BFH, one of the Middle East’s pioneering and world-class projects. The Southeast Asia and Far East markets are significant to BFH, given its strong business ties with the Middle East. Our in-depth knowledge of local markets will enable us to successfully create awareness about BFH among potential Asian investors.”
Chesterton, which has in-depth knowledge of the Asian property markets, has a vast network of offices spread across Asia, North America, Europe, Middle East, Australia and the Caribbean. The group’s strong presence in Southeast Asia and Far East markets coupled with its vast expertise in property dealings will enable it to successfully promote the BFH development.
“There is definitely keen interest among Asian investors toward the Middle East. We are confident that BFH will offer an unmatched value proposition to Asian investors with an array of business components under one roof,” Sim said.
Besides aggressively promoting BFH in Asian markets, Chesterton will also work closely with Knight Frank LLP (UK), the global real estate consultancy — the marketing, sales and leasing agents for $270 million Financial Center, the central component of the BFH development.