JEDDAH, 16 January 2005 — Durrat Al Bahrain — the largest planned luxury mixed-use residential, commercial and resort development in Bahrain — began the process of selling Phase 1 of the landmark project yesterday.
The launch ceremony, attended by Prime Minister Sheikh Khalifa ibn Salman Al-Khalifa, and Transportation Minister Sheikh Ali ibn Khalifa Al-Khalifa and over 500 guests, marks the first comprehensive view into Durrat Al Bahrain’s unique design and lifestyle features, which signifies a major milestone in the ongoing development of the $1.2 billion project, which is equally owned by the government of Bahrain and Kuwait Finance House, Bahrain.
Abdulhakeem Alkhayat, general manager of KFH, Bahrain and chairman of Durrat Khaleej Al Bahrain Company said, “This is a groundbreaking project that not only provides a unique proposition for residents but is also a significant step forward in Bahrain’s plans to encourage and actively work toward the further development of its lifestyle and tourism sectors. Bahrain and the Durrat Al Bahrain project together offer an unmatched lifestyle and investment opportunity and we have amassed all the technical and financial resources required for its success.”
“We are delighted to present today our vision for Durrat Al Bahrain, which aims to establish a world-class concept in living. Working with W.S. Atkins — the renowned engineering design and consultancy firm with a longstanding and distinguished international track record — we have successfully developed and introduced a master plan that builds on Bahrain’s rich natural beauty and traditional affinity with the land and sea combined with every conceivable modern amenity to make the lives of residents as enjoyable and harmonious as possible,” Deputy General Manager and Chief Operating Officer of Durrat Khaleej Al Bahrain Company, Jassim Al Jowder, said.
Durrat Al Bahrain, or the “Rising Pearl” as it is known, will consist of 13 distinctive islands to be developed over 20 square kilometers of unspoiled desert and sea that set the tone for a world-class residential, leisure and tourist destination.
The residential and resort city will have 2,000 villas, 3,000 apartments and various community facilities including schools, mosques, health centers, an 18-hole golf course and sports and leisure facilities specifically suited to families. In addition a promenade featuring a marina and commercial facilities encompassing a variety of traditional souqs and modern shopping areas as well as numerous restaurants and cafes will ensure both residents and visitors a variety of activity.
It is expected that the project will be completed in its entirety by late 2009 and at full capacity will accommodate more than 30,000 full time residents in addition to some 4,000 visitors a day.
The first phase of development which will be completed by early 2007 consists of the construction of 390 villas on three islands - two Atoll islands and one Petal island, names used to distinguish the size and design of the these unique formations. About 318 villas, which range in size from 750 square meter plots to 1,000 and 1,500 square meters, will be situated on the larger Atoll islands, while 72 villas, built on 500 square meter plots, will be established on the smaller Petal island.
Designed to perfection and offering unmatched sea views, beach access and first-rate mooring facilities, all villas aim to offer residents the right balance between the latest high-tech amenities that define a modern lifestyle in conjunction with a healthy and relaxed atmosphere that is grounded in the rich and unspoiled natural desert and sea environments upon which they have been established.
Now available for booking, these villas offer prospective residents an ideal investment for life and one that is well suited for both Gulf nationals and expatriate families.
To facilitate access for all prospective residents, innovative ownership and financing schemes have been put in place. A freehold ownership law has opened opportunities for investment by expatriates and well-thought out financing structures — both Shariah compliant and conventional — are also in place to assist mid-level income earners to own the home of their dreams in Durrat Al Bahrain. Bookings are currently on for Durrat Al Bahrain villas and will continue to be taken till Monday at the Ritz Carlton Hotel in Bahrain.
Durrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which Kuwait Finance House, Bahrain and the government of Bahrain each hold a 50 percent stake. Durrat Al Bahrain, a 20 square kilometer area of desert and sea, once complete is expected to be one and a half times larger than downtown Manama, Bahrain’s capital city.
