MANAMA, 19 October 2007 — The quality of real estate projects and value for money in Bahrain is unparalleled in the GCC, investors observed.
Both local and regional investors eyeing major infrastructure development projects in the kingdom call the move as “a timely and real value for investment opportunity,” top officials at the BD250 million Riffa Views — the kingdom’s first complete community project — said in an interview.
Hugh O’Shea, sales and marketing director, Riffa Views, said that since the launch of the project there has been tremendous response from the investors. He said that almost 60 percent of the total number of over 1,000 units have been already sold since December 2005, the start of the landmark development.
Hugh O’Shea said that some early birds have already made over 20 percent return on investment (ROI) in various segments of the projects. “I totally agree with the statement that Bahrain has a very conducive real estate sector as in Riffa Views. There are expectations of a 100 percent ROI by the completion of the project in mid 2009.”
He added: “We have given a total new concept to the kingdom’s real estate sector by offering a project with 70 percent green and only 30 percent constructed area. This is very unique concept in the kingdom and the overwhelming response from the investors is proof of the success of Riffa Views.” O’Shea was joined by Richard Browing, CEO Riffa Views Signature Estates and Steve Russell-Rayner, project director, in unveiling the Park Estate that is open to the general public for three days.
Comprising 331 luxury residences, the Park Estate will be completed by mid-2009.
The Park Estate is a secluded haven offset from the 18-hole Signature Championship Golf Course with an exotic Mediterranean architectural style. All the residences in the Park Estate feature old style courtyards, balconies constructed from traditional brick and stucco designs. The Park Estate also features bike and walking trails, and a village-styled piazza that will offer a selection of boutique retail outlets and cafes. Browning said: “Today’s public launch represents another great achievement for Riffa Views. The Estate’s release comes at an ideal time for potential Riffa Views’ homeowners as it opens up a new set of exciting opportunities in response to the increasing demand created by the success of existing sales in the development.”
The release of the Park Estate follows on from the release of the first two Riffa Views Signature Estates, The Oasis and The Lagoons. Properties in each Estate of Bahrain’s premier luxury residential development are well on the way to completion, the first due to be handed over during June 2008 and the Park Estate will be ready for handover in mid-2009.
Construction of The Park Estate is being carried out by contractors Poullaides Construction Comany (PCC), a company renowned for its high quality construction and over 19-years of experience in Bahrain and Projects Construction Company, a company with a long history of successfully completed projects to its name.
Christos A. Poullaides, the founder and managing director of PCC said: “We are very excited to be involved in such a prestigious project as Riffa Views’ Park Estate, which has some of the development’s most luxurious villas. Quality is never a chance event, it is the result of detailed project management and an eye for detail that accepts nothing but the very best. We are committed to providing a world-class product on time so residents can enjoy the Riffa Views’ lifestyle.”
Greg Rake, general manager, Projects Construction, said: “We are very pleased to provide our construction services to Riffa Views. Projects Construction has a history of executing successful housing projects regionally and we look forward to completing the construction of the Park Estate, a first-of-its-kind in Bahrain.”
The Riffa Views’ marquee allows visitors the opportunity to discover the luxury of the Mediterranean-themed Park Estate and other key elements of the quality lifestyle that the development offers.
Riffa Views is a joint venture between Arcapita and the Bahrain International Golf Course Company (BIGCC) and is the first golf residential development in Bahrain. The 972-villa project is a master planned concept for a luxurious community lifestyle that will provide a comprehensive range of sports, leisure and shopping facilities, including an 18-hole signature championship golf course designed by the top international golf pro, Colin Montgomerie.
