Located on Amwaj Islands, off the coast of Muharraq, in Bahrain. The total land are of The Lagoon Bahrain is 55,500 square metres, comprising eight low-rise buildings, with a variety of top-flight shops and restaurants. Sold on full-ownership basis, the project will be completed by September 2007. thelagoonbahrain.com
Accordingto Abu Dhabi Investment House's CEO, Rashad Janahi, reservations for The Lagoon Bahrain, a $90 million freehold commercial development on Bahrain's $1 billion Amwaj Islands, have passed 60 per cent.
Janahi suggests that the high level of uptake is riding on the back of the remarkable growth in tourism and Gulf populations. New shopping centres, leisure attractions and hotels are enticing ever-increasing numbers of holiday makers, driving more investment as a result. "The speed with which investors are reserving this project consolidates our belief that the freehold real estate market in Bahrain and indeed throughout the Gulf is here to stay," he says.
The Lagoon Bahrain provides premium freehold opportunities for new concept food and beverage outlets and boutique retail. In tandem, Bahrain has increased itsefforts to build its tourism infrastructure with construction underway on themeparks, entertainment venues, hotels and property, with many more plans in thepipeline.
Itis a new concept in food and beverage outlets and boutique retail.
Theone kilometer long, waterside, retail and dining destination sits in thecompany of London's Covent Garden and Cockle Bay Wharf in Sydney, withtop-flight stores and restaurants open throughout the day and into the nightfrom as soon as September.
AbuDhabi Investment House's executive director of Real Estate, Nicholas Fraser,suggests that growth in the real estate sector hiked in recent months due tothe shift from the residential market towards commercial property development."Dubai, for example, is the biggest destination brand in Arabia due to itsintroduction of the residential real estate freehold concept. Dubai not onlyintroduced this before other cities, it also allowed a much easier flow ofexpatriate visitors and residents than its regional counterparts," he says.
ADIH has also finalized deals with two banks - Khaleeji Commercial Bank and Bahrain Islamic Bank - to ensure a choice in mortgage providers for potential investors.
Arabian Property Investor Spring 2007
