BAHRAIN-Bahrain Bay Development has linked up with one of Asia's largest property companies, CapitaLand, to acquire land and develop a $600-million residential and retail zone within the Bahrain Bay development project. BDB, a joint venture between Arcapita Bank and a Bahrain-based investment group, is looking to develop the District Centre.
This is the largest single development zone available within Bahrain Bay and spans 45,500 sm. On completion, the District Centre is expected to comprise 230,000 sm of development or 20% of the total Bahrain Bay project.
Singapore-based CapitaLand is expected to form a consortium to develop entertainment, retail and mixed-use schemes. It joins luxury hotelier Four Seasons Resorts and Hotels and Arcapita, a Bahrain-based investor, as the third major developer in the $1.5-billion project off the north-east shore of Manama in Bahrain.
"Interest of this level from a company with the global reputation and track record of CapitaLand is a strong endorsement for Bahrain Bay" says Atif Abdulmalik, CEO of Arcapita in a statement.
"This proposed investment marks a strategic milestone in CapitaLand's expansion into the Middle East," says Liew Mun Leong, president and CEO of CapitaLand Group. "We have established a relationship with Arcapita in Japan, and we are now privileged to deepen this relationship through this iconic new project in Bahrain. This development will heighten our profile within the Arabian Gulf, where we foresee significant opportunities for further investment and development. Bahrain Bay will also serve as a springboard for our network of Asian and European investors to participate in the growing financial and tourism hubs of the Gulf region."
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