Pearl Development and Real Estate Company (PDREC) today announced that work had commenced on the mock-up apartments for the landmark Abraj Al Lulu in Bahrain, and is scheduled for completion in October 2006. On completion, this will not only help showcase this landmark project but will also enable investors to get a first hand look and feel of the apartments.
PDREC further announced that construction work on this project, its maiden development, was progressing ahead of schedule. Core area work has been completed till the 11th floor level for its three towers marking the completion of over 1.5 million accident free man-hours and over 20 per cent of all structural work on the towers.
Conceived with the active support of the government, the BD 95 million (approx AED 950 million) Abraj Al Lulu is Bahrain's largest private sector freehold residential development and is aimed at bridging the large demand-supply gap in Bahrain for world-class residential infrastructure.
Mr. Hatim Dadabhai, Managing Director, Pegasus Realty, said: "Having completed 1.5 million accident free man-hours and over 20 per cent of all structural work of the towers, we are now way ahead of schedule. I would like to congratulate the contractors and the entire Abraj Al Lulu team for having achieved this significant feat. This has only been made possible by our continued focus on quality and planning. It also is a clear reflection of our strategy of ensuring optimal stakeholder value. The immense response received from our clients, from over 35 countries, vindicates this fact.”
Currently, over 75 per cent of the project is sold out and approximately another 5 per cent inquiries are under advanced stages of processing, pending negotiation with banks to finance individual buyers. Aiding the rapid sale is the fact that the apartments have been designed keeping in view affordability with prices ranging from BD 65,000 (US$ 170,000 approx) to BD 300,000 (US$ 800,000 approx).
With Pegasus Realty as the exclusive sales agents for the project, Abraj Al Lulu also has agreements with leading banks for competitive mortgage and home finance facilities for its investors.
© 2006 Al Bawaba (www.albawaba.com)
