Bahrain Bay Development B.S.C.(c), development company for the $2.5 billion waterfront metropolis located off Manama’s northern shore, announced today that construction of two of its anchor developments, Arcapita’s new HQ and the Kingdom’s first Four Seasons Hotel, is underway and on schedule.
The new HQ for Arcapita, a leading international investment bank, and the Four Season’s Hotel, the world’s leading operator of luxury hotels, are two of the first anchor developments for Bahrain Bay, a project which will see the creation of a vibrant metropolis in the heart of Manama. Both developments are well into their initial phases of construction, with reclamation completed and infrastructure developed. Upon completion, scheduled for late 2008, the new Arcapita HQ will offer 18,000m² of office space housed in an iconic, elongated, modern design. The Four Season’s Hotel will contrast the design of the Arcapita HQ, by offering 220 premium hotel rooms within its 285m high tower which will be based upon its own island and open to guests from 2010.
Bob Vincent, CEO of Bahrain Bay, said, “We intend Bahrain Bay to set a new standard for urban living in the region by creating a modern metropolis that will become the driving force of the redevelopment of Manama’s city waterfront and underpin a sustainable legacy for the Kingdom. Bahrain Bay will be a complete community filled with residents, businesses and visitors, living in and surrounded by stunning architecture. With the new Arcapita HQ and The Four Seasons Hotel well into their initial phases of construction, we are seeing the beginnings of what will become a fusion of vibrant neighbourhoods, open spaces, entertainment, retail and commercial areas. Bahrain Bay will offer exceptional development and investment opportunities and ultimately, an inspiring urban lifestyle on the waterfront for residents and visitors.”
At a briefing for media, Mr. Vincent also outlined the latest developments at Bahrain Bay. With the first phase of the project completed, which saw the reclamation and infrastructure development of 430,000m² of land, Bahrain Bay has now moved into its second phase, where its anchor projects will be developed. These include the $600 million “Raffles City Bahrain” that will be developed by CapitaLand, one of Asia’s largest real estate companies, as well as a $150 million investment by a JV between Ajmera Group and Mayfair Housing, both major Indian property groups, to acquire land and develop one of the tallest residential buildings at Bahrain Bay.
Bahrain Bay also revealed that the project has won the International Arch of Europe, a global award for excellence in planning and decision making.
During the briefing Mr. Vincent detailed how Bahrain Bay is committed to working with its environment as well as creating the social fabric of a self-sustaining community for the long-term future. “We recognize the importance of sharing and protecting our environment. Bahrain Bay is committed to helping develop a commercially sound and ecologically viable approach to development. By re-establishing the existing landscape, implementing ecologically sound buildings and design, demanding conscientious construction methods and establishing pride in the community, we aim to respect and nurture the development and everything around it,” said Bob Vincent.
He continued, “We also believe that with the creation of a city comes an obligation and responsibility to look forward beyond the construction to the legacy of the place. For this reason, Bahrain Bay is driven by the belief that what is done today must ultimately benefit those who will experience it tomorrow. Self-governing and self-sustaining, Bahrain Bay is committed to establishing and nurturing a unique social commitment between the investors who build the district, and the visitors and residents who foster its spirit. This includes ensuring the public realm is accessible to all members of society; that commercial opportunities are provided to a diversified ethnic population and that all members share equally in the benefits and responsibilities of the community. Bahrain Bay is committed to promoting and encouraging an exceptional quality of life in the district. Bound by a common thread, residents and visitors will connect to their neighourhoods and feel a sense of belonging to an intimate and energetic place, bound by a fabric of community. By adhering to these guiding principles, we hope to create a city that will serve as a symbol of Bahrain’s bright future.”
