Major property development projects in Bahrain will be on show at the upcoming Estatex Exhibition in Dammam, Saudi Arabia.
Abu Dhabi Investment House (ADIH), a platinum sponsor of the 5th International Real Estate and Housing Exhibition (Estatex), will showcase its landmark Porta Reef and Sunset Hills projects at the expo, which is being held at the Dhahran International Exhibition Center during 11-15th November, 2007 – under the patronage of HH Prince Mohammed bin Fahad Al Saud, Prince of the Eastern Province.
The event is expected to attract an international audience of decision-makers, developers and buyers interested in the Gulf’s booming real estate industry, making it a particularly attractive venue for ADIH to promote projects which are already enjoying substantial success.
ADIH, which is participating for the first time in Estatex, holds several of Bahrain’s key real estate investment opportunities on its portfolio. Porta Reef and Sunset Hills are freehold projects that offer both Bahrainis and GCC residents to own property in Bahrain’s internationally-acclaimed Al Areen Development, which is located to the south of Bahrain by the state-of the art Formula 1 circuit, as well as, in Reef Island (formerly known as Lulu Island), between the Bahrain Financial Harbor and the Seef district.
Porta Reef, a US$ 90 million, is part of the most recent real estate projects of ADIH. Strategically located in the heart of Manama, this prestigious project with the unique water front consists of three buildings located on the exclusive and luxurious Reef Island in the Seef Area and aims to attract Bahrain’s high net worth individuals and GCC families who are looking for a luxurious second home. The US$1.25 billion freehold development project will cover an area of 579,000 square meters. It is a joint venture between the Bahrain Government and Mouawad Group for Real Estate Development Company.
Currently, Porta Reef is 50% sold, comprising the sale of one entire residential tower and 40% sale of the other two towers. This considerable market interest was a result of Porta Reef’s recent participation in two major Gulf property shows, which were held recently—Property Arabia, Bahrain and Cityscape Dubai.
Sunset Hills, ADIH’s other US$100 million projects, has also witnessed unsurpassed success with 100% of its deluxe villas sold, and around one quarter of the apartments also sold. Scheduled for completion in 2009, Sunset Hills occupies a land size of 200,000 square meters in Bahrain's landmark Al Areen Development, situated in the resort's southern gateway.
When it is completed, Sunset Hills will house 300 real estate units, including villas, town houses and luxury apartments. Multipurpose buildings and a club are also planned for the development.
A high-level delegation from ADIH senior management will participate in Estatex to introduce Porta Reef and Sunset Hills to the exhibition’s participants, and to spread awareness about the numerous opportunities and benefits to investors of investing in Bahrain’s property market.
