A broad range of futuristic real estate developments is taking advantage of Bahrain’s unique position in the Middle East and changing the shape of the country’s coast and skyline forever, reports Omer Ali
It is impossible to avoid the sound of construction work in Bahrain.
Whether you are in residential Juffair, in Manama’s financial centre or in the island’s desert heart, at Al-Areen, the air judders with the thud of foundations being laid, the shouts of labourers and the clang of lifting cranes.
The building buzz has hit the Kingdom in a major way and nowhere is this more evident than in the ever-altering shape of the island’s shoreline. Bahrain is expanding outwards as developers avoid complicated land-ownership regimes – and having to replace or rely on old infrastructure – by building on newly created bits of real estate reclaimed from the sea.
Residents have already moved onto the impressive Amwaj Islands, beside the international airport, while progress is being made on the fish- and horseshoe-shaped Durrat Al-Bahrain development off the south coast of the island. But it is not just residential projects that are rising up out of the sea. Work began two years ago on the US$2.5billion Bahrain Bay development on the foreshore of Manama. The shape of the 430,000 square metre reclamation is easily discernible now, but it’s still difficult to imagine the scale of the buildings that will go up here, including what will be Bahrain’s tallest building, the thin, H-shaped Four Seasons hotel, the chain’s first venue in the Kingdom.
Bahrain Bay’s CEO Bob Vincent acknowledges, in terms of the current construction going on in the Middle East, it could just be labelled another big project, despite the hefty price tag, but he is keen to stress it represents a good deal more. “Its location makes it very special – a reclamation project on the edge of the shore, which makes it important from an environmental context,” says Vincent. “It’s also important as a significant contributor to the economic development and future of Bahrain.”
The initial impetus for the project came from Bahrain Bay’s principal shareholder, 10-year-old Arcapita bank, who wanted to establish a major new headquarters. From there, a masterplan evolved, incorporating a mix of urban development, including a corporate HQ, commercial high-rise development, hotels, retail, high-end residential and high- and low-rise waterfront living.
Construction work is under way on Arcapita headquarters, which is due to be completed in one year’s time, while the Four Seasons hotel is due to open its doors one year after that, in 2010.
Already dominating the skyline is the Bahrain World Trade Centre (BWTC), two airplane wing-shaped towers, between which hang three giant fans. This business and leisure development is already making waves thanks to these dramatic wind turbines.
“This is the first design of its type in the world and will set a precedent for future designs incorporating sustainability into architecture,” says Simha Lytherao, project manager for Atkins, the consultancy behind BWTC. “The project will serve as a model for environmentally conscious design and help to pave the way for future projects to integrate energy from wind power.”
BWTC also offers clients a world-class address in the financial hub of the region. Over the past 30 to 40 years, Bahrain has developed a reputation for solid financial management and now it is matching its near neighbours for accelerated growth in the real estate sector. “The development of this iconic landmark reflects the economic momentum in Bahrain, which is attracting a range of leading international and regional institutions to set up operations in the Kingdom,” says a BWTC representative.
“There’s a very positive feeling,” agrees Bob Vincent. “Bahrain is uniquely positioned between one of the fastest growing economies in the Middle East – Qatar, which will be linked by the friendship bridge with Bahrain – and one of the great potential markets in the economic world today: Saudi Arabia. It’s not only a powerful influence in the Middle East, but also worldwide.”
The success of a project like Bahrain Bay can be measured, says Vincent (pictured below, right), not just by the way the project has attracted overseas investors, but also by the fact these same investors are keen for the Bahraini company to get involved in projects back in their own home markets. “You hear a lot about development in the BRIC countries – Brazil, Russia, India and China – but it’s undeniable an important fifth player in that club is the Middle East; we have the liquidity, the willingness and the decision-making capacity to make things happen.”
Vincent’s optimism is seconded by Jassim Al-Jowder, CEO of the Durrat Al-Bahrain project on Bahrain’s southern coast. The Kingdom’s biggest property development – coming in at 21 square kilometres, its 15 islands offer luxury accommodation, shopping, restaurants, hotels, spas and a marina with berths for 400 boats, plus a championship golf course designed by Ernie Els.
Al-Jowder is pleased with the positive response the project has already received: “Buyers from Bahrain, the region and internationally have been quick to grasp what Durrat Al-Bahrain has to offer: the modern villas, landscaped gardens with swimming pools, garden access to white-sand beaches and beautiful views across the south Bahrain sea.”
Take-up of the villas has been rapid as Durrat Al-Bahrain hopes to fulfil its promise as one of the region’s lifestyle destinations, with an impact that will be felt across the globe. As with Bahrain Bay and Muharraq’s Amwaj Islands, the challenge has been to create a working community from scratch.
“Durrat Al-Bahrain will undoubtedly be viewed as a landmark project, not only for Bahrain, but for the region,” says Al-Jowder. “It will help to define how similar projects are planned and implemented because it will demonstrate how communities will live and work together in a new city for the 21st century.”
Bahrain 2010
Expect all these major projects to be completed in the next few years
Al-Areen
HOW MUCH?
More than US$1.3billion HOW BIG? Two-million square metres WHERE? A 25-minute drive from Manama city centre, beside the Bahrain International Circuit and the Al-Areen Wildlife Sanctuary
WHAT IS IT? A mixed-use residential and tourism development that currently features the Banyan Tree resort and the Lost Paradise of Dilmun Water Park www.alareenresort.com
Amwaj Islands
HOW MUCH? US$1.5billion
HOW BIG? 2.8-million square metres WHERE? In Muharraq, just north-east of the airport
WHAT IS IT? The first residential development in the Kingdom to offer freehold property to expats; the six manmade islands include commercial, education and medical facilities, plus a marina with space for 140 yachts www.ossisonline.com
Bahrain Bay
HOW MUCH? US$2.5billion
HOW BIG? 430,000 square metres WHERE? The Manama foreshore
WHAT IS IT? Mixed-use real estate development (pictured left), including commercial high-rise developments, destination hotels – including Four Seasons’ first venture into the Kingdom – retail and residential properties, two marinas and a yacht club www.bahrainbay.com
Bahrain Financial Harbour
HOW MUCH? US$1.5billion
HOW BIG? 380,000 square metres WHERE? Manama waterfront
WHAT IS IT? Office space, residential accommodation, retail space, health club and spa, day-care centre, plus a hotel. The Bahrain Stock Exchange recently confirmed it will relocate its offices to the BFH www.bfharbour.com
Bahrain World Trade Centre
HOW MUCH? More than US$1.3billion HOW BIG? Two 240m-tall, 50-storey towers
WHERE? Manama
WHAT IS IT? Office space, health club and dining facilities, plus exclusive shopping complex, the MODA Mall www.bahrainwtc.com
Durrat Al-Bahrain
HOW MUCH? US$4billion
HOW BIG? 21 square kilometres
WHERE? The southern tip of Bahrain
WHAT IS IT? 15 islands that include residential properties, shops and restaurants, offices, hotels, spas and a marina with 400 berths for boats of all sizes, plus a championship golf course www.durratbahrain.com
Reef Island
HOW MUCH? US$1.2billion
HOW BIG? 579,000 square metres
WHERE? Manama’s northern shore, beside the Financial Harbour
WHAT IS IT? An exclusive residential island with landscaped parks, a private marina and a five-star 250-room hotel with spa www.reef-island.com |
