BFH Financial Centre 10% complete and on schedule
Financial Centre comprising of Dual Towers, Financial Mall and Harbour House is on target as 35% of the Financial Centre’s leasable area is already booked up
Bahrain Financial Harbour (BFH) has announced that around 10% of the first phase of the project - the Financial Centre - comprising Dual Towers, Financial Mall and Harbour House has been completed. The construction of the Financial Centre was awarded to the UAE-based Al Hamad Development and Construction Company.
The Financial Centre includes the Dual Towers, which are designed to accommodate financial services institutions, investment banks, offshore banking units and investment funds. The Financial Centre also includes the Financial Mall, which will house Bahrain Stock Exchange (BSE), commercial companies and brokerage firms, while the Harbour House will be allocated for specialised media enterprises and other entities which support financial and investment projects.
“Currently, there are over 300 workers and employees on site and 33% of them are Bahraini nationals. Additionally, eight Bahraini firms have been subcontracted and involved in this phase of the development,” said Esam Janahi, chairman, Bahrain Financial Harbour Holding Company.
The cost of the Financial Centre is expected to reach around US $250 million, of which $100 million has already been raised through private placement, with the remaining $150 million being financed and structured by the Bahrain-based Liquidity Management Centre (LMC).
“During the next three weeks or so, foundation work for the Harbour House will commence. Recently, piling work for the Dual Towers was completed while the foundation work should be completed in the coming weeks,” said Ahmed Janahi, managing director, Ahmed Janahi Architects (AJA), the lead consultants to the BFH project.
“The overall progress of the structural works on the Dual Towers and Financial Mall is advancing well and in accordance with the project schedule,” he added.
The Financial Centre is set to be complete by the end of 2006 and around 35% of the leasable area in the Financial Centre has already been booked. BFH has structured its freehold sale and lease options around an ownership system, called ‘strata title’ ownership, one of the first countries in the Gulf to use this new system.
The ‘strata title’ approach involves the individual issue of seperate titles for common property that is then managed by a committee of unit owners, who are known as a ‘Body Corporate’ group.