New master plan unveiled for US $1.2 billion Durrat Al Bahrain
Marketing campaign launched for the first phase of the project
The new master plan for the US $1.2 billion Durrat Al Bahrain was revealed last week at a public function in Manama. Work on the previously stalled project resumed recently following the completion of the redesign process.
Durrat Al Bahrain is the kingdom’s largest planned luxury mixed-use residential, commercial and resort development. The government of Bahrain and Kuwait Finance House Bahrain equally own the project.
“We are delighted to present our vision for Durrat Al Bahrain, which aims to establish a world-class concept in living,” said Jassim Al Jowder, deputy general manager and chief operating officer of Durrat Khaleej Al Bahrain Company.
“Working with W.S. Atkins, the renowned engineering design and consultancy firm, we have successfully developed and introduced a master plan that builds on Bahrain’s rich natural beauty and traditional affinity with the land and sea combined with every conceivable modern amenity to make the lives of residents as enjoyable and harmonious as possible.
Durrat Al Bahrain, or the ‘Rising Pearl’ as it has come to be known, will consist of 13 islands developed over 20 km² of desert and sea.
It will have 2000 villas, 3000 apartments and various community facilities, including schools, mosques, health centres, an 18-hole golf course and sports and leisure facilities aimed at families.
The project is scheduled for completion in its entirety by late 2009 and at full capacity will accommodate more than 30 000 full time residents in addition to some 4000 visitors a day.
The first phase will be completed by early 2007 and consists of the construction of 390 villas on three islands: two Atoll islands and one Petal island.
The villas are now on sale. A freehold ownership law has been passed, opening opportunities for investment by expatriates and Islamic and conventional financing structures are in place to help mid-level income earners own the home in Durrat Al Bahrain.
“This is a groundbreaking project that not only provides a unique proposition for residents but is also a significant step forward in the kingdom’s plans to encourage and actively work towards the further development of its lifestyle and tourism sectors,” observed Abdulhakeem Alkhayat, general manager of Kuwait Finance House, Bahrain, and chairman of Durrat Khaleej Al Bahrain Company.