Bahrain announces Abraj Al Lulu project
The Abraj Al Lulu residential project is worth US $252 million and is expected to be completed by 2007.
Al Hamad Construction and Development Company (HCDC) has been awarded the US $252 million (BD95 million) Abraj Al Lulu project in Bahrain.
The announcement for construction of the multi million- dollar residential project was made by a group of leading Bahraini, Saudi and UAE investors, in co-ordination with Pearls Real Estate Development Company (PREDC).
The project, which is the biggest to be carried out by the Bahraini private sector so far, will be launched in September and is expected to be completed by 2007.
“The total cost of the project is BD95 million or $252 million,” said Khalid Mukatash, an HCDC engineer.
Mohammed Dadabhai, chairman of PREDC said: “PREDC is co-owned by Bahraini, Saudi and UAE investors who have wide experience and expertise in the real-estate sector.
“It is the largest residential project in Bahrain and will be inaugurated in September thanks to the support we have received from competent government bodies.
“The new project is solely residential and does not include a commercial complex since there are already two major malls within close proximity of the towers. PREDC will start selling the residential apartments in September and defined prices will be competitive considering the strategic location of the properties. The sales offices will be located in Elite Suites in Seef area,” he said.
Dadabhai also pointed out that this pioneering venture will not be the last one of its kind, as PREDC seeks to expand
its project base to further contribute towards the country’s social and economic development.
He also noted that the project should encourage other potential investors to embark on similar initiatives and launch various projects to benefit the kingdom and its citizens.
Strategically located in Manama across the highway from Bahrain Financial Harbour and close to Al Futtaim City Centre, Abraj Al Lulu is a 20-minute drive from the Bahrain-Saudi causeway and less than 10 minutes away from Bahrain International Airport.
The project covers an area of 18 580 m2 and will comprise three multi-storey residential towers offering basic and superior amenities.
The multi-tower project has been designed jointly by a group of architects, namely Jafar Tukan, Cowi Al Moayed and local architect Habib Mudara.
Pegasus Realty has been appointed as the agents.