BD7 million contract awarded for construction of Durrat Al Bahrain villas
Durrat Al Bahrain has announced the award of a BD6.998 million (US$18.5 million) contract for the construction of 83 villas on one island of the residential, leisure and tourist resort, the Kingdom’s largest planned mixed-use development.
The contract, awarded to Bahrain-based Projects Construction Company, is the first of many contracts to be announced for the development of residential villas in the US$3 billion development, where dredging and reclamation work is in its final stages.
With the award of the contract for villas on Petal 1 Island, work will begin within days and the villas will take 12 months to build.
The Durrat Al Bahrain project comprises a cluster of islands and land areas that together give the development its unique island lifestyle theme. These include: The Crescent, a semi-circular landmass extending into the sea, 6 Atoll Islands, 5 Petal Islands, a stand alone island set to house a 5-star family hotel and resort, a state-of-the-art marina and an 18-hole golf course, all of which is being developed in phases.
“We are delighted to award the first contract for the construction of luxury villas on Petal 1 island,” said Mr. Jassim Al Jowder, Chief Executive Officer of Durrat Al Bahrain.
The Petal 1 villas are part of Phase I of the development work, which also includes construction of over 300 villas on Atolls 1 and 2, for which contracts will be awarded within the next three months. All of the Phase I villas, which were sold out by February 2005, will be ready for delivery to the owners by mid-2007.
“There has been remarkable progress made on this landmark project and everything, from reclamation to infrastructure work, is on or ahead of schedule,” said Mr. Al Jowder.
A contract for Phase I infrastructure work, which will include power and water facilities and the building of roads, is expected to awarded within the next few weeks.
Durrat Al Bahrain has been planned as a world-class residential, leisure and commercial and tourist destination, offering a lifestyle experience unrivalled in the Middle East. It is expected to accommodate more than 45,000 full time residents in addition to some 4,000 visitors a day, upon completion in 2009.
The Crescent, which will be the heart of the resort city, will boast 6,000 apartments, a large-scale modern shopping mall, restaurants and cafes, a piazza, public beaches and a host of community facilities, including a mosque, health centres and schools.
The Atoll and Petal Islands will provide quiet residential living, with a total of 2,000 luxury villas of different sizes, private and common beach areas, boat mooring options and breathtaking sea views.
The 400-boat, full service Marina will offer a canal-type lifestyle, with waterfront townhouses and apartments, cafes and shopping. The adjoining 18-hole championship golf course will also house a 300-room hotel and over 250 villas facing the golf course or the sea.
The Island Hotel is envisioned as a 400-room signature hotel, with private beach and an aqua park.
To facilitate access for all prospective residents, innovative ownership and financing schemes have been put in place. A freehold ownership law has opened opportunities for investment by expatriates and well-thought out financing structures, both Islamically compliant and conventional, are also in place to assist mid-level income earners to own the home of their dreams in Durrat Al Bahrain.