Cluttons, the real estate specialist that has enjoyed a dedicated Middle Eastern presence since 1976, has entered into a contract with Eskan Bank, to undertake the leasing and management of one of its assets, namely, the Segaya Plaza. This building is a mixed-use real estate development currently under construction in Manama. Eskan Bank, on behalf of the Bahrain Property Musharaka Trust BPMT, and in its capacity as its investment manager, appointed Cluttons in Bahrain to manage the development.
Under the agreement which was signed by the Deputy General Manager and Chief Business Officer of the Bank, Mr Ahmad Tayara, on behalf of BPMT and countersigned by head of country for Cluttons in Bahrain, Mr Harry Goodson-Wickes, Cluttons, which specializes in property management, shall undertake the leasing, management and marketing of Segaya Plaza.
Commenting on the appointment which came about through tender, Mr Tayara said: "We chose Cluttons after an extensive study of all the leading real estate service providers and consulting firms operating with a commendable track record in Bahrain and the Middle East. Although the development is not due to be completed until the the last quarter of 2012, we were keen to sign the contract at an early stage to ensure that we are able to benefit from Cluttons’ expertise in marketing the property prior to its delivery and set the wheels in motion for a proper handover and management later on.”
Harry Goodson-Wickes MRICS, head of country for Cluttons in Bahrain added: “We at Cluttons are very pleased to have been appointed to manage Segaya Plaza. These types of mixed-use spaces are in high demand in the country, so we anticipate a very strong response, as we regularly receive enquiries from tenants looking for high-end buildings with superior facilities. As always, the Cluttons team aim to deliver the best possible negotiations and management of delivery service.”
Segaya Plaza is located on Oman Avenue within the Segaya area, in the capital, Manama, and is close to the SMC (Salmaniya Medical Complex) and the Arabian Gulf University. The nine story building will consist of 3,150 square meters of retail space on the ground and mezzanine floors while on the upper floors, there will be 105 residential apartments. The mix of apartments will include one, two and three bedrooms units. Segaya Plaza will also have 220 car parking spaces available to residents, retail tenants and visitors. The building will also have a swimming pool and a number of sporting and social facilities for residents of the building.
Segaya Plaza is one of two large projects currently under development by the BPMT under the investment management of the Bank. The other project funded by this trust is in Isa Town and will consist of a mixed-use development project combining affordable residential apartments, offices, retail, gardens, as well as a number of complementing facilities that will benefit the community.