CapitaLand, the Asian real estate developer of Raffles City Bahrain, today announced that sales of residential apartments in the integrated waterfront development located in the prime Bahrain Bay area will be opened to the public at Cityscape Dubai on 6 October 2008.
Private sales of the residential apartments in Raffles City Bahrain had enjoyed a very strong response when conducted in June this year. About 80%, or 101 units, of the total 124 available units for sale were booked within three weeks of the private sales launch. The average sale price had touched an unprecedented level for the Kingdom at BD1,750 per square metre. This is testament to the prime location, distinctive building design and quality of Raffles City Bahrain, as well as an endorsement of the CapitaLand real estate delivery track record.
Raffles City Bahrain is CapitaLand’s first integrated development project in the GCC region and its first Raffles City development outside Asia. In Asia, CapitaLand currently has one Raffles City in Singapore and four in major cities in China. CapitaLand chose to develop the internationally recognised Raffles City brand in Manama due to Bahrain’s attractive investment climate, strong economic diversification and its burgeoning hospitality industry seen in the country. CapitaLand also manages the Shari’ah-compliant equity sukuk fund that owns Raffles City Bahrain.
Raffles City Bahrain enjoys a prime waterfront location within Bahrain Bay, the new premier residential, commercial and retail district undertaken by leading Bahrain-based international investment bank, Arcapita. Earlier, CapitaLand had partnered Arcapita in other real estate ventures like ARC-CapitaLand Residences Japan, a portfolio of rental apartments in key cities in Japan, and more recently, to jointly develop an IT park and office development in Navi Mumbai, India.
Said Mr Wong Heang Fine, CEO of CapitaLand GCC Holdings Pte Ltd, “CapitaLand recognises the vital alliances made to deliver a successful Raffles City project within Bahrain Bay. We would like to thank our lead partner - Arcapita - who have given us an iconic master-development. We also appreciate the Government of Bahrain and the Crown Prince of Bahrain in particular, who are the key architects in bringing this vision to reality by fostering an investment environment that is attractive to both local and foreign investment. CapitaLand has a proven track record of creating, developing and managing Raffles City integrated developments. We are very pleased to be developing a Raffles City in Bahrain and our successful entry into the GCC market has proven to be a just reward to our stringent selection criteria and extensive feasibility research.”
“CapitaLand’s entry into the GCC region is part of our strategy to balance our investments in the fast growing economies in Asia. This has paid off for us as the overall GCC real estate market remains healthy despite global uncertainties, and this is reflected in the success of our private sales of residential apartments in Raffles City Bahrain earlier this year,” he added.
The Raffles City Bahrain integrated development will comprise three residential towers, landscaped sky villas, high-end retail outlets and food and beverage facilities, as well as five-star serviced residences. The architectural concept was conceived by the renowned international architect, Rafael Viñoly, and is inspired by the intrinsic geometry of the bay and the sea.
The three curving apartment towers, with varying heights of 34, 37 and 41 storeys, form the backdrop of the integrated development, which rises above the 92,000-square metre luxury retail mall. There are a total of twelve two-storey penthouses and over 600 luxury high-rise and terraced apartments. Below these, sit the 50 terraced sky villa residences. Each sky villa includes a private swimming pool, landscaped terraces, courtyards and drive-up parking garage access. The project is due for phased completion from Q4 2010 and the residential components will be named in due course.
The public will be able to view the model for Raffles City Bahrain, for the first time at Cityscape Dubai, at stand 7A10 in Hall 7 with a stand-alone booth. Senior CapitaLand and Raffles City Bahrain representatives will be present to welcome VIPs and visitors alike.
