Bahrain’s much anticipated retail and leisure development on Amwaj Island, has awarded Bahrain-based Bonyan International the contract to manage the $90m Lagoon Bahrain project.
Bonyan will execute the project management contract in a Joint Venture with the Singaporean BPL Engineering and Construction Pte Ltd (BPL).
While Bonyan International is focused on The Lagoon’s project management, project concept design, real estate consulting and infrastructure development, the services of BPL include foundation work and general construction.
Nicholas Fraser of ADIH signed the Project Management agreement for The Lagoon Bahrain on behalf of MERED with Imad Nesnas of Bonyan International representing the strategic partnership between Bonyan International and BPL.
MERED is the Bahraini company entrusted with the development of The Lagoon on behalf of the ADIH Lagoon fund.
Imad Nesnas, Bonyan International’s chairman and chief executive officer, said: "We are delighted to be awarded the contract for such a significant project to the continued growth of Bahrain.
“We are a company with extensive project management, real estate development and financing experience. Currently we are working on projects throughout MENA, including Morocco, Jordan, Egypt, Beirut Gate project in Lebanon and Ruwad School a major school in Bahrain.
“Our commitment is to maintain our reputation and execute the management of the Lagoon project to the highest standards while achieving the September 2007 completion date.”
Nicholas Fraser, ADIH’s executive director of real estate, said: “I am confident we have chosen the best team for the job. This is an ambitious project on a large scale, and we will see the benefits of synergy between these two companies, who have worked together and proved their worth on several projects.”
With inspiration from bustling ‘dining destinations’ such as London's Covent Garden and Cockle Wharf in Sydney, The Lagoon Bahrain will provide premium freehold opportunities for new concept food and beverage outlets and boutique retail, a first for the Gulf, which has previously only offered rented commercial space.
The 55,000 square metre project lies at the heart of Amwaj Island’s new community and attract visitors from Bahrain and throughout the GCC.
(Ends.) Attached picture (l-r): Nicholas Fraser, ADIH’s executive director of real estate signing the Project Management agreement for the Lagoon Bahrain on behalf of MERED, with Imad Nesnas of Bonyan International representing the strategic partnership between Bonyan International and BPL. Picture taken in Bahrain.
For further media information contact Euro RSCG Furness for Abu Dhabi Investment House contact Ian Hainey on +971 50 466 1368 or ian.hainey@eurorscgfurness.com
Notes to Editor:
AT A GLANCE
Located on Amwaj Island, off the coast of Muharraq, in Bahrain.
A lively waterfront promenade of top-flight retail and restaurants.
Visitors will have a wide range of outlets to choose from, overlooking magnificent views with easy accessibility for cars and ample parking space.
The total land area is composed of 55,500 square meters comprising eight low-rise buildings, boasting a variety of top-flight shops & restaurants.
The Lagoon will be sold on a full ownership basis to both GCC & Non-GCC investors.
The Lagoon will be completed by September 2007.
A US$ 90 million investment.
The Lagoon will offer new definition to quality lifestyles through its design and full ownership stores and restaurants.
A landmark that has been designed to match the needs of residents of Amwaj Island and visitors.
