Durrat Al Bahrain is pleased to announce 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.
About Durrat Al Bahrain
Durrat Al Bahrain is owned by the Durrat Khaleej Al Bahrain Company, in which the Government of the Kingdom of Bahrain and Kuwait Finance House – Bahrain each hold a 50 percent stake. Durrat Al Bahrain, a 20 square kilometre area of pristine waters and untouched beaches, once complete, is expected to be approximately the size of Manama, Bahrain’s capital city.
The master planner/architects of the project are W.S. Atkins, the renowned engineering design and consultancy, and project/development manager is KMC Bovis, a joint venture between the Kuwaiti Manager Company and Bovis Lend Lease.
