Manara starts Investment Gateway – Bahrain Phase Two work
Mar 3, 2019 4:19 PM
Manara Developments a leading real estate development company said it has started work on Phase Two of Investment Gateway Bahrain the largest light industrial project available for freehold ownership in...
Manara Developments, a leading real estate development company, said it has started work on Phase Two of Investment Gateway – Bahrain, the largest light industrial project available for freehold ownership in the kingdom with an area of 29 million sq ft for the first and second phases together.
Amar 1 Real Estate Investment Company is the owner of the Investment Gateway – Bahrain, while Manara Developments Company is the project development manager.
Manara had announced in December that Great Lakes Drake and Docks Company had been signed up to undertake the reclamation work for Phase Two of the project.
The engineering and technical team overseeing the project includes Bahraini firm Haj Gulf and Aecom Middle East.
Announcing the project work launch Dr Hasan Al Bastaki, the managing director of the company, said the success of Phase One and the increasing demand from investors made the company think of going to the second phase, which was planned in advance.
According to him, Amar 1 Real Estate Investment Company is set to invest BD100 million ($264 million) for the implementation of Phase Two.
The scope of work includes the reclamation works, construction of the infrastructure, including the internal streets, electrical and water services and so on which makes the project attractive and ready for direct use by investors, he added.
Dr Al Bastaki said the period of the reclamation and the preparation of the land of the project will be 18 months. The company will manage the project, while Aecom Middle East is supervising its implementation, he added.-TradeArabia News Service