Bahrain Bay, the $2.5 billion waterfront real estate development on the northern coastline of Manama, has said that 2016 will be an “exciting year” in terms of construction progress.
A number of project developments are scheduled for completion, while others will begin construction during the year.
The district is already home to a number of landmark buildings in Manama, such as the Four Seasons Hotel Bahrain Bay, Arcapita Bank global headquarters and the winding United Tower. The Bahrain Bay project was launched in 2006 and the last 10 years have seen it take shape, with a number of residential, commercial, retail, tourism and community facilities within the development area.
“We’re delighted with the current pace of development at Bahrain Bay. We’re happy to say that most projects are being developed ahead of the planned schedule. 2016 looks to be an exciting year for us as we see many investors complete their developments and others begin construction,” said Gagan Suri, Bahrain Bay Development CEO.
The latest inauguration at Bahrain Bay was in March 2015, with Canadian luxury hotel operator Four Seasons opening the Four Seasons Hotel Bahrain Bay. The beginning of 2016 will also see Al Baraka Banking Group, one of the largest Islamic banking and financial organisations in the world, move into a building that will house their Middle East headquarters.
Another major investor is Bin Faqeeh Real Estate Investment Company, which is developing the ‘Water Bay’ residential complex. The project is being developed with a fast-track approach, with preparatory ground works already under way. Basement construction is scheduled to begin by early 2016, with the first of three 10-storey towers ready for residents by early 2018.
The United Tower, which is a winding 47-storey building that will house the Wyndham Grand Manama, an international 5-star hotel by the US-based Wyndham Hotel Group. The hotel will occupy 14 floors of the building, along with office space that will be leased to the open market.
Another hospitality offering in Bahrain Bay will be offered by the Marriot, with a new design for the hotel building being finalised. Construction is expected to start in mid-2016.
Bay City, a development of almost 290,000 sqm of residential, commercial and retail space on the waterfront overlooking Manama, is also scheduled for construction in 2016. Bay City will be constructed in phases, with the first phase set to start in Q3 2016.
“We are certain that the strategic partnerships Bahrain Bay has formed with the various local and international investors will deliver long-lasting results for all stakeholders. The ongoing progress strengthens Bahrain Bay’s position as a major investment hub, adding significant value to the community and the future of Bahrain as a whole,” concluded Suri.