Manama: Bahrain has the best potential for steady real estate development over the next 10 years, feels Faisal Faqeeh, the chairman of home-grown privately held real estate developer Bin Faqeeh.
In an exclusive interview with the GDN, Mr Faqeeh said the company which has already invested $500 million in ongoing and completed projects, expects to double its investment in the country as it launches “an exclusive limited edition luxury project each year until 2020”.
The launches are a part of its ‘Limited 5’ five-year plan that kicked-off last year with Waterbay – an exclusive residential apartment building with a commercial shopping front on the ground floor.
It is situated in the prime location of Bahrain Bay facing the Four Seasons Hotel.
“The design concept is to create a homely yet high-end luxury accommodation that encapsulates a superior hotel lifestyle experience,” said Mr Faqeeh.
Facilities include a swimming pool, separate gyms for men and women, prayer rooms, movie theatres, nursery, multi-purpose rooms, restaurants and coffee shops.
“Since many of our customers are from neighbouring GCC countries, a luxury car transportation facility with a concierge service to and from the property has been made available, in addition to water taxi services to Avenue Mall via an exclusive collaboration with Bahrain Bay,” he added.
This year’s limited edition project is Layan within the $1.3 billion Durrat Marina master-planned development in the south of Bahrain, overlooking the Arabian Gulf.
Bin Faqeeh’s penchant for bringing unique concepts comes to the fore not only in Layan’s design, with a water park as its centrepiece, but also in the project’s launch event today featuring Dinner in the Sky, a Belgium-based concept.
Thirty-two guests will be comfortably strapped in proper seats secured to a dining table and lifted 50 metres into the air during the event that will also feature a carnival as part of a marketing strategy, the company said.
Layan, said Mr Faqeeh, “will be home to the largest private waterpark not only in the region but also the world, accessible to residents only, with its state-of-the-art luxury facilities, restaurants, designer retail outlets, the marina and breathtaking view”.
Unique features include picturesque landscaping, a 300m pool, a wave pool, Water Movie Theatre and two island restaurants.
Work will commence at the end of the month with completion expected approximately 24 months from now.
Established in early 2008, during the global financial crisis, it was not until 2010 that Bin Faqeeh embarked on the first of its projects.
The first projects to be delivered were La Vida Tower and The One residential developments in Busaiteen, in 2011 and 2012 respectively.
On Reef Island, the company is developing Dar Al Salam, comprising six luxury residential buildings each with 56 apartments overlooking the sea, the Bahrain Financial Harbour and Bahrain Bay.
Projects at various stages of completion include first class developments like The Treasure, an 11-storey residential complex located in Dilmunia Island.
It consists of one to three bedroom apartments and penthouses.
Facilities include in-house cinema, garden, coffee shop, spa, game rooms, etc.
The Nest is a 26-storey residential development located in Sanabis, next to LMRA. It consists of fully furnished one bedroom apartments and studios.
Also in Sanabis, Bin Faqeeh is developing the Forbes, a 42-storey commercial office project.
In Seef District, meanwhile, Bin Faqeeh has built the Business Bay commercial tower; the 35-storey The Breaker luxury residential project; The Grand, a mixed-use residential and leisure development including in-house cinema, bowling and billiards centres; and The Tweet, a residential complex of fully-furnished one-bedroom apartments.
The Homes – a project featuring landscaped modern residential villas in a private community in Hamala was delivered six months ahead of schedule earlier this year and 360, a residential tower located in Durrat Marina, offering sea views from all sides is set for delivery soon.
Mr Faqeeh said reasons for the company’s success was earning investor enthusiasm and trust through a commitment to delivering quality projects, on time and within budget, based on global best practices.
He said the company has realised significant growth over the years, investing in real estate and other types of investments, with experience in virtually every facet of real estate, from construction and development to appraisal, property management, and financing activities.
“In the future, we will look at family-focussed entertainment and recreation alongside affordable housing which remains a core business,” he added.
Source: GDNonline