Seef Properties names new chief executive

Seef Properties names new chief executive

Seef Properties, a leading real estate development company in Bahrain, has appointed Ahmed Yusuf, a property industry veteran, as its new chief executive officer.
A graduate of the University of Kuwait with a Bachelor’s degree in Civil Engineering, Yusuf bring with him a wealth of experience heading numerous property investment companies in Bahrain and Kuwait.

He has also completed the AMDP program from School of Design at Harvard University, said a statement from Seef Properties.

On the appointment, Yusuf said: “I am honoured to have been named the CEO. Seef Properties is a change leader in its market sector and the company’s philosophy is based on new and innovative thinking. Such philosophy has enabled us to grow with resilience and strength during the past few years.”

“We have recently announced our plans for 2016 which includes the evaluation of a number of investment opportunities; a strategic platform for growth,” stated the top official.

“I am look forward to working with the team to deliver the board’s ambitious plans and strategies and move products and services up to a whole new level, further positioning Seef Properties as a leader within the real estate development sector,” he added.

Headquartered in Bahrain, Seef Properties was established in 1999 as a publicly listed company with more than 450 assets across the kingdom.

 

Source: Tradearabia.com

March 23, 2016No comments,
Bin Faqeeh lines up million dollar investment plans

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

March 23, 2016No comments,
BD40m Fontana Gardens on course for completion

Manama: A luxury freehold apartment project in Juffair is on track for completion next month, on schedule, even as the Bahraini developer lines up multimillion dollar investments across the country.

Al Kooheji Group firm The Developers’ BD40 million Fontana Gardens comprises 413 apartments or 57,523sqm of residential area spread across three towers, Royal Ambassador Property Management and business development general manager Eman Al Mannai told a media briefing at the Fontana Towers in Juffair yesterday.

Ms Al Mannai said the project is almost fully sold off-plan and nine types of mock-up apartments are ready.

“So far many units have been sold due to the unique features of the project and the good reputation of
the developer and contractor.”

Key features of the project include a mini golf course with eight holes, largest sky infinity pool, large Turkish bath, 24 hours CCTV security, 24 hours reception and concierge service, indoor swimming pool and kids water splash playground, she added.

The company said BD1m was spent on landscaping of the sky garden alone.

“We promise a high end product worth the money paid for, if not more, the project has already appreciated by 29 per cent since launch,” she added.

The starting price is BD600 per square metre and Royal Ambassador is
assuring net rental return of at least 8-10pc.

“As an additional service, we are offering top notch interior design service by international interior designers, we are charging for production only.”

According to her, investors in the project are from 26 different nationalities, which confirms that Bahrain is still one of the better markets for real estate investment.

The group is very upbeat on Bahrain’s real estate sector and has projects lined up in Amwaj Islands and Seef.

“It is obvious that Bahrain is witnessing improvement in development and infrastructure in the past few years with the construction of new roads, new bridges and new access roads in and out of vital areas,” Ms Al Mannai said.

Source: GDNonline

March 20, 2016No comments,
GCC ‘working on $110bn project-finance schemes’

More than 120 project-financed schemes worth over $110 billion are either being planned or under construction in the GCC as governments increasingly seek alternative methods of financing their project plans in light of falling oil revenues, said a report.

The largest market for public projects backed with private sector finance is Kuwait, with just under $49 billion worth of projects under its public-private-partnership (PPP) projects programme, stated regional projects tracking service, Meed Projects in its report released ahead of a key industry event.

The ‘Meed Financing Projects in New Oil Era’ conference will be held on March 23 at the Conrad Hilton Hotel in Dubai.

The conference will help project sponsors to manage deficits and secure private finance, contractors deal with project slowdown, contractor finance and cash flow issues and help investors and financiers to capitalise on the new borrowing needs of the region’s project owners.

Industry experts will discuss the alternative methods of financing public projects at the upcoming event.

According to Meed, Kuwait has been an innovator in advancing the PPP model in the region, with schemes ranging from power plants and water and wastewater facilities to schools and tourism projects falling under the programme, which is handled by the Kuwait Public Authority of Partnership Projects (KAPP).

The other big player in privately-financed schemes is the UAE, with about $35 billion of projects planned or under way, stated the project tracker citing data.

These include Dubai Electricity and Water Authority’s (Dewa) Sheikh Mohammed bin Rashid Solar Park, Road and Transport Authority’s (RTA) Union Oasis real estate scheme in Dubai and Fewa’s Umm Al-Quwain independent water project (IWP) it stated.

The other GCC states have some $26 billion worth of privately-financed projects between them, including the Facility D independent water and power project (IWPP) in Qatar, Riyadh’s King Khalid International Airport Expansion Terminal 5, and Oman’s Sohar IWP.

“The project finance model has been applied to power and water projects regularly over the past 15 years in the region, but it is only now with lower oil revenues that there is a concerted push to apply the model to projects in other sectors,” explained Ed James, the director of Content & Analysis at Meed Projects.

“Governments are increasingly turning to innovative financing structures such as project bonds, sukuk issuances, and export credit agency financing to fund projects as revenues decline. By doing so, they can maintain spending on projects without impacting their balance sheets, a critical issue when state budgets are under strain from falling oil sales,” he said.

As the oil price fell in 2015, the value of project-financed schemes increased substantially to $14.3 billion compared with just $2.6 billion the previous year, according to Meed.

With the oil price showing little sign of rising in the short term, this number is expected to continue growing in 2016, it added.-TradeArabia News Service

 

Source: Tradearabia.com

March 18, 2016No comments,
Gulf Property Show gears up for Thai skyscraper launch

Thailand’s premier real estate agency Result Plus Media is set for the global launch of The Rich Nana, a luxury condominium tower coming up in Bangkok, at the Gulf Property Show 2016, the annual dedicated showcase for the global real estate and property development sector to be held from April 26 to 28 in Bahrain.

A key regional event being organised by Bahrain-based Hilal Conferences and Exhibitions (HCE), the Gulf Property Show will be held under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain, at the Bahrain International Exhibition and Convention Centre.

Result Plus Media represents Thailand’s leading developers, promoting their luxurious properties around the world.

The agency has established a reputation in South East Asia for dedicating itself to ensuring that investors obtain high returns from their investments.

Unveiling its big plans, Nisha Chulasukontha, the managing director of Result Plus Media, said: “Gulf Property Show has achieved a reputation as being the boutique real estate trading event for the Gulf. This reputation is the reason we are using our participation to launch Bangkok’s luxury development, The Rich Nana.”

The Rich Nana, situated in the heart of Bangkok, is a 32-storey residential tower resonating modern luxury and elegance. The development comprises a total of 413 units including 36 commercial units which will provide residents with high-class restaurants, a spa and shopping outlets.

The tower offers residents the experience of being in the city with panoramic views across Bangkok, but with a Feng Shui positivity. The development is surrounded by nature through landscaped gardens.

On the global launch, Jubran Abdulrahman, the managing director of HCE, said: “GCC citizens are no strangers to real estate investments in South East Asia. Demand is growing for properties in South East Asia not only from GCC investors but also from expats who are looking for properties back home or European expats looking at alternative retirement option.”

“The Rich Nana tower will be a welcome addition to the portfolio of real estates on offer at the Gulf Property Show,” stated Abdulrahman.

Gulf Property Show is sponsored by Manara Developments and Diyar Al Muharraq and is supported by Bapda (Bahrain Property Developers Association)

The event runs alongside HCE’s other major exhibitions – gulfBID and gulfInteriors – ensuring the continued success of the biggest integrated business-to-business platform for the construction, interiors and property in the Northern Gulf.-TradeArabia News Service

 

Source: Tradearabia.com

March 17, 2016No comments,