Manama: Durrat Marina has announced the signing of a land sale and development agreement with Bin Faqeeh Real Estate Investment Company.
The four plots adding up to more than 15,000sqm, acquired under the agreement by Bin Faqeeh, are in phase II of the $1.3 billion Durrat Marina project.
The land will be the site of Layan, a high-end mixed-use retail, commercial and residential project valued at BD30m ($79.5m), which was announced earlier by Bin Faqeeh.
The project’s design features a centralised water park fully encompassed within the grounds of a residential complex having more than 200 homes ranging from studios, one-, two- and three-bedroom apartments, duplexes, penthouses and villas.
It will include serviced apartments, branded residences and villas alongside a retail strip with food and beverage outlets facing the main quay walkway and a multistorey car park.
Durrat Marina chairman Bader Al Adsani said the project would encourage further investment in phase II of the master-planned development.
“We are thrilled to have Bin Faqeeh on board with us for their second project and we look forward to further collaboration with them in the future.”
Chief executive Waleed Saffy said the latest deal with Bin Faqeeh will help move the project from phase I which is on the verge of completion to phase II where the infrastructure is well underway for upcoming developments.
“The new ambitious Bin Faqeeh project embodies the Durrat Marina lifestyle as a private development concept that provides luxury, privacy and security in an integrated modern fully serviced environment.”
This is Bin Faqeeh’s second project in Durrat Marina. It is developing the 360 Tower – a 14-storey residential building in phase I of the project.
Bin Faqeeh chairman Faisal Faqeeh said he was confident of the project’s success due to its prime location.
“Our new project is targeted at buyers looking for sophisticated residential solutions in a modern environment,” he added.
Source: GDNonline