Press Releases

Manama: Bahraini real estate developer Cityview has remobilised to resume construction work on the stalled Landmark Cityview building project, it has emerged.

Cityview, which is a 51:49 joint venture between Ithmaar Bank, a Bahrain-based Islamic retail bank, and Ebrahim Abdulaal Group, yesterday said it plans to deliver all units by December this year.

It was reported on Sunday that work on the stalled project was set to begin with the developer submitting a plan for construction to the ministerial committee for urbanisation and infrastructure.

Sunday’s report quoted committee chairman Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa as saying that the panel tasked to study stalled real estate projects had obliged Cityview to carry out the scheme as per the schedule submitted by its board.

“The developer has been urged to honour its commitments, failing which the project will be referred to the stalled real estate settlement committee,” Shaikh Khalid said.

Yesterday’s announcement quoted Cityview chairman Abdulhakeem Al Mutawa as saying that the company was “committed to completing the 23-storey residential apartment building as soon as possible”.

“The Landmark Cityview project was unfortunately put on hold in 2011 due to circumstances beyond the developer’s control,”

“Determined to deliver the project as soon as possible, the board of directors have taken major decisions over the past few months and made key appointments to ensure construction work resumes and finishes as soon as possible,”

“A detailed survey of the project has since been conducted studying the building and all elements of the construction,”

“The survey confirmed that construction on the project may be resumed, and that the structure of the building allows the construction to be completed,”

“In parallel to the survey, a pre-qualification for various contractors was also done, and expressions of interests and pre-qualification documents were received from multiple contractors,”

The Cityview board has deployed necessary resources and proceeded to the next stage, tendering for the remaining construction work.

Construction is expected to resume in April.

Landmark Cityview is a residential tower in the Seef District across the highway from Dana Mall. The freehold project comprises a total of 88 apartments with amenities.

The developer declined to disclose the cost of the project.

Source: GDNonline

Manama: Bahrain looks set to be cushioned from prolonged economic challenges facing Gulf markets mainly due to continued infrastructure investment, global property consulting firm CBRE has said.

In its Q4-2015 Bahrain MarketView for the quarter ended December last year, this investment was from the GCC Development Fund.

In a report on Sunday, the Economic Development Board said nearly $6 billion worth of projects under the GCC Development Fund, were allocated, $3.7bn worth had been tendered and $1.3bn worth had commenced, up from $300 million in the fourth quarter last year.

The fund comprises a $10bn aid package from GCC neighbours announced after the outbreak of unrest in 2011, often described as a GCC “Marshall Plan.”

Despite negative impacts of the on-going oil slump, the real estate sector in Bahrain has proven resilient.

Solid returns are still considered achievable, affording hard pressed investors the opportunity for potential growth in an otherwise unpredictable market.

This was underlined by the seven per cent growth achieved within the construction sector during early last year, as a raft of new development projects were launched across all real estate asset classes, but notably in the retail, hospitality and residential sectors.

“This growth was underpinned by investment in large scale infrastructure projects, supported by the $10bn GCC aid fund, including the multi-billion dollar Bahrain Airport expansion and the expansion of government affordable and social housing schemes, are also at the forefront of this trend,”

The retail sector continues to dominate real estate activity in Bahrain, with the fourth quarter witnessing several significant openings and new announcements.

“Community malls serving new residential districts continue to emerge as a dominant theme and nowhere is this more evident than in New Janabiya where no less than four separate malls under development or planned,”

“The 5,000sqm Al Mercado, anchored by Al Osra supermarket, is well underway and three other retail projects totalling nearly 50,000sqm of leasable space are being considered.”

According to the report, the December quarter heralded a period of consolidation in the hospitality sector, with no major new announcements but steady progress made towards the launch of two new developments early this year.

Amongst others, the Marriott Residence Inn at Water Garden City is also expected to be completed this year. Emaar Hospitality Group is also reportedly building five new hotels in the kingdom by the end of 2018, keeping Diyar Al Muharraq firmly in the property news.

The residential sector presents opportunities for investors to leverage key advantages that Bahrain enjoys over other GCC markets, with the retail and hospitality sectors rapidly approaching saturation point and the commercial office market still labouring amidst weak demand.

Quoting the InterNations Expat Insider Survey 2015, the report said Bahrain ranks highest in the Gulf for lifestyle, cost of living and education, at 17th globally ahead of the UAE, 19th and Oman, 24th.

“If you also consider that real estate costs per square metre for apartments in Bahrain average $2,072 and $5,037 in the UAE and that transaction costs are significantly lower in Bahrain, a case can be made for the residential sector offering potential investment opportunities, supported by a low real estate cost base, attractive business costs and Bahrain’s popularity as a place to live for Mena and western expatriate families and bachelors,” 

Opportunities also exist in the compound villa sector with strong occupancy levels in areas popular with expatriates, especially those with good access to the Saudi Causeway and popular schools.

Prime apartment sub markets also continue to fare well with Reef Island retaining its position as the most expensive apartment location, supported by strong demand.

In addition, Amwaj Islands is emerging from a relatively dormant period with an increase in construction activity in the residential sector, underlining its continuing popularity as a lifestyle destination. The commercial office market continues to face stiff challenges with downside risks again appearing on the horizon.

Budgets to fund ministry office projects may also be affected by the widely discussed cuts in short to medium-term government spending.

“Average rentals for leading Grade A projects remain stable for now, typically quoted at between BD7 and 9 per sqm.  Although, it is difficult to see how these levels can be maintained, with downward pressure on demand and with an additional 70,000sqm of office space in Bahrain Bay and Seef coming on stream during the first half,” 

Source: GDNonline

Bahraini Company, Impact Estate wins three prestigious Arabian Property Awards

Manama, Kingdom of Bahrain (November 2015): A Bahraini real estate company, Impact Estate w.l.l., receives three prestigious awards during the Africa and Arabia International Property Award Summit held at the JW Marriott Marquis Hotel in Dubai.  Impact Estate wins this International recognition for the second consecutive year and is awarded the 5-Star Award for Best Real Estate Consultancy, the Highly Commended Real Estate Brokerage Award, and the Highly Commended Real Estate Marketing Award.

 Despite strong competition with hundreds of entries being nominated from over  25 countries across   Africa and the Middle East, the independent panel of 70 industry experts  at the Africa & Arabia International Property Awards recognized Impact Estate’s achievements in quality, superior customer service, innovation, originality, and commitment to sustainability.  The judging panel is chaired by Lord Caithness and Lord Best, members of the House of Lords in the UK Parliament.

The Chairman and Managing Director of the Impact Group of Companies that owns Impact Estate, Mr. Zaher Hammouda said “It is no surprise to find that Bahraini companies are continuously receiving International recognition for outstanding achievements. Bahrain is rightfully respected as the best hub for foreign investments in general and for real estate development in specific”. Mr. Hammouda added that “The vision and leadership of His Majesty the King, His Royal Highness the Prime Minister, and His Royal Highness the Crown Prince have positioned Bahrain as a center of excellence and as the unrivalled country within the region for attracting direct foreign investments. “

“Bahrain is ranked the 12th most open economy worldwide by the Heritage Foundation and Wall Street Journal’s Index of Economic Freedom. Therefore it is no surprise that Bahraini companies are constantly being recognized and that the Bahrain Real Estate Sector continues to attract International Foreign Investors.  We at the Impact Group of Companies believe the awards we received today are really awards for the Kingdom of Bahrain”.

Oksana A.Konyshevska, the General Manager of Impact Estate added that, “It is an honour for our team at Impact Estate to win these accolades from the Africa & Arabia Property Awards Committee, and for the second year running.  Our team at Impact Estate has always strived for excellence and these awards acknowledge the teams’ commitment, dedication, creativity, customer focus and responsiveness to all real estate clients”.

Impact Estate set to launch Ivory Tower freehold apartments

October 2015, Manama, Kingdom of Bahrain: Bahrain based award-winning real estate company Impact Estate w.l.l. has been appointed by the prominent developer Burooj Real Estate to carry out  the sales of it’s new residential project Ivory Tower.

With an unbeatable location in a bustling and sought-after Juffair area this 29-storey building is set to create a new level of comfort and luxury.  Ergonomically tailored by interior design company “Impact Interiors w.l.l.”, one- and two-bedroom apartments feature fully equipped kitchens and balconies to enjoy sea and city views.  Sized from 72 to 105 sq. m apartments are available in semi-furnished or fully furnished options.  The designs are created by the team of Impact Interiors.   Outstanding facilities with saunas, gym, swimming pool and more amenities are available for the tenants and home owners to indulge.

The residential tower is conveniently located off Prince Khalifa Bin Salman Causeway and its 88 apartments are available for sale off plan.  The completion of the project is scheduled in 2017. The selling price starts from BD43,920 and there is a flexible payment schedule along with property management packages “buy to let” available for the investors.

Ivory Tower is the new development of the Burooj Real Estate.  The developer has completed few freehold residential and commercial projects in the Kingdom of Bahrain including Euro Tower, Euro Plaze, Sun City. With high quality construction and affordable prices, Burooj Real Estate offers unique opportunities for property investors.

Oksana A. K., General Manager of Impact Estate said: “We’re excited to carry out the sale of apartments at Ivory Tower.  With the increasing demand for freehold developments in Juffair, we are witnessing an interest from the investors.  We can forecast annual returns between 8-10% for investors of Ivory Tower.”

Award winning Impact Estate w.l.l. is a subsidiary of Impact w.l.l. and is a privately held full-service real estate company based in the Kingdom of Bahrain.  The focus of the company is to provide unrivalled and specialized service and consultancy in the real estate sector.  The company’s expertise covers project marketing including feasibility studies, market assessment and project launching, property and building management together with rental activities and tenancy management, commercial and residential property brokerage as well as relocation.  A diversified team of highly competent and knowledgeable professionals with a considerable experience is keen to help clients successfully meet their real estate objectives. Personalized client service and high professionalism attract developers and landlords as well as individual and corporate clients. Impact Estate has a strong reputation built on providing solutions, trust, respect, and responsiveness and is now one of the most sought after companies for real estate advisory and consultancy in Bahrain.  The company has a proven track record having successfully completed numerous client projects worth in excess of US$ 200 million. More information on our services is available at www.impact-estate.com.