Bahrain: Seef Properties plans new waterfront project
Bahrain-based developer, Seef Properties, announced the establishment of a real estate company in collaboration with strategic partners, to develop a new mixed-use waterfront project between the two bridges in Manama.
Chairman of Seef Properties, Essa Najibi, said: “It is with great pleasure that we announce the establishment of a real estate company to develop a well-designed and unique mixed-used project. This comes as part of Seef Properties’ strategy to further expand its investment portfolio, hence strengthening its position in the real estate sector. We look forward to developing more projects that will enhance Bahrain’s tourism infrastructure as well as contribute to the national economy.
“Currently, we are in the process of developing a project plan as well as appointing consultancy firms for the master plan. Further details regarding the project will be announced upon the completion of this phase.”
The establishment of the new company comes as a result of an agreement between Seef Properties, which owns 25%, and strategic investors. The established company owns a plot of land on the waterfront located between the two bridges in the Capital Governorate on which the project will be built. As per the agreement, the project development will be carried out in several phases, focusing on the highest quality of standards in order to address local market needs.
Further commenting on the project, the CEO of Seef Properties, Ahmed Yusuf, said: “The main objective of this unique development is to create an integrated real estate destination that meets the residential, shopping and leisure needs of visitors and residents. We are confident that this project will add value to the real estate sector and to the investors in general.
“Our main approach is to invest in promising sectors in order to achieve rewarding returns. The launch of the project is a key milestone for the Kingdom’s real estate industry, positioning it as a new integrated destination for residents and visitors in Bahrain.”