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FINANCIAL NEWS
Investors interested in remaining 35% of Bahrain Bay development
20 Jun 2011
(MENAFN) Bahrain Bay Development (BBD), an arm of Arcapita Bank, is discussing selling the remaining 35 percent of plots in its USD2.5 billion waterfront Bahrain Bay real estate development at the end of 2011 with local, Qatari, and Chinese investors, Arabian Business reported.
BBD sold 65 percent of the land to 13 different developers before pausing sales in 2008 as the real-estate market collapsed and prices dropped following the global downturn.
Bob Vincent, BBD CEO, said that eight contractors are bidding for the Bahrain Bay development’s USD350 million Four Seasons Bahrain hotel.
Ajmera Mayfair announced in October that it would invest up to USD130 million in a residential development within the Bay. Skidmore Owings & Merrill will be responsible for designing a 200 housing unit twin tower project in the development.
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