Manama: A multi-million dinar agreement has been signed between two Bahrain-based companies to build a number of upscale restaurants and villas in Seef.
Albilad Real Estate Investment Company and Al Namal Contracting Company have agreed to construct the first phase of the Water Garden City project, which includes 16 three-storey fine dining restaurants and the villas.
Al Namal Group chairman Dr Varghese Kurian described the project as “an important contribution to Bahrain’s economy” that will serve both citizens and residents.
He emphasised his company’s ability to complete the project as he signed the agreement with Albilad Real Estate Investment Company director-general Ziad Abdullatif Janahi.
“The beginning of the new phase of the project will lead to increased confidence in the real estate projects, and enhance confidence in Bahrain’s real estate sector,” said Mr Janahi.
“The purpose of this assignment is to enhance confidence in the financial and economic future of Bahrain as well as the company’s policy for long-term investment in the project.
“We offered the project in a limited tender to a certain number of contractors and our final negotiations resulted in awarding the contracting agreement to Al Namal Contracting Company based on the company’s record in previous projects and real estate development projects in particular.”
The Water Garden City project will occupy the waterfront to the north of City Centre Bahrain and was designed by engineering company HOK while the infrastructure was designed by Icom Inc and Gulf Engineering House also designed the upper restaurants and villas.
The GDN reported in June that Albilad Real Estate Investment Company, which is the master developer for the Water Garden City project, had signed an agreement with International Trading and Investment Company and the American hospitality company Marriott International to construct a $30m Marriott Residence Inn as part of the project.
This building, consisting of 22 floors, is expected to be operational before the end of this year.
Once fully completed, the mixed-use real estate development Water Garden City project will have three separate districts featuring hotels, residential towers, beaches, commercial offices, a marina and other facilities.
sandy@gdn.com.bh
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