MANAMA: Bahrain’s leading real estate group Manara Developments announced that construction work is progressing at a steady pace on its 58,885sqft “The Workshops @ Investment Gateway - Bahrain project.”
More than 80 per cent of the project – which comprises five three-storey buildings, and homing 25 commercial shops, 10 workshops and labour accommodation with a capacity of more than 500 workers – has been executed successfully. Three of the five buildings have already reached the finishing stages.
Each building, which occupies a 10,777sqft area, is fit for a wide range of industrial activities such as metalwork workshops, furniture assembly, carpentry in all its varieties, automotive services, commercial storage, glass manufacturing, packaging, export platforms, as well as commercial showrooms and other activities that find a suitable base in the “Investment Gateway - Bahrain” project.
Manara said it expects to complete the entire project by mid-December this year as opposed to February 2018.
“We are moving in the right direction in completing our projects, and “The Workshops @ Investment Gateway - Bahrain project” represents an addition to our experience in executing projects, which is accumulated expertise based on maintaining project delivery time frames while maintaining the highest quality and cost,” said Manara Developments managing director Dr Hasan Al Bastaki.
He noted that Manara is drawing a new line in the world of logistics in Bahrain, as it represents a significant support role in the success of investments, through the establishment of “Investment Gateway - Bahrain”, ownership rights in it, and its strategic location, and its close proximity to the main transportation and port networks in the kingdom, in addition to the services and advanced infrastructure.
“Our unique project “The Workshops” comes as an unprecedented addition to the overall main project, and offers investors a wide array of comprehensive solutions that has been long sought-after in the past,” he noted.
Manara is currently studying the feasibility of Phase Two of the project after being faced with a great demand for ownership of these properties by investors, he said.
BAS Development Company was the first to purchase one of the five buildings in the “The Workshops” project last August, even as a number of companies continue to express interest in ownership of the remaining buildings currently underway, said Dr Al Bastaki.
“The project delivers a wide array of positive economic impacts, as it will generate at least 5,000 jobs of a diverse nature, and will yield $1 billion to construct logistic units, and industrial and commercial showrooms and other establishments,” he said.
According to him, the first phase of the project managed to attract local and GCC capital investors, who invested in ownership of plots allocated to light industry as well as logistics activities with investments exceeding BD38 million ($100m).
The money was pumped in for land reclamation and the construction of infrastructure works, roads and lighting, electric cabling, and the set-up of main electrical stations and substations, in addition to a sewage network and waterways.
A first-of-its-kind project, The “Investment Gateway - Bahrain” is dedicated to light industrial activities and logistics in Bahrain and offers companies plots to own. Also the owner would have the freedom to purchase property and receive the title deeds immediately, contrary to temporary arrangements in most other industrial areas in Muharraq as the owner may utilise the land as seen best suitable for the business intended for.
The second phase of the “Investment Gateway - Bahrain” project, spanning over 2.1sqkm, is estimated to cost BD142m ($373m) for the landfill, site reclamation, as well as the development of the entire infrastructure of roads, electricity, water and sewage, in addition to a number of power stations and substations to equip the site with a total voltage of 66kV.