MANAMA: Manara Developments Company, a Bahrain-based real estate company, has reported keen interest from prospective buyers and investors for the first phase of its ambitious “Investment Gateway – Bahrain” project which will come up on a 600,000-sq-m area.
This will be followed by Phase Two scheduled for delivery by 2018. The Bahraini developer revealed that so far it had received 70 building requests from the land owners for 34 suggested construction models, with an estimated $37 million in investment.
“Phase One of the “Investment Gateway – Bahrain” project is witnessing a huge boom, as many owners are starting to plan or build their investment projects in the pre-owned plots in order to begin their activities,” said Manara managing director Dr Hasan Al Bastaki.
Some owners, he stated, had actually begun construction work in various plots, based on the nature of each project.
“The company provides all necessary facilities and support to the owners and investors, aiming to create a modern integrated investment, commercial and light industrial area,” added Dr Al Bastaki.
According to him, the completion of the infrastructure in the first phase of the project will ensure that the entrepreneurs and the landowners start directly preparing the elements of the operation of their projects, in order to establish their exhibition showrooms, store offices, workshops and others.
“Of the works, the first phase of the project is witnessing today a major construction activity by the owners,” he noted.
Lauding the Bahrain government for its support, Dr Al Bastaki said since they are working at a steady pace to overcome all obstacles facing the investments, the work has become much smoother.
The start of work at the intersection on the main street leading directly to the Investment Gateway – Bahrain project, has helped boost investment for the project.
“This intersection facilitates movement from and to the project, prompting investors to speed up their construction and prompting other investors to move forward with the initiators,” he noted.
“In addition, the key investment activities in the kingdom will positively reflect on all projects that benefit from this movement one way or another,” he added. Dr Al Bastaki pointed out that these government initiatives come in full alignment with Bahrain 2030 vision.
Opening increasing chances for business and creating new job opportunities, they also help in accommodating changes in the logistical, storage and handling sectors and other operations for which the Investment Gateway - Bahrain was built.
Manara has already bought some plots in “Investment Gateway – Bahrain” Project to build its own project that match the nature of the industrial area under the name of “Workshops – Investment Gateway Bahrain”
The project comprise five three-storey buildings which will house showrooms, services, workshops and labour accommodation. Each building will act as a separate unit containing all its needs for the businesses within the range.
Manara has finished preparing the project’s site, completed construction of the buildings’ structure and now it is working on the finishing stage. There is a plan to complete a few buildings by the middle of the current year.
The Bahraini developer said the scope of work on phase one includes preparation and reclamation of the site, developing the infrastructure such as paving of the roads and pedestrian walkways, the erection of lampposts, and the installation of substations to power approximately 394 plots.
Of these plots, 41 are dedicated to offices and showrooms, 252 to warehousing, handling services, sales services and light industry and 101 plots set up to accommodate three-storey commercial buildings. In addition to this, the sewerage network has been developed as well as the water and irrigation system, it added.
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