Bahraini real estate developer Naseej has announced the signing of an agreement with Ithmaar Development Company (IDC) kickstarting a project valued at BD24 million ($63.61 million).
Naseej is acquiring a 13,068-sq-m plot of land in Dilmunia at Bahrain Island to develop a mixed-use project called Canal View at Dilmunia. The agreement was signed by IDC chief executive Mohammed Khalil Alsayed and Naseej general manager Ahmed Al Hammadi.
Al Hammadi said Canal View at Dilmunia will be the first real estate project to be developed by Naseej at Muharraq in Bahrain.
“We are currently finalising the project design and expect it to have several multi-storey towers comprising residential apartments, restaurants, cafes and lifestyle commercial outlets to be developed around the Dilmunia canal,” Al Hammadi said.
The residential apartments within Canal View are intended to be available for sale on a freehold basis.
Spread over 125 hectares, Dilmunia is a man-made island off the east coast of Muharraq. It is being developed by IDC, a subsidiary of Bahrain-based Islamic retail bank Ithmaar Bank.
With a unique health and wellness anchor, Dilmunia will include residences, hotels, leisure and shopping districts, and provide residents and visitors with wellness facilities and spas in a resort-type environment, said IDC.