Marassi Al Bahrain reflects Bahrain’s commitment to infrastructure development and its Vision 2030
UAE-based real estate development company Eagle Hills and its Bahraini partner Diyar Al Muharraq have officially inaugurated the $3-billion luxury waterfront development Marassi Al Bahrain and its sales centre off Muharraq in Bahrain.
The event took place at the site of the upcoming mixed-use megaproject in the presence of HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister of Bahrain.
Sixty per cent of the project is owned by Eagle Hills and the rest by Diyar Al Muharraq. The first residential launch of around 250 beachfront apartments within Marassi Residences was also held at the sales centre later on a first-come, first-served basis. Properties at Marassi Al Bahrain will be freehold and open to all nationalities.
A public stretch of sandy beach of 300 m is open alongside the sales centre, allowing the public to experience the vibrant waterfront lifestyle that will be offered by the development. In the future and upon completion, the beach will be 2 km long and accessible to general public.
Commenting on the launch, Mohammed Alabbar, board member of Eagle Hills, says: “The government of Bahrain has recognised the need to continually invest in infrastructure to develop the country in line with Vision 2030, and recognises the value of public private partnerships and international investment. It has laid out clear goals to diversify and sustain the economy to achieve its Vision 2030, highlighting the need for job creation and local as well as international investment.”
He adds: “A masterplanned real estate development such as Marassi Al Bahrain can provide this solid platform. It will create sustained revenue streams for investors and commercial partners, become a key tourism destination, create thousands of new jobs, and drive inward investments to the country.”
Meanwhile, Dr Maher Al Shaer, CEO of Diyar Al Muharraq and managing director of Marassi Al Bahrain, says: “Both the sales centre and the beach activities are designed to capture a small part of the unique beach lifestyle of the project.
“Judging by the interest we have received through our participation at various property shows in the region, we expect Marassi Residences and our future developments to attract a high level of demand both locally and internationally.”
Contractors on the waterfront development will be announced by the end of next month (March). Early development work on Marassi Residences – which will feature one-, two- and three-bedroom apartments – began recently as part of Phase One, with construction work to be completed by the Q3 2018.
Marassi Al Bahrain will be spread across a site area of 875,000 sq m on the eastern shores of the masterplanned community of Diyar Al Muharraq, forming a key luxury component of Bahrain’s largest private urban project.
Masterplanned by Aecom, the mixed-use development will on completion in five phases be home to 22,000 residents with a total of 3,500 residences and offer a total retail space of 250,000 sq m.
The first phase will include iconic landmarks such as a lifestyle shopping complex anchored by two luxury hotel brands The Address Hotels + Resorts and Vida Hotels and Resorts, seafront residential apartments, a canal waterfront promenade and a community mosque, with all related roads, utilities and other infrastructure.
The scope of works on Phase One involves 480 high-end residential apartments offering access to the beach, luxury hotels, a 178,000-sq-m shopping mall, and a 1-km-long beach open to the public.
The lifestyle shopping and entertainment destination – Marassi Galleria – is being designed by London-based Grimshaw Architect. It will attract the world’s leading brands – many for the first time in Bahrain – to offer a comprehensive mix of high street fashion and designer brands and boutiques, as well as provide an extensive range of entertainment and dining options with views overlooking the sea and lush green gardens.
Expected to be completed by 2019, the development will spread over a gross floor area of 178,000 sq m, with a leasable area of approximately 120,000 sq m. The shopping precinct will host five interconnected lifestyle urban districts, each with a theme tailored to a specific customer demographic: the Highstreet, the Family Plaza, a Waterfront Dining Promenade, an animated rooftop and The Luxury Courtyard.
Marassi Galleria’s world-class hospitality offerings includes the adjoining The Address Marassi Al Bahrain hotel which will feature 110 rooms, including 17 suites; and the 160-room Vida Marassi Al Bahrain hotel, which will be directly linked to the shopping complex.