MANAMA: With a tentative timeframe of completion by 2020, Amlak-the developers of the Bahrain Marina Development Project replacing the existing Marina Club, unveiled the initial details of the mixed used project. Amlak is the real estate investment arm and wholly-owned subsidiary of the Social Insurance Organisation (SIO).
The mega realty project will have state-of-the-art residential, entertainment, leisure and marina facilities in the heart of Manama. However, the cost of the project and the probable means of funding were not yet available.
“The project will be backed by the SIO and Amlak will not mind if any private sector entity to join as we are still working on the financial details of the project,” Mohammed Al Kooheiji, Director of Investment and Strategic Planning at Amlak told a maiden press conference on the project.
Mohammed, who was joined by other Amlak members, Abdul Murtada Abdulla, Director of Finance and Accounting, and Waheed Janahi, Director Projects and Facility, said the project would also see yet another 5-star property opening its door for business in Bahrain.
Earlier, Amlak announced the launch project with a tentative construction work commencing by the third quarter of next year.
Adopting modern urban design, the new project will span nearly 150,000sqm covering the existing area of the current Marina Club. “This stunning development matches our aspiration to convert the existing Marina Club into a world-class facility project and a national landmark,” Amlak team said.
Set for five-star status, the Bahrain Marina is integrated with landscaped gardens and an abundance of water features.
The planned development stretches along a pristine coastline and is positioned as the kingdom’s prime lifestyle and leisure destination. Aiming for completion by 2020, the mixed-use project will include a five-star luxury hotel and serviced apartments along with freehold apartments and waterfront villas, shopping mall, fully-integrated family entertainment and educational centre and a recreational waterfront space with dining and retail spaces.
The yacht club will cover an impressive area with the capacity of berthing more than 300 boats of different sizes.
“Amlak’s mandate is to drive investment strategies for SIO. The team behind Amlak comes from a wealth of experience,” the company said.
“Bahrain Marina is the first project announced since the inception of Amlak and the company is extremely confident of the return on this project,” the company added.