Manama: Bahrain Development Bank (BDB) and Mohammed Salahuddin Consulting Engineering Bureau (MSCEB) have signed an agreement paving the way for a revitalization of Sitra Mall with the help of Edamah.
The agreement was signed by Sanjeev Paul BDB, Group CEO, with Thamer Salahuddin, Managing Director, MSCEB.
During the signing ceremony, present were Edamah CEO, Amin Alarrrayed and Edamah Property Management Company (EPMC) General Manager, Waleed Ali.
As per the agreement, Bahrain-based MSCEB will oversee the design of the new facility and all required maintenance works over three phases, the first and second of which are valued at approximately BD3 million.
EPMC said that all required maintenance and renovation work at the mall and its surrounding vicinity are progressing according to plan. The agreement aims to boost the mall’s commercial activity, improving shopping and entertainment options for residents of Sitra and surrounding areas. The project, in line with Edamah’s strategy to widen its management and real estate development activities, is an important Public Private Partnership that will contribute to the national economy and help Bahrain meet its Economic Vision 2030 objectives.
EPMC was appointed to manage and operate Sitra Mall as per an agreement with BDB. After conducting research into the project, EPMC outlined a comprehensive strategy to activate the mall and improve its revenues. It advanced these plans considerably during a short period, despite closures and social distancing measures in place throughout the Kingdom to combat the novel coronavirus (COVID-19).
“This agreement is a pivotal step in our plans to transform Sitra Mall into a prominent commercial and entertainment destination, primarily serving Sitra and nearby areas. We are happy to partner with Edamah, which has a strong track record as manager of the government’s property portfolio, and are confident that its expertise will add real value to the mall and the economy,” Sanjeev Paul, BDB Group CEO, said.
“We are pleased to have been given custodianship of this important facility through our subsidiary EPMC – a clear signal of BDB’s trust in our capabilities. This agreement will boost the profitability of the government of Bahrain’s property portfolio, contributing to the Kingdom’s wealth. Major projects such as these require time and resources to ensure completion in accordance with international benchmarks and the Kingdom’s own governance frameworks. We remain dedicated to turning Sitra Mall into a first-rate leisure and shopping destination in partnership with MSCEB, one of the region’s most respected architectural firms, which boasts a track record spanning more than half a century,” Amin Alarrayed, Bahrain Real Estate Investment Company (Edamah) CEO, said.
“Sitra Mall is undoubtedly a valuable real estate asset which needs revamping to achieve its potential. We are proud to play a key role in this major project, which will offer Sitra and its surrounding areas a prestigious destination that is attractive to both investors and shoppers,” Thamer Salahuddin, MSCEB Managing Director, said.
EPMC completed a development plan for the mall, which included a detailed evaluation of occupied and available unit space, an assessment of current outlet types, a study of how to attract new tenants in line with the market and community needs, and a projection of revenues and occupancy rates. The plan also estimates the maintenance and renovation costs of raising the mall to a standard that meets public demand.
Sitra Bridge and its associated walkway, which are adjacent to the mall, are also undergoing renovations, including improvements to the lighting. This will make it easier for residents to access the mall, a vital step towards strengthening its commercial activity.
