ADIH's Sunset Hills villas sold to single investor

Bahrain-based real estate company Bluewater Investment Company, has acquired all 41 villas that are part of Sunset Hills 300 real estate units, for a value of $25m.

The signing ceremony, which was held at ADIH's Manama headquarters last week, was attended by Sunset Hills Chairman, Mohammed bin Daij Al Khalifa, senior ADIH executives, and the CEO of Bluewater Investment Company, Shaker Hubail.
Sunset Hills, a $100m project, is scheduled for completion in 2009. The development occupies a land size of 200,000 square meters in Bahrain's landmark Al Areen Development, situated in the resort's southern gateway.

When it is completed, Sunset Hills will house 300 real estate units, including villas, town houses and luxury apartments. Multipurpose buildings and a club are also planned for the development.

Enabling works and site leveling have already been completed, paving the way for infrastructure work to be started next week.
With a prime location at the heart of Bahrain's new world-class recreational district, Sunset Hills residents will benefit from the facilities and attractions around the project, including Banyan Tree Resort, the Delmon water park, the Bahrain International Circuit, as well as pipeline shopping and entertainment facilities.

At the signing ceremony, Mohammed bin Daij Al Khalifa said, "This significant transaction is a result of a strong partnership between Sunset Hills and Bluewater Investment Company. With 100% of our deluxe villas now under the ownership of Bluewater, we are looking forward to forming new partnerships with investors who are seeking an up-market, leisurely lifestyle as that promised by Sunset Hills."

Mr. Hubail said, "Bluewater's mission to acquire attractive properties has come to fruition with our purchase of Sunset Hills' villas. The environment offered by the development is a unique one, and this deal will significantly enrich our real estate portfolio."