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Monday, November 23 - 2009

60% of land parcels at Bahrain Bay sold

Bahrain Bay, the $2.5bn landmark waterfront community located in the heart of Manama, today announced that it has successfully sold 60% of its land parcels to international and regional developers and investors.

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The announcement was made at the annual global real estate exhibition, MIPIM, which is held in Cannes, France from 11 to 14 March, where Bahrain Bay's executive and marketing teams are attending the exhibition to market Bahrain's leading waterfront community development to prospective developers and investors.

This year's exhibition is expected to attract more than 26,000 real estate professionals from around the world to conduct business and discuss latest industry trends.

Last year's MIPIM saw more than 6,700 investors attending, more than 2,500 companies exhibiting and 83 countries represented.

Commenting on the news, Bob Vincent, Chief Executive, Bahrain Bay, said:

"Today's news confirms that international and regional developers and investors are committed to our vision of creating a new waterfront community for the rapidly developing north shore of Manama, the vibrant hub of Bahrain's business district. As the economy of Bahrain grows and diversifies a new community will be created that will offer a way of living and working designed for the 21st Century. Bahrain Bay will offer a distinct fusion between the calm of water and the vitality of an urban centre, the essence of Bahraini tradition. We aim to create a new standard in urban development not only in the region but also globally. We are currently in discussions with other prospective regional and international investors in Bahrain Bay and we are confident that the remaining land parcels will be allocated well within our schedule".


Bahrain Bay offers a range of high quality development opportunities for developers and investors to participate in creating residential, commercial and retail offerings around its anchor developments.

The new corporate HQ building for Arcapita, the leading international investment firm and the principal shareholder in the project forms one of the three anchors to the project.

In addition, Bahrain Bay is also anchored by the Kingdom's only Four Season's Hotel as well as CapitaLand's first GCC development, Raffles City Bahrain.

Bahrain Bay has also attracted investment from leading local and regional firms such as Al Baraka Group, the Bahrain based global Islamic bank, as well as Salhia Real Estate Company, the leading Kuwaiti property developer.

In addition, Guidance Financial Group, the international Shariah compliant financial services group, has recently committed to developing a Shariah based boutique hotel within Bahrain Bay.
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About Bahrain Bay Development B.S.C.(c)
Bahrain Bay is a new metropolis coming to life. A vibrant destination in the heart of Manama, Bahrain, this distinct community is a fusion between the calm of water and the vitality of an urban centre, the essence of Bahraini tradition. Positioned off the north-eastern shore of Manama, Bahrain Bay is a landmark $2.5bn waterfront development designed around vibrant neighbourhoods of residential, commercial and retail spaces, all based upon the unique concept of an island connected by two bridges forming an inner harbour. Contemporary in design and modern in its sensibility, Bahrain Bay brings a new energy to Bahrain, uniquely combining its diverse components and contrasting elements into an authentic and welcoming destination.

The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new HQ building for Arcapita, the leading international investment firm and lead investor in the project. Final completion for the entire project is expected in the next 5 - 7 years.

Bahrain Bay is committed to establishing and maintaining a new standard of urban centre. With an emphasis on social fabric and sense of place, Bahrain Bay will be created as a complete community filled with residents, businesses and visitors from all over the world. Bahrain Bay offers a range of high quality development opportunities for developers to participate in creating residential, commercial and retail offerings around the anchor developments. In addition to the anchor developments, Bahrain Bay has attracted a $150m investment from an Indian based JV between the Ajmera Group and Mayfair Housing to acquire land and develop one of the tallest residential buildings within the project, and a number of other sites are under offer.
Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the masterplan for Bahrain Bay has been designed to create a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which, together as Bahrain Bay, will serve as symbol of Bahrain's promising future.

For further information, please contact:

Gene` Redelinghuys
Bahrain Bay Development B.S.C.(c)
Tel: + 973 17505555

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