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The Raffles City Bahrain, an integrated development, is the first internationally branded real estate project in the Kingdom, and joins the ranks of other Raffles City projects in Singapore, Shanghai, Beijing, Chengdu and Hangzhou. Its developer, CapitaLand, also manages the Shari'ah-compliant equity sukuk fund which owns Raffles City Bahrain.
CapitaLand, one of Asia's largest property developers, has chosen to enter the GCC region as a strategic initiative to balance its investments in the fastest growing economies in Asia, and Raffles City Bahrain is its first integrated development project in the GCC region. Mr. Wong's speech, on the topic of Value Creation in Middle East Real Estate Markets, followed the announcement of the launch of public sales of the residential units in the Raffles City Bahrain integrated waterfront development on October 6th at the Cityscape exhibition.
Mr. Wong commented:
'We were attracted to Bahrain due to its reputation as the centre of finance in the GCC, its pro-investment policies, economic stability, and increasing tourism appeal, especially to GCC visitors. According to statistics from the World Travel and Tourism Council, demand from the travel and tourism sector is forecast to grow from around 7.6% of GDP to 8.6% of GDP, and the sector is expected to grow at 7% per annum until 2015.'
Raffles City Bahrain, an integrated development is located within the prime real estate area of Bahrain Bay, and comprises three residential towers, landscaped sky villas, high-end retail outlets and food and beverage facilities, as well as five-star serviced residences. The architectural concept was conceived by the renowned international architect, Rafael Viñoly, and is inspired by the intrinsic geometry of the bay and the sea. The residential components will be named in due course.
Mr. Wong continued: 'CapitaLand, through its Raffles City integrated development in Bahrain, is actively encouraging cross-border investment flows, both as a developer and also by offering more freehold property choice for both GCC and international investors who wish to purchase property in Bahrain. Raffles City Bahrain has attracted strong investor interest, with 80% of one residential tower being booked within weeks of the private launch earlier this year. We have also launched the retail sales of the residential units of this prestigious project at the Cityscape Dubai exhibition, with the release of more units to the public. We are offering a luxurious, waterfront lifestyle in a prime Bahrain location, so I think this success is ample evidence that prices of premium homes in unique surroundings are holding up well in Bahrain.'
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Posted by Ehab Al-Abbadi
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