Reef Venture Holding Company launches $200m Difaaf Residential Development

Valued at $200m, the Difaaf Development comprises a luxury water-front residential project consisting of two towers, and covering a 16,000 sq. m plot of land; strategically located in the heart of Bahrain's financial hub and capital city of Manama.

"Difaaf is a high-end residential community offering an exclusive lifestyle for those seeking the luxurious ambiance of a modern Bahrain, while remaining within close proximity of the Kingdom's business centre. We believe that Difaaf's unique architectural design coupled with its prime location, will make Difaaf a distinguished project. We have already seen very strong demand from our investors to acquire units in the project," said Mr. Khalid Abdulkarim, Chairman Reef Venture Holding Company and Chief Investment Officer-Real Estate of Venture Capital Bank.

"Furthermore, the Reef Development itself will feature numerous retail and recreational facilities which will enhance the overall living experience—including a shopping mall, fine-dining restaurants, a five-star hotel, a relaxing health spa, a private beach and private lagoon for beach-lovers and water sports enthusiasts, and, a private marina and yacht club for boat owners", Mr. Abdulkarim added.

Mr. Abdulkarim concluded by stating that, "Reef Venture Holding is a limited liability company established by Venture Capital Bank to undertake the development of the Difaaf Project on behalf of Venture Capital Bank and its investors
"Difaaf is comprised of two towers, 20 and 25 floors, housing luxury 1, 2 and 3 bedroom apartments, plus limited superb penthouses, featuring unique architecture and design, and state-of-the-art amenities; include the security and exclusivity of being a private gated community, swimming pools, tennis court, supermarket, children's playgrounds, and shaded parking.

All of our apartments will offer residents both calming and serene sea-views of the Arabian Gulf in addition to the breathtaking views of Manama city. Difaaf will truly redefine contemporary luxury living at its best, said Mr. Saleh Bagaeen / Director Reef Venture Holding Co.

Mr. Bagaeen added that, "breaking of ground has commenced on site and the Piling works are well in progress. Estimated completion of the development is projected for the end of 2010.