A $3 billion mixed-use mega project on the Diyar Al Muharraq master-planned island city is expected to have its first residents within two years, it was announced yesterday.
Marassi Al Bahrain, the 864,000sqm luxury development which will feature beachfront apartments, hotels, shops and a two kilometre-long public beach was officially inaugurated yesterday by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.
“Upon completion, Marassi Al Bahrain will be home to 22,000 residents with a total of 3,500 residences and 250,000sqm of retail, which is estimated to create more than 1,200 jobs,” Eagle Hills Diyar managing director Dr Maher Al Shaer told a Press conference after the opening of the sales centre at the site.
The project is being developed by Eagle Hills Diyar, a 60:40 joint venture between UAE-based private real estate investment and development company, Eagle Hills, and Bahraini firm Diyar Al Muharraq.
The development’s first phase, projected to cost $1.2bn, includes 480 seafront apartments, Marassi Galleria – a 190,000sqm shopping complex and luxury hotels from The Address Hotels and Resorts and Vida Hotels and Resorts groups, said Dr Al Shaer.
Four further phases of construction are also planned. Mohammed Alabbar, a board member of Eagle Hills, said successful sales were expected despite the global economic headwinds, as the development offered exceptional value across all aspects. “The strong interest received this year, not only from the region but also from global investors, indicates the project is one of the key residential property launches,” he added.
“The government of Bahrain has recognised the need to continually invest in infrastructure to develop the country in line with Vision 2030 and recognises the value of public-private partnerships and international investment.
“A master-planned real estate development such as Marassi Al Bahrain can provide this solid platform. It will create sustained revenue streams for investors and commercial partners, become a key tourism destination, create thousands of new jobs and drive inward investments to the country,” added Mr Alabbar, who is the visionary behind iconic mega projects such as Downtown Dubai, the 500-acre flagship development crowned by Burj Khalifa, the world’s tallest building.
He said Eagle Hills had taken a holistic approach by ensuring that all Marassi Al Bahrain’s components complemented each other, bringing “exceptional value for its residents to work, live and play”. “Integrating the beach as a landmark, to be enjoyed all year round, will transform lifestyles in Bahrain and meet a growing demand for waterfront living.”
Early development work on Marassi Residences has begun, piling is set to begin in April and construction work is expected to be completed by the third quarter of 2018. The first residential launch of around 250 beachfront apartments within Marassi Residences will be held at the sales centre’s premises at 10am on Saturday on a first-come, first-served basis.
Mr Alabbar said to give investors and home buyers a taste of the kind of lifestyle that Marassi Al Bahrain would offer, the sales centre is located directly on a 300m beach, hosting food trucks and activities like handicrafts, workshops, fitness classes and roaming performances. It will be open to the public from the end of the month.
“Both the sales centre and the beach activities are designed to capture a small part of the unique beach lifestyle of the project. We want customers and visitors to enjoy the facilities as they become part of its journey towards completion,” said Dr Al Shaer.
By Avinash Saxena
