MANAMA, Bahrain – Bahrain has taken a giant step towards becoming a world-class health tourism destination, with Dilmunia at Bahrain, the developer’s top official has said.
“This milestone has significant and far-reaching implications for Bahrain,” Ithmaar Development Company (IDC) chief executive and board member Mohammed Khalil Alsayed told the GDN on the sidelines of the groundbreaking ceremony of the project.
“It will, for example, help create potentially thousands of new jobs both directly and indirectly, bolstering the kingdom’s key construction, real estate and tourism industries.
“This, in turn, helps attract millions of dollars in investment and contributes to further boosting the national economy,” he said.
“The project has been delayed by around one year due to the unrest and a challenging economic environment.
“However, with the continuous support of the government, the project is now taking a major step forward and is fast transforming from a bold, ambitious vision into a tangible reality,” he added.
The chief executive said the first residential development in Dilmunia would come up off the north-western edge of the island.
“To be launched as [էլեկտրոնային փոստով պաշտպանված], this will be a luxury sea-front development of 34 villas in a secluded part of this island.
“As this is the first residential retail product being offered, the promoters have determined to price it most competitively.
“We would like to expeditiously forge ahead with the works, and progress to the next phase of the development.
“We expect that end-users will get the keys to their units by mid-2015,” he said.
“In the current economic context, while master-planning the island, we considered the new market dynamics in a changed economic environment and have introduced smaller plot sizes in some parts of the island in order to offer these for retail sale,” he added.
“This is one of the approaches we adopted to attract greater interest at the retail level, in addition to the developers’ target market we have, for large plots of land.
He expressed hope that the development would positively impact market sentiments and generate further interest amongst investors and buyers.
“There is already an improvement in real estate market activity in Bahrain over the last few months.
“This return of market confidence is despite the events of the last two years,” he said.
“Seen with the January 2013 revision by Standard and Poor’s of Bahrain’s sovereign rating outlook to stable from negative, and reaffirmation of its credit rating, this is indeed a testament to how, we as a nation are addressing our political and economic issues in a mature way,” Mr Alsayed added.