Written by Nayla Barakat
Manama, Nov. 25 (BNA): Finished projects in Marassi Al Bahrain costing about $1 billion and others under construction worth $150 million were displayed at the Bahrain Cityscape exhibition at Bahrain World in Sakhir.
Bahraini real estate developer Maher Al Shaer, Managing Director and Vice Chairman of Bareeq Al Ritaj Company, said that the completed Marassi Al Bahrain projects, including the mall, cost about $1 billion.
“There are other $150 million projects under construction – Marassi Vista, Marassi Park and Marassi Terraces. I can say we are doing very well in the sales of all of these projects,” he said.
Al Shaer, who is kicking off the show this year, said they have successfully completed construction of one of their major projects – Marassi Al Bahrain Mall – and it is set to open in September.
“One of the largest malls has been completed with all the elements around it. The Address Hotel, a unique waterfront project, was inaugurated last week and is open to the public. This hotel is set to become the biggest attraction besides a mall and will greatly support the tourism industry.”
He added that Cityscape Bahrain 2022 adds a new dimension to the real estate sector in Bahrain, and the presence of this exhibition is the beginning of a step to new horizons for real estate and business development.
He said, “The development of the real estate sector has slowed down at the time of the global COVID-19 pandemic. But now, we can see that this sector is improving a lot compared to last year, starting with the progress of construction and sales.” .
“We are achieving our goals and all the projects we have are progressing well. Residential projects and villas are popular compared to an apartment because there are restrictions. In general, we are pleased with the progress in the real estate sector.”
He said that Cityscape 2022 attracts a lot of exposure to the Bahrain market, which will add value after the exhibition with good sales.
“Bahrain is a sustainable market with the right project and value.”