The Seavilla project, the first residential offering at Dilmunia at Bahrain, a mixed-use development built on a man-made island off the coast of Muharraq, consists of 32 villas, each with its own sea frontage. The project, which is being built on a total area of approximately 20,000 square meters with a 500 meters shoreline, will take 18 months to construct.
“Seavilla was announced on 11 June 2013, and all available units were sold out by 15 June, less than three working days later,” Ithmaar Development Company (IDC) Chief Executive and Member of the Board, Mohammed Khalil Alsayed, said.
“This dramatic success is clear, irrefutable testimony to growing investor confidence both in Bahrain’s economy and, more specifically, in the Kingdom’s real estate industry. It is also a clear reflection of the market’s confidence in our ability to deliver innovative, high-quality solutions in time and on budget,” he added.
Alsayed’s announcement follows only days after the Central Bank of Bahrain, pointed to a rebound in profits across all sectors of the banking industry in the first quarter of 2013 as a reflection of the recovery of the Kingdom’s banking sector.
“The dramatic success of Seavilla could not have come at a better time for us in Bahrain,” said Alsayed. “It is something we can all be justifiably proud of, and sets the stage for bigger, better things,” he said.
The Seavilla launch on 11 June followed a ground breaking ceremony that was held under the patronage of Deputy Prime Minister, His Excellency Shaikh Khalid bin Abdulla Al Khalifa in April this year to mark the start of the first phase of infrastructure works on “Dilmunia at Bahrain”.
Dilmunia at Bahrain, with its unique focus on Health and Wellness, will include residences, hotels, leisure and shopping districts, and provide residents and visitors with wellness facilities and spas in a state-of-the-art resort-type environment.
Earlier IDC announced it had awarded the infrastructure package, valued at $22.5 million, to Cebarco Bahrain after completing a comprehensive tendering process. The package, relating to the first phase of the ambitious 125 hectare island’s highways and roads, a distributor bridge crossing on top of Dilmunia’s Grand Canal, landscaping, its power, water, sewerage, drainage, and telecommunications networks, will take 24 months to be completed enabling the completion of various sub-developments within a similar timeframe. As a result, end-users can be handed the keys to their units by mid-2015.
Dilmunia at Bahrain aims to tap into the fast-growing health and wellness industry, which, as reported by Deloitte Centre for Health Solutions, is estimated to have exceeded US$100 billion globally by the end of 2012. In addition to this, Dilmunia’s location in close proximity to the Bahrain International Airport, and its easy access to Saudi Arabia via the King Fahad Causeway, gives it further appeal to international investors.