Gulf Construction Online

Real Estate

News in brief

01 August 2015

Arcapita acquires Phase One of Saadiyat apartments

Bahrain-based global investment manager Arcapita has acquired the first phase of Saadiyat Beach Residences, a premium residential apartment complex located in Abu Dhabi, from Mubadala Development Company.

The residential complex is composed of three low-rise buildings within a gated community and is under a three-year master lease to the Abu Dhabi Tourism Development and Investment Company (TDIC).

Developed by TDIC in 2013 to high-quality standards, the property comprises 285 one- to three-bedroom apartments and is designed to foster a close-knit community in addition to providing high-end facilities and amenities.

According to Martin Tan, Arcapita’s chief investment officer, Abu Dhabi provides real estate investors with exposure to the GCC region, while offering steady and stable growth prospects.

“We believe that our investment in Saadiyat offers a unique access to the residential real estate sector in Abu Dhabi, which is driven by significant government-led development projects and a growing population coupled with limited high-quality residential supply.”

He adds: “We are acquiring a high-end residential complex which provides residents with a luxury home experience and a strategic location close to Abu Dhabi’s central business district.”

Commenting on the move, CEO Atif Abdulmalik says: “We are pursuing investments in sectors where Arcapita’s management team has built a significant track record and capabilities, such as residential real estate. We are pleased to announce our first investment in Abu Dhabi, one of the most established economies in the Middle East.

“We are actively developing our global deal pipeline and expect to complete additional investments during 2015.”

Saadiyat is a 27-sq-km multi-faceted island destination featuring a wide range of luxurious hotels and resorts, a beach club, a world-class golf course and a variety of leisure and retail offerings, while also providing world-renowned educational opportunities.

Saudi Arabia to get first edutainment theme park

Saudi Arabia is set to get its first-of-its-kind edutainment theme park after Saudi-based property development company Abdul Rahman Saad Al Rashid and Sons signed a deal with Lebanese group Kidz Holding.

The park is being developed in the capital Riyadh with the help of KidzMondo cities group, a leading children’s indoor theme park developer.

The property, due to open in the first quarter of 2017, will also serve as a launch pad for Abdul Rahman Saad Al Rashid and Sons, as it plans to implement a total of seven projects in phases spread over the next decade. The projects will be looking at an investment worth of SR500 million ($133.2 million), spanning over 10 years, say company officials.

Suleiman bin Abdul Rahman Al Rashid, CEO of Abdul Rahman Saad Al Rashid and Sons, comments: “KidzMondo City is a miniature city dedicated to children aged between two and 14 years. These cities combine play time with learning, and help the children acquire knowledge about a great number of professions, occupations, and trades.”

The activities are beneficial for developing the knowledge and mindset of children and for cultivating a sense of responsibility stated Ali Kazma, chairman of Kidz Holding

He adds: “We also expect to achieve great success through the signing of this agreement and entry into the largest market of the Arab world. This step supports our plan for further deployment in various countries of the world – most particularly the Arab countries in the Gulf.”

KidzMondo Saudi Arabia is expected to cooperate with more than 60 brands that will sponsor various activities in the miniature city. KidzMondo theme parks, which are present in several countries including Lebanon, Turkey, and the UAE, are gaining growing demand around the world as they offer the opportunity for young people to have unique experiences through the combination of entertainment and education.

Yasmeenat Saar sold off-plan

More than 85 per cent of villas in the BD6-million ($15.8 million) Yasmeenat Saar project have been sold off-plan, says its Bahrain-based real estate and infrastructure developer Naseej.

The project is a 27-villa residential development opposite the newly-opened Saar Mall, off the Shaikh Khalifa bin Salman Highway.

Naseej chairman Khalid Abdulla Janahi comments: “The homes are being built to the highest construction standards and offer layout plans that suit today’s living preferences targeting the medium to high-end income brackets.”

Properties include three-, four- and five-bedroom villas ranging in price from BD199,000 to BD320,000 ($527,000 to $848,700).

Naseej general manager Ahmed Al Hammadi says construction at Yasmeenat Saar was well under way with site excavation and enabling works progressing rapidly. Foundation and block work are due to commence soon. The project is expected to be completed by the year-end.

Dar Al Khaleej Contracting Company is the main building contractor under a BD3.1-million ($8.2 million) contract and Mohammed Salahuddin Consulting Engineering Bureau (MSCEB) is the design and supervision consultant. The overall area of the project is 17,000 sq m, with individual plot sizes starting from 300 sq m and built-up areas ranging from 350 to 480 sq m.

According to property consulting firm CBRE, Bahrain is expected to see greater demand for residential real estate space.