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Real Estate

Golden Gate ... comprising two towers with 45 and 53 storeys.

News in brief

01 February 2019

Golden Gate inks escrow account deal with KHCB

Golden Gate Developers, a joint venture between Bahrain-based Kooheji Golden Gate and Indian real estate groups Ajmera and Mayfair Housing, has signed a deal with Khaleeji Commercial Bank (KHCB) to offer escrow account services to investors in its premium Bahrain project.

With specially-designed architecture that celebrates two culturally rich countries in one place, the Golden Gate is poised to become the “jewel in the crown” at Bahrain Bay boasting key features including its sun-defying glazed windows and stylish, modern interior.

A first-of-its-kind real estate project in Bahrain, Golden Gate, which aims to become the tallest residential towers in the country, will consist of two towers with 45 and 53 storeys and a total of 746 apartments, as well as luxurious amenities and services, says the developer. These apartments are available at a starting price of BD45,000 ($118,669).

Through this agreement, Golden Gate Developers will open escrow accounts for investors to help regulate the relations and service agreements with property owners that meet the global advanced practices in real estate development, it says.

Kooheji Group chairman Ishaq Al Kooheji says: “We are proud to partner in offering escrow services to our investors, in line with the new law that aims to protect property owners’ rights and assist in minimising any associated risk in full compliance with the laws of Bahrain, CBB, the Real Estate Development Corporation and all regulatory authorities.

Dubai Industrial Park opens $27.2m community mall

Dubai Industrial Park (DI), one of the largest industrial hubs in Dubai and a member of Tecom Group, has officially opened its first retail offering, Sapphire Mall, which has been built at an investment of more than Dh100 million ($27.2 million).

A 215,000-sq-ft retail and dining facility, Sapphire Mall is the first project to be completed by Dubai Industrial Park in collaboration with Sapphire Investments. It aims to cater to residents in the destination’s growing community.

Saud Abu Al Shawareb, the managing director of Dubai Industrial Park, says: “The opening of the new mall not only serves our ambitious plans to position Dubai Industrial Park as a lucrative hub for business investment, but also reflects our commitment towards the community.”

“In working closely with Sapphire Investments to develop, implement and maintain our sustainable strategy, and keeping in mind community involvement through each stage of the project, we are confident that the new retail property will exceed expectations in meeting the growing demands of our end-users.”

The two-storey mall features Al Madina Hypermarket as the anchor store.

Manar Mall undergoes $100m expansion

Ras Al Khaimah-based real estate developer and investment company Al Hamra has announced the successful upgradation of its retail destination Manar Mall at an investment of $100 million.

Al Hamra says with this new development, the mall’s gross leasable area has increased from 27,000 sq m to 55,000 sq m, thus adding 80 new retail outlets.

A key highlight will be Manar Mall’s unique waterfront promenade, slated for completion this summer. The development will boast a cinema on water, a range of food trucks, light shows, paddle boats and a play area for kids.

Following the expansion, the tally of the shopping mall, which is located close to Ras Al Khaimah city centre, has risen to 120 outlets including 30 food and beverage (F&B) outlets.

Al Hamra Group CEO Benoy Kurien says: “We are committed to delivering the ultimate must-visit, must-return entertainment complex by attracting leading international brands and a diverse range of F&B outlets. Our vision has always been to be the largest and most visited mall in the Northern Emirates, further underscoring our position as the leading developer and investment company in the region.”

According to Kurien, Novo Cinemas will undertake a renovation programme this year, introducing the first IMAX theatre to Ras Al Khaimah.