BizBahrain Magazine Nov-Dec 2017

CBRE | Real Estate Analysis
Hotel in United Tower - a 262 key five
star hotel facility with Six Senses Spa
and 26,000 square meters of prime office
space which is at soft opening stage
and expected to welcome guests before
the end of the year. High profile tenants
will occupy this iconic twister shaped
tower by Cooperation Investment House,
including Aecom, Deloitte & Touche
and McLaren. The property will be
managed by CBRE where the local office
headquarters are also located.
The Avenues shopping mall with
38,000 square metres GLA, phase 1,
which opened to the public in late
October runs adjacent to Bahrain Bay
on the Manama corniche, and offers
water front food and beverage as well as
a street scape shopping experience that
differentiates the mall from the existing
operations in the Kingdom also provides
outdoor public waterfront facilities,
which have upgraded the corniche
area running the stretch up to Bahrain
Financial Harbour.
Although Bahrain Bay has faced
challenges in gaining and maintaining
momentum in terms of development by
sub developers through an uncertain
economic climate since its launch, with
the latest progress, this is beginning
to turn around. Bin Faqeeh Real
Estate are currently constructing a
luxury residential project with ground
floor retail - three distinct 10-storey
residences with approximately 600
luxury apartments - Water Bay.
AXA Insurance are also currently
constructing their headquarters. Both
are currently slated for completion in
Q1 2019.
Bahrain Bay as a master developer
are keen to draw visitors as well as
primary users to the project and are
creating a buzz, hosting key events,
such as: Bahrain Sea Festival, which
ran from 26th October to 4th November
and reportedly attracted over 20,000
visitors, global sporting event, Iron
Man on 25th November and the Light
Festival which will run from November
23rd for 10 days. Bahrain Bay will host
Bahrain National Day for the northern
governorate, will be the next Spring of
Culture hub and following the success
of the January 2016 Food Festival this
will be repeated on the Promenade,
which is part of Shop Bahrain Festival.
Bahrain Bay provides a great setting
in the heart of the city with ocean
backdrops. This area is home to Bahrain
rowing club and a new sporting center
providing a variety of watersport
activities, with over 60 members to date,
along with the first water taxi in the
Kingdom is also up and running within
the bay.
In latest news, Bahrain Bay is poised
to announce further development of
public realm areas, following the relative
success of the Promenade, particularly
for events and the new sections will
cover an area of approximately 20,000
square metres. Set to offer a unique
proposition in the Bahrain retail and
food and beverage market with an
inclusive, modern landscaped area,
offering parks and play areas open to
the public. Named The Park and The
Wharf, the latter on the central canal
front, will offer waterfront areas for
dining and pedestrian walkways, which
will appeal to a wide demographic
range - set for completion Q3 2018.
Bahrain’s commitment to providing
top specification infrastructure and
landscaping reflects their ethos in terms
of creating a sustainable development
that serves the community for the future
as well as attracting foreign investment.
A welcome participant in Bahrain’s
growing art scene, the landscaping of
the development has also included the
adoption of artwork on the public facility
buildings, including substations - the
first initiative of its kind in Bahrain.
El Seed Cali graffiti artwork is visible
from the main throughway and is
now also lit up at night time. Also,
Bahrain artist, Fuad Al Binfalah has
been commissioned and displayed four
impressive stone sculptures in The
Promenade proximity, which are add
interest and are a demonstration to the
effective place making that Bahrain Bay
is managing to gradually achieve.
The Promenade which has been
the location for the food and shopping
festival, has now opened up again for
the winter, with kiosks (Wafflemeister
and Naseef) offering snacks and food for
the office workers on site and visitors.
Three more key developers are
expected to break ground in the near
future, all with residential assets adding
to Bahrain’s apartment market stock and
bringing both local and international
investment to the capital in the mid
to upscale segments. The master plan
looks set to continue this trend as
the increased use and traffic to the
site, provide further opportunities for
investment.
Heather Longden
Associate Director -
CBRE Bahrain
November-December 2017
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