A WELL-KNOWN real estate investment company says it is on track to complete all projects under its wings by next year following recovery from setbacks to the sector stemming from the Covid-19 pandemic. Bin Faqeeh Real Estate Investment Company chairman Faisal Faqeeh made an assurance to handover the three ongoing projects by next year, adding that the prestigious Waterbay Residence Furnished by Roberto Cavalli project in Bahrain Bay, for example, was in the ‘final touches’ stage.
The project, which costs more than BD30 million, is expected to be the first completed before the end of this year. Waterbay Residence Furnished by Roberto Cavalli project consists of 10 residential floors with 264 residential units including 85 studio apartments, 123 bedrooms and 55 two-bedroom sky villa specially designed with stunning interiors furnished by the late world-renowned designer’s team with inspiration drawn from modern European architecture, in addition to 10 shops. Its strategic location allows easy access to the capital with exceptional views of the sea, in addition to a wide range of recreational facilities such as a swimming pool, a gym, a cinema and a children’s playroom. It also includes a rest area, in addition to security services, surveillance cameras, reception, guidance, parking lots and water taxis.
Mr. Faqeeh said sale rates have reached more than 60 per cent on the project. “We have an innovative project on our hands and when we brought in Roberto Cavalli, we chose the most suitable and luxurious brand,” he said. “The studio apartment in this project costs $160,000 and it is ready for delivery as we are completing the final touches by year’s end. “Our company is not here to just sell any real estate property, we want people to get something that is unique, and that’s what we will have achieved with this project.”
Mr. Faqeeh said the project remains a first-of-its-kind initiative in Bahrain as Bin Faqeeh was the first developer in the kingdom to attract an international fashion house to the local real estate sector.
“Waterbay Residence Designed by Roberto Cavalli is another key landmark project developed by Bin Faqeeh in the heart of the Capital Manama. It offers exclusive and elegant ambiance created by Cavalli, by merging fashion in everyday living.”
“The Covid-19 pandemic caused huge damage to the real estate investment sector,” said Mr. Faqeeh.
“As tough as it was, we managed to put things back on track, despite the challenges,” he added.
“We would like to thank the government, the Real Estate Regulatory Authority (RERA) and our stakeholders for their backup, support and trust enabling us to continue working strong.”
Bin Faqeeh was established in 2008.“Bin Faqeeh has shown over the past 16 years that it is a pioneering establishment with several projects across the country,” said Mr. Faqeeh. “Our projects continue to impact the real estate investment market and have significantly brought in huge interest to what Bahrain offers as a destination.” Mr. Faqeeh revealed that the company would also be venturing into and investing in artificial intelligence (AI) as the sector looks at ways to take advantage of technological advances.
“We are pioneers and continue to look to the future”, he added.
