{"id":1506,"date":"2016-01-15T00:56:00","date_gmt":"2016-01-14T17:56:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=1506"},"modified":"2016-01-14T22:16:17","modified_gmt":"2016-01-14T15:16:17","slug":"eagle-hills-project-expected-to-boost-bahrain-gdp-by-4","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eagle-hills-project-expected-to-boost-bahrain-gdp-by-4\/","title":{"rendered":"Eagle Hills project expected to boost Bahrain GDP by 4%"},"content":{"rendered":"<p>&#013;<br \/>\n&#013;<br \/>\nThe Abu Dhabi-based developer Eagle Hills has said its Marassi Al Bahrain project will involve an investment of $3 billion \u2013 and could provide a boost of as much as 4 per cent to Bahrain\u2019s GDP.The company also said that it intends by March to appoint contractors to build the first phase of the project, which will contain a 178,000 square metres mall linked to two hotels and up to 500 serviced and private apartments, with piling work starting in April.&#013;<br \/>\nThe project will contain 1.29 million sq metres of built-up space on an 875,000 sq metres site on the eastern shore of Diyar Al Muharraq \u2013 a 12.2 million sq metres reclaimed island close to Bahrain International Airport. Marassi Al Bahrain is a joint venture between Eagle Hills (which has a 60 per cent stake) and Diyar Al Muharraq (40 per cent) \u2013 a vehicle owned by KFH Bahrain bank and several other Bahraini investors. &#013;<br \/>\nThe project\u2019s phase one is to contain the Marassi Galleria mall and six directly-linked towers. Two of these are to house private apartments, two are to contain a 110-room Address Hotel and 130 serviced Address Residences, and two are to house a 159-room Vida hotel and 143 serviced residences. The private apartments are expected to be completed within two years, the hotels and serviced apartments within two- and-a-half years and the mall within three years.&#013;<br \/>\nFuture phases are set to include a cruise liner terminal, a traditional souq and an 80,000 sq metres business and technology centre. Once it is fully built out, Marassi Al Bahrain is to have 5,600 homes and an estimated population of 20,000.When asked about the project\u2019s economic impact, the Eagle Hills board member Mohamed Alabbar said that based on past experience, mixed use sites of up to 1 million sq metres typically add 2 per cent to a city\u2019s GDP.&#013;<br \/>\n\u201cIf you mix this right \u2013 with entertainment, residential, tourism and hospitality and shopping, you should look at 2-2.5 per cent addition by the time it\u2019s moved to almost 60 per cent completion,\u201d said Mr Alabbar, who is also the chairman of Emaar Properties. \u201cWe\u2019ve never done work where we\u2019re on a 2km beachfront. This might be a 4 per cent improvement because this is very special.\u201dMr Alabbar said that despite a current downturn in the region\u2019s property market, he was very confident of the prospects for Marassi Al Bahrain.&#013;<br \/>\n\u201cProjects like these are way beyond any kind of cycle. You give me a site like this in Bahrain, with its friendly policies, across from Saudi Arabia and I will jump on this any day.\u201dIn the first three quarters of 2015, residential properties in Bahrain fell in value by an average of 5.3 per cent, according to Cluttons. Harry Goodson-Wickes, the head of Cluttons\u2019 Bahrain office, said that in recent years Bahrainis and Saudis have been the main buyers of homes, but that Marassi Al Bahrain seems to be targeted more towards expats.&#013;<br \/>\n\u201cIt\u2019s the first time you\u2019ve got a public beach as part of a development. Expats want a beach \u2013 they keep on complaining about \u2018we\u2019re in Bahrain, on an island and there\u2019s no beach\u2019. \u201cI might be proved wrong, but I think a lot of the buyers will be local investors who will rent to the expat community. There will be some longer-term expats here who feel comfortable and will buy \u2013 maybe for their own use or for investment. But what we need to see is a return of buyers from outside of Bahrain, and I don\u2019t quite know whether now is the time to start to see that.\u201d&#013;<br \/>\nmfahy@thenational.aeFollow The National\u2019s Business section on Twitter&#013;<br \/>\n&#013;<br \/>\nSource : thenational.ae&#013;<br \/>\nRead more&#8230;<a href=\"http:\/\/www.thenational.ae\/business\/property\/eagle-hills-project-expected-to-boost-bahrain-gdp-by-4\" target=\"_blank\">Eagle Hills project expected to boost Bahrain GDP by 4%<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; &#013; The Abu Dhabi-based developer Eagle Hills has said its Marassi Al Bahrain project will&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1506","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-oi","jetpack-related-posts":[{"id":1514,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eagle-hills-project-could-boost-bahrain-gdp-by-4\/","url_meta":{"origin":1506,"position":0},"title":"Eagle Hills project could boost Bahrain GDP by 4%","date":"January 15, 2016","format":false,"excerpt":"\r \r The Abu Dhabi-based developer Eagle Hills has said its Marassi Al Bahrain project will involve an investment of $3 billion \u2013 and could provide a boost of as much as 4 per cent to Bahrain\u2019s GDP.The company also said that it intends by March to appoint contractors to\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25223,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/eagle-hills-to-promote-bahrain-project-in-saudi-arabia\/","url_meta":{"origin":1506,"position":1},"title":"Eagle Hills to promote Bahrain project in Saudi Arabia","date":"September 7, 2016","format":false,"excerpt":"\r Eagle Hills, the Abu Dhabi property developer fronted by Emaar chairman Mohamed Alabbar, is to run a series of roadshows in Saudi Arabia aimed at drumming up interest in its huge Bahrain project.Eagle Hills Diyar, a joint venture between Eagle Hills and Diyar Al Muharraq, a vehicle owned by\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17258,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gfh-launches-specialist-property-division\/","url_meta":{"origin":1506,"position":2},"title":"GFH launches specialist property division","date":"June 21, 2016","format":false,"excerpt":"\r GFH Financial Group confirmed yesterday that it is planning to launch a specialist real estate division to develop a number of its projects in Dubai and its home base of Bahrain.The Bahrain-listed investment group said that the division, GFH Real Estate, would have initial assets of US$40 million and\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15534,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/development-to-slow-in-saudi-arabias-eastern-province-but-pick-up-in-bahrain\/","url_meta":{"origin":1506,"position":3},"title":"Development to slow in Saudi Arabia&#039;s Eastern Province but pick up in Bahrain","date":"June 5, 2016","format":false,"excerpt":"\r Development projects in Saudi Arabia's Eastern Province look set to slow as the market nears the peak of its current cycle, according to a new study. JLL's inaugural report on the Damman Metropolitan Area (DMA) says potential project delays and lower completion rates are more likely to happen as\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24214,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bahrains-mega-projects-show-invstor-appetite-for-gcc-property-remains-strong\/","url_meta":{"origin":1506,"position":4},"title":"Bahrain&#039;s mega-projects show invstor appetite for GCC property remains strong","date":"August 28, 2016","format":false,"excerpt":"\r Bahrain's Diyar Al Muharraq, a US$2.5 billion waterfront city development at Bahrain Bay comprising seven islands, reflects sustained investor appetite for the region's property sector, its chief executive says.Maher Al Shaer, the chief executive of Diyar Al Muharraq, will present the development at the Cityscape Global in Dubai, which\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24216,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bahrains-mega-projects-show-investor-appetite-for-gcc-property-remains-strong\/","url_meta":{"origin":1506,"position":5},"title":"Bahrain&#039;s mega-projects show investor appetite for GCC property remains strong","date":"August 28, 2016","format":false,"excerpt":"\r Bahrain's Diyar Al Muharraq, a US$2.5 billion waterfront city development at Bahrain Bay comprising seven islands, reflects sustained investor appetite for the region's property sector, its chief executive says.Maher Al Shaer, the chief executive of Diyar Al Muharraq, will present the development at the Cityscape Global in Dubai, which\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1506"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1506"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1506\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}