Villamar Harbour

The project has a completed value of US$ 450 million.

'Villamar at the Harbour' is the first residential development within BFH and was formally unveiled at a special launch event held at the Ritz Carlton Hotel & Spa - Bahrain. Honorary guests at the event included HE Shaikh Azzam Mubarak Al-Sabah, the Ambassador of Kuwait in Bahrain, HE Prince Turki Bin Talal and HE Prince Fawaz Al Saud.

Welcoming the launch of this new phase of BFH, Mr. Esam Janahi, Chairman of BFH, said,

'We are extremely pleased with the launch of Villamar at the Harbour, the first residential development within BFH and therefore a milestone achievement. We congratulate Gulf Holding Company for delivering such a stunning world-class residential product within the overall design philosophy of BFH.'

Mr. Faisal Al Mutawa, Chairman of Bayan Investment Company, a major shareholder of Gulf Holding, said, 'Bahrain has emerged as one of the most attractive real estate markets for investors in the region. Looking into the future it is very clear that the Bahrain Financial Harbour will be the focal point of the financial services industry in Bahrain and as such properties within it will be amongst the most prime real estate in the country.

'There is a clear need to provide residential accommodation of this quality within easy reach of the offices and facilities of BFH. We see this model operating successfully in other international financial centres such as Canary Wharf in London '

Commenting on the unique character of Villamar, Mr. Ahmed Al Ameer, Vice-Chairman of Gulf Holding said, ' We commissioned a highly regarded international firm of architects, NORR Group, part of Ingenium Group, one of Canada's largest design and construction firms, to create a superior and dramatic design for Villamar that would maintain the overall look of the BFH buildings.'

Located on a site of over 32,000 square metres, Villamar contains three design elements: The Twisting Towers, the Floating Villas and the Terraced Podium. Scheduled for completion in June 2009, the development will comprise a total of 494 one to four bedroom apartments, 54 villas and 6 penthouses. Facilities include a rooftop chairman's club, health club & spa, swimming pools, tennis courts and other recreational amenities. A boardwalk will host cafes, restaurants and other leisure facilities at the waters edge.

Elaborating on the design of Villamar, Mr. Yahya Jan, Design Director of NORR Group, commented, 'The three gently Twisting Towers are undoubtedly dramatic. They range in height from 47 to 57 floors, and are clad in blue-green tinted glass to reflect the natural color of the seas off Bahrain. These towers face the sea and provide wonderful views.

'The villas 'float' 4-storeys above the ground within a self contained building at the perimeter of the project. Supported by their own elevator towers these unique floating four to five bedroom villas feature double-height living spaces, balconies, and terraces with superb views of the boardwalk and the sea.

'The podium is a series of landscaped terraces dropping towards the sea featuring landscaped parks, pools and water walls. A health club and spa is located on the uppermost terrace providing unobstructed sea views. Parking for 1,800 cars is provided discreetly within the podium terraces.

'The Boardwalk will be a major public attraction, featuring indoor and outdoor cafes, restaurants and boutique retail spaces. The experience of the boardwalk includes shaded and air-cooled walkways, dancing water features and landscaped plazas.'

Mr. Al Ameer added, 'The launch of Villamar at the Harbour, along with our previous investment in the Downtown Al Areen development, brings Gulf Holding Company's total real estate investment in the Kingdom of Bahrain to US $ 900 million. Our focus over the next year or so is to complete these two large-scale developments in addition to identifying new investment propositions.'