The two neighbouring developments will contain 14-storey residential towers and commercial property, and dredging work is under way to create a network of sea canals through the properties. Located next to the King Fahd causeway, the high rise complexes will be targeted at investors and shoppers who regularly make the journey between Bahrain and the mainland, a company spokesman said.
Al-Shubaili is now preparing to market stakes in High Rise II to local investors, each SR 15,500 ($4,130) share representing a 50-square-metre parcel of land. The company successfully closed a similar offering for High Rise I in April. Construction work on both properties is due to be completed in late 2004.