The local Arcapita, the renamed First Islamic Investment Bank, has unveiled three new major residential developments, with a total investment value of more than $1,500 million.

The larger of the three, with an estimated investment cost of more than $1,000 million, will be a landmark waterfront development in northeast Manama. The project, which does not yet have a name, will involve the reclamation of more than 400,000 square metres of land opposite the diplomatic area and next to the Sheikh Isa bin Salman causeway.

The scheme will include high-end waterfront residential developments with apartments, condominiums and penthouses as well as marinas, restaurants and a number of public areas and promenades. The two anchor developments will be a Four Seasonshotel and the new Arcapita headquarters. The development has been designed by the US’ Skidmore Owings & Merrill (SOM). Turner International, also of the US, is the project manager.

The second development, Riffa Views, has an estimated investment cost of $300 million. Located next to Riffa golf course, it will comprise 750 residential units inside a gated compound as well as a country club and sporting facilities. As part of the development, the golf course will be redesigned to championship standards. Local and international architects have designed the development. The UK’s MACE Internationalis the project management consultant (PMC).

The first tenders for the main construction packages on both schemes are expected to be issued to local contractors towards the end of the year. Construction on both is expected to take about two years. Units on each of the developments will be sold on a freehold basis to all nationalities.

Arcapita also announced in early July that it had formed a joint venture with the US’ Elysian Development Groupto develop a 60-storey high-rise tower in Chicago. The project will comprise 53 residential condominiums, 183 hotel suites, a retail area, a health club and spa, and underground parking. The development cost is $247 million.