The local Bin Faqeeh Real Estate Investment Company has announced it is developing a new residential complex at the Bahrain Bay Development area.

The $2.5 billion Water Bay residential scheme will feature three 10-storey towers with approximately 600 apartments and a retail area.

The company said it has purchased three land parcels for the project.

A number of large waterfront projects have been announced in Bahrain despite a slowdown and sometimes a lack of investor appetite to press ahead with major schemes.

In March MEED reported that Bahrain’s Marina Club project, which was expected to be completed by 2019, has been delayed, according to a statement made local developer Amlak Real Estate.

And in July Bahrain’s Muharraq Municipality Council said it was looking for investors in a bid to revive the previously stalled Al-Ghous Corniche tourism project.

The project, which was approved in 2012 by the former Municipalities and Urban Planning Affairs Minister, has faced major delays after disputes over land ownership prompted the original investors to abandon the project.

The $65.8m scheme was initially supported by a consortium of Turkish, Saudi Arabian and local businesses.

Muharraq Municipal Council now wants to revive the project, which is due to be constructed on the coast between the Sheikh Hamad bin Isa Causeway and the Sheikh Isa bin Salman Causeway.