- Investors invited to show interest in marina project in Bahrain
- Project has been on hold since 2005
- Financing issues stalled the scheme
Marina West Real Estate Company has invited investors to submit interest for the development of the Marina West scheme in Bahrain.
The project, which was launched in 2005, has been on hold since 2010 because of financing issues.
While it remains unclear whether the original plans for the project will go ahead, it is understood the $700m scheme will be a mixed-use development comprising 10 high-rise residential towers with a total of 1168 residential units. These will include apartments with up to four bedrooms, duplexes and penthouses.
Sources close to the project have told MEED that investors are being asked to express interest following government-backed efforts from the Bahrain Real Estate Association (BREA) to revive the scheme.
Manama has been taking several steps to help boost the countrys real estate market. The resumption of many stalled projects has also given developers confidence that the authorities are committed to supporting the market. Projects such as the Villamar development, the Amwaj Gateway Towers, Marina West and Riffa Views have all been earmarked for accelerated completion.