Local developer draws up shortlist for $200m development
Local developer Reef Venture Holding is evaluating tenders to select the main contractor for its $200m Difaaf real estate project in Reef island, Manama.
It has received tenders and will soon select the main contractor, according to Reef Venture.
“We have identified a few suitable contractors and have drawn up a shortlist of companies for final negotiations,” says a company source.
He adds that negotiations with the shortlisted contractors are likely to take a few weeks. Reef Venture hopes to award the main construction contract by the end of March.
The development will comprise two residential towers and other facilities such as swimming pools, tennis courts and a supermarket.
Previously known as Lulu Island, the man-made Reef island is a joint venture between the Bahrain government and the Mouawad Group, a local development company. The 579,000-square-metre development will include 1,200 apartments, a 250-room hotel and villas.
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