Dilmunia, a 125-ha, man-made island being built in the Muharraq Governorate, is one such project. Local firm Ithmaar Development Company (IDC) is master developer for the site and recently completed phase 3 of infrastructure work on the $1.6bn island, according to Mohamed Abdulrahman, the manager of IDC.
Dilmunia, which derives its name from the ancient kingdom of Dilmun, will comprise hotels, residences, and health and leisure facilities.
IDC is currently selling 500- to 700-sq-metre plots to investors for residential property construction; however, the largest residential development on the island will be a resort built by Kuwait-based real estate firm Al Tijaria.
The complex will include 16 villas, 14 houses and 351 luxury flats over an area of 30,700 sq metres. According to local media reports, the firm will launch the first phase of construction work later this year.
Dilmunia will also host its own shopping centre, which is expected to open its doors before the end of this year.
The Mall of Dilmunia will have a total built-up area of 125,000 sq metres and a gross leasable area of 47,300 sq metres; 50% of the retail space had already been leased as of February, when commercial real estate services firm JLL was announced as the official leasing partner.
As well as retail and food and beverage outlets, the shopping centre will feature an aquarium, an indoor ice rink and zip line, two football pitches and a boulevard concept aimed at recreating a European cityscape.
The variety of entertainment options being developed at Mall of Dilmunia reflects a broader trend among brick-and-mortar retail developments in Bahrain, which are increasingly focusing on enhancing the shopping experience.
“Traditional retail is changing before our eyes as e-commerce and other digital innovations disrupt the entire sector,” Amin Alarrayed, CEO of Edamah, the real estate arm of Bahrain’s sovereign wealth fund Mumtalakat, told OBG. “This is proving to be an exciting time for developers, who will need to be ever more creative in their approach, with a focus on creating unique destinations and experiences.”
Edamah is also leading development on its own mixed-use destination in Muharraq Governorate, and signed an agreement on April 25 with Kuwait Finance House-Bahrain to make the lender its official financing partner for the first phase of the project, priced at $25m.
Work on the development, named Sa’ada, started in early 2018 and involved the construction of sea walls and jetties, and the reclamation of 1.8 ha of land.
Core and shell construction of the site’s seven retail and restaurant buildings – which range from 319 sq metres to 1707 sq metres in size – started in the third quarter of 2018 and is scheduled to finish by the final quarter of this year.
Source Zawya