25/03/2018 07:14 AST
Seef Properties, a leading real estate development company in Bahrain, has unveiled plans for 'Liwan', a mixed-use development project estimated to be worth BD50.2 million ($132.7 million).
The site is located in Hamala in the Northern Governorate, opposite to Batelco's main headquarters with the Eastern portion of the site fronting on to Wali Al Ahd Highway.
Liwan's unique features will further position the project as one of the leading destinations in the kingdom. The mixed-use project features a well-equipped health club, a vibrant pedestrian boulevard with tree-lined streets surrounded by numerous shops and restaurants with stunning views of the boulevard.
"Liwan was envisioned in 2016 and has been transformed into reality in 2018. The project comes as a result of our strategic efforts to expand our real estate investment portfolio, which will contribute to the growth of the national economy and the kingdom as a whole," said Essa Najibi, chairman of Seef Properties.
"We are confident that upon the project's completion, which is anticipated in the last quarter of 2019, it will elevate the kingdom's real estate sector, bringing in a new destination for residents and visitors. The new mixed-use project will also redefine and elevate the surrounding area, acting as a magnet for locals as well as tourists and leisure-seekers from across the GCC, furthering the kingdom's stance as an attractive tourist hub in the region. Liwan was designed to meet market needs due to its residential and commercial facilities," he added.
Liwan's open space will provide a setting for a variety of recreational activities in addition to a combination of luxurious restaurants, green spaces, stunning landscaping and pedestrian walkways, all creating a vibrant atmosphere in the area, with ample free car parking facilities.
Further commenting on the launch of Liwan, the chief executive officer of Seef Properties, Ahmed Yusuf, said: "We are very pleased to announce the start of construction work on the Liwan project. We have appointed Kuwaiti Manager Company as the main contractor responsible for the development phase. Once completed, Liwan will be the ideal choice for those who seek to be part of a lively community with an array of offerings."
"The project comes as part of Seef Properties' strategy to expand its asset portfolio which will positively reflect on the kingdom's economy by strengthening its retail and tourism sectors. It is designed as an urban outdoor mixed-use project with public landscaped spaces, all within a comfortable family friendly environment catering to all ages. Liwan is also designed to become the next real estate/tourism destination in the kingdom, further attracting foreign investments and contributing to the growth of the economy," he added.
The Liwan mixed-use project covers an area of 122,000 square meters and features retail outlets, restaurants and cafés, residential units, supermarket, cinema, a family entertainment centre and open-air spaces.
Seef Properties established its headquarters in Bahrain in 1999 and is a listed company on the Bahrain Bourse.
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