One of the primary economic sectors in the Gulf region that benefit from current high oil prices is ostensibly the real estate, in which quite many man-made islands are made and are under way, designed and equipped with the latest technological inventions and innovations. The high liquidity in the region led to a new concept called designer island. Dubai, for one, has the World and Palm projects, effectively showing the world how to build artificial realty. Neighboring Qatar came up with the Pearl, and now Bahrain is in the process of building Reef Island at a cost of BD450 million ($1.20 billion). The 579 thousand square meters (6.23 million square feet) free-hold development, previously known as Lulu Island, is being re-launched with a brand new marketing push targeting high income investors and residents from across the Gulf. Lying off the shores of Manama, Reef Island will include a total of 1,217 apartments among 39 residential buildings, 65 villas, 49 chalets and a 250-room 5-star hotel & spa. The project will also contain an all-inclusive shopping mall, the most up-to-date Medical Center, six lavish parks, a private marina, a state-of-the-art spa village and a yacht club. With its luxurious designs, spacious parks and even an aquarium, Reef will be an island paradise complete with modern amenities and infrastructure. Its facilities will include a shopping mall, a multi-function exhibition center, a medical center, a marina and a yacht club. The project is a joint venture between the Bahrain government and the Mouawad Group for Real Estate Development Company. “Reef Island will be Bahrain's most luxurious development, offering the serenity of wide open spaces and greenery that Bahrainis and residents have long wished for. All of the residential buildings, except for the project's icon tower, are low rise, ranging from 5 to 13 floors. They take up less than 30 per cent of the total land area, providing a unique environment where landscape and open space areas provide an exclusive style of living,” said Robert Mouawad, chairman of Lulu Tourism Company which owns the project. “We have renamed the project Reef Island in order to differentiate it from several other projects which also go by the name Lulu. We believe that the new brand emphasizes both the development's uniqueness and beauty,” he continued. “Reef Island will have a central location, 15 minutes from the airport, 5 minutes from the business district, and just a few minutes from Financial Harbor and central Manama. Yet due to its unique spacious designs it provides an environment as if you are living outside the city. We plan to provide a financing scheme shortly to facilitate the purchase of apartments.” Land reclamation for the project was completed in 2005 with the marine set for completion by May 2007, and infrastructure works, including roads, electricity, water, sewerage and telecommunications, by the end of 2007. The building construction will commence middle of this year and is broken down into phases. Building construction will begin in the middle of the year, with the first phase scheduled to be completed in early 2009 and the second by the end of 2010. “We have world-class companies working on the project to ensure that we meet these deadlines. As developers, we have also gone to great lengths to ensure that impact on water flow and the marine environment is minimized,” added Mouawad. The main contractor for the marine and infrastructure works is Bahrain-based AMA. The Mouawad Group has been involved in many luxury projects in Lebanon and France, including Grand Hills Hotel and Spa in Broumana, residential buildings in Solidere and Beirut, Hotel de Vendome 1 Place Vendome, Paris and Grand Hotel du Cap Ferrat in French Riviera. Reef Island offers premium lifestyle concepts by incorporating several features. __
