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GFH launches $3bn island city

Land reclamation for Bahrain’s ambitious multi-billion-dollar freehold island city project – Two Seas – will begin shortly and construction on Phase 1 of the project is expected to commence by the year end, according to its developers.

Promoted by Gulf Finance House (GFH), one of the leading Islamic investment banks in the Middle East, and Bahrain-based Dala Development Properties Management Company (Dala Development Company) – the 11 million sq m freehold island city project, will be built on a man-made island located northeast of Bahrain.
“Two Seas is a prime waterfront property development that will redefine the concept of luxury waterfront living in the region,” said GFH chief executive officer Esam Janahi.
“The project, which will be developed in three phases, has immense investment potential and will be a vibrant and exclusive waterfront community comprising residential clusters, luxury hotels, schools, hospitals, high-street retail opportunities, promenades, and other modern amenities.”
“Additionally, in keeping with its positioning, Two Seas will also host a variety of marine and nautical-related facilities, including quays, berthing services, and water sporting related infrastructure. In short, Two Seas will offer unparalleled high-class living in a serene setting close to the city,” he said. 
Dala Development Company chairman Saud Kanoo, said that the indicated project cost of $3 billion would only cover the land reclamation and infrastructure related work for the development.
“The cost of the project is in line with the area land rates and we are working with several sub-developers and investment partners to develop the key characteristics and components of Two Seas.”
As development partners, Dala will create the entire infrastructure for the development, with details down to road and service layouts linking various parts of the development without upsetting the tranquility of waterfront living and the environment.
Scott Wilson (UK) has been appointed to study the location and develop the master plan for the project.
The first-phase land and infrastructure development will be 9.7 per cent of the entire project – spread across 2.5 million sq m – will be completed in 18 months. The second phase will entail development of 3.5 million sq m, comprising 13.5 per cent of the project and the rest will be developed in the third phase,” Al Matrook added.