MANAMA: Esterad Amwaj, the company behind Amwaj Gateway, has started completing the development work of the project, which is one of the largest real estate projects in Bahrain.
Amwaj Gateway spans 33,000 sqm and is situated at the entrance of the innovative, waterside complex called Amwaj Islands; a series of man-made islands located 10.5km northeast of Bahrain’s main island off the coast of Muharraq.
Esterad Amwaj is an alliance between Esterad Investment Company and Promoseven Holdings. The new company acquired the Amwaj Gateway real estate project last June.
“The completion of the Amwaj Gateway project will be carried out in three phases,” Esterad Amwaj managing director Akram Miknas said.
“All the development work will be fully completed within five years, at a total cost of approximately BD75 million,” Mr Miknas expected.
Mr Miknas confirmed that, “Esterad Amwaj Company received a technical report from a specialised consulting company, which indicates that the project’s foundations and structures are in an excellent condition.”
He is confident that this will accelerate the completion of the supplying and cladding operations.
In connection with the project, Mr Miknas mentioned, “The housing units will be redistributed and divided within some of the towers located within the project in terms of the number of rooms and their uses.”
He further explained that “This was based on the results of a study conducted by a real estate research company that specialises in the development needs of real estate markets”.
He also announced that Elias Qaraeen has been appointed executive director of the project. Mr Qaraeen is, globally, a prominent personage in the field of large project development and has already implemented a number of similar successful projects in Bahrain and the region.
Mr Miknas also revealed that the necessary consultancy studies will be obtained during this phase, and subsequently, tenders will be issued and contractors appointed.
Amwaj Gate is a multi-use project, that has, to its advantage, a strategic location at the entrance to the Amwaj Islands. Its other exclusive features are that it directly overlooks the sea, is in close proximity to all the major landmarks in Bahrain and, this unique site, in addition to its several extraordinary specifications, has the distinction of being granted a private beach, a benefit unparalleled in the housing market in Bahrain.
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