Abraj Al Lulu towers unveiled

Bahrain's largest freehold luxury apartments project, Abraj Al Lulu, was unveiled at a ceremony here on Tuesday.

"It is a great opportunity for Gulf nationals who want to make Bahrain their second home. It is also an opportunity for expatriates who wish to buy property and get a residence permit in order to make Bahrain their home," officials from the Pearl Real Estate Development Company said at a ceremony to open the development worth 95 million Bahraini dinars.

A sale deed will be handed to all buyers, assuring them of all rights to re-sell their property, they said.

Mohammad Dadabhai, chairman of Pearl Real Estate, said the towers had set a new trend in the real estate development market in the region.

The Abraj Lulu Pearl Towers project covers 200,000 square feet and consists of three multi-storey residential towers. The towers will house over 860 apartments. The construction is scheduled to be complete within 34 months.

About 40 per cent of the apartments have already been sold and the company is negotiating with a Saudi group for the sale of a whole tower, officials said.

Apartment prices vary from 63,000 dinars to 300,000 dinars, and the sale is expected to be closed by the year-end.

Pearl is working on an agreement with a financial institution to provide special mortgage finance deals to people interested in investing in Abraj Al Lulu.