Al Hamad to build $252m Abraj Al Lulu towers

Al Hamad Construction and Development Company, an experienced contracting company in the region, has been awarded the main contract for Bahrain's $252 million Abraj Al Lulu project.

Commercial sale of apartments in the project will start in September. Pegasus Realty, headquartered in Dubai and with offices in London, Nice and Monaco, has been appointed sales and marketing agents.

A group of leading UAE, Bahraini and Saudi investors, in coordination with Pearls Real Estate Development Company, recently launched their first development project, Abraj Al Lulu, the first venture of its kind in Bahrain.

Strategically located in Manama across the highway from the Bahrain Financial Harbour and close to the Al Futtaim City Centre, Abraj Al Lulu is a 20-minute drive from the Saudi causeway and less than 10 minutes away from the Bahrain International Airport.

The project was designed jointly by the Aga Khan Award-winning architect Jafar Tukan, Cowi Al Moayed and local architect Habib Mudara. The project covers 200,000 square feet and will comprise three multi-storey residential towers offering superior amenities fit for a luxurious life. The towers will house more than 860 state-of-the-art apartments and will be complemented by a four-storey car park that will be able to accommodate more than 1,100 cars. Abraj Al Lulu is expected to be completed by 2007.

This revolutionary freehold luxury apartment project will cater to the needs of the local, GCC and expatriate nationals who wish of buy property and obtain a residence permit in Bahrain.

To facilitate the acquisition procedure of potential buyers, the project's investors are currently in the process of finalising an agreement with a leading financial institution to provide mortgage finance to parties interested to buy in Abraj Al Lulu.

"Pearl Real Estate Development Company is co-owned by Bahraini, Saudi and UAE investors who boast a wide experience and proven expertise in the real estate sector.

This project is the largest residential project in Bahrain and it will be inaugurated in September thanks to the support we received from various competent government bodies," said Mohammad Dadabhai, chairman of Pearls Company, who has more than 30 years of development experience in Bahrain to his credit.