5 February 2007

Real Suites Breaks Ground with Keller

RealCAPITA the fast growing real estate developer in Bahrain broke ground yesterday commencing Real Suites; the two US$ 7 million 12 storey residential towers in Um Al-Hassam, awarding the pilling contract to Keller, a leading contracting company in the region.
“After conducting considerable due diligent, we appointed the most qualified piling contractor to execute piling works. Keller has a proven track record within Bahrain having worked also on the pilling of Amwaj Gateway. Therefore we are confident that the company will deliver a job that is in line with its excellent reputation,” said Mohammed Al Tawash, Vice Chairman and President of RealCAPITA.
The 14,510 square feet of land was provided by RealLANDS, a company managed by RealCAPITA focused on acquiring land across the Kingdom, the Middle East and northern Africa. “Through piling, the foundation is laid to deliver an end product that is extremely solid, while sustaining any potential hazard,” Al Tawash added.

Engineer Mohammed Dhaif, Director of Real Estate Development in RealCAPITA said that the proposed tower would consist of luxurious residential apartments. The project will have a ground and first floor parking then ten stories above it, the total built up area will be 129,168 square feet while the plot area is over 14,510 square feet.

Dhaif also added that “Real Suites” would have a total of 68 fully furnished luxurious apartments of which 8 are studio apartments, 36 are one bedroom apartments, 20 two bedroom apartments, and 4 with three bedrooms. It will also have ground and first floor parking for residents, a swimming pool, sauna, steam room, squash courts and a gymnasium.

RealCAPITA has already appointed the well acclaimed Daylami Consulting Engineers as the main consultant to look over the construction of the luxurious residential development that is due to be delivered in 2008.

Khalil Daylami, GM of Daylami Consulting Engineers stated “Um-AlHassam was a prime location to work on, it being a family oriented environment and safe area to live in”.
“We are confident that Real Suites will turn out to be a marvelous development with a solid foundation, state of the art finishing and world class amenities,” Al Tawash concluded.

The promoter of the project RealCAPITA is the alternatively new real estate investment firm that was established in the Kingdom of Bahrain and inaugurated in February 2006 as a closed share holding real estate Company. With an authorized capital of US$200 million, and a paid up capital of US$54 million RealCAPITA is considered one of the largest institutions of its kind in the Bahrain. Its core strategy is grounded in understanding real estate fundamentals and transacting sound deals based on this knowledge. This strategy is vital for surviving the highly competitive operating environment which favours institutions with superior knowledge, resources and value added capabilities. RealCAPITA true strength is in its team of industry leaders with a proven track-record in acquisitions, finance, institutional asset management, concept development and project management.

Since its establishment, RealCAPITA has been able to successfully develop and structure real estate transactions valued at almost US$ 1 billion. It’s already undergoing major projects such as Affordable housing in Morocco (Real Maroc), Amwaj Gateway in Amwaj Islands Bahrain, establishment of RealLANDS, Residential Community in Jassrah (Real Gardens), The Wind Tower offices and the Real Business Centre and the newly announced Real Residence in Hidd.

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