RealCAPITA Starts a New Project in France

RealCAPITA, the Bahraini real estate firm, announced yet another residential development project in (Pas de l´Echelle) City in France, in the Southeast France with a total cost of ?70 million.

(RealPALAIS) is a residential development project, consisting of 11 buildings, holding more than 180 housing units, with a mixture of the old-fashioned and modern scenery which is based on the old Chaetae conversion style.

The advantage in this project, which is being developed by RealCAPITA, is the proximity to Lake Geneva in Southeast France, and the France-Swiss border with a distance of less than 7km from the center of the City of Geneva.

´France is considered one of the major centers for economic and financial sectors in Europe, especially for the specialized professionals, therefore the demand on the house units in Geneva has increased along with the difficulties of obtaining building permits and the high prices on real estates in Geneva´ said Mr. Mohammed AlTawash, Vice Chairman and President of RealCAPITA.

RealPALAIS is a project that allows the foreigners to own the units, in addition the value of those units equivalent to half the price of the Switzerland real estate market.

´One of the main reasons to chose France is because it is considered as one of the fastest growing real estate and development markets, besides the diversification we have in RealCAPITA aiming to remain in the pursuit for the best´ he added.

RealPALAIS is being developed on area of 21,000 sqm to start on 2008 and estimated to be completed within three years.

The extraction and building permits took action last week, and there will be a local partner who will assist in developing the project.

(In the picture: MR. Mohammed AlTawash after signing the contract, shaking hands with Pierre Chavaz besides the local partner Bayan Giltsoff.

RealCAPITA is one of the leading real estate firms, established on February last year, with a paid-up capital of US$56.16 million, and has covered Bahrain, the Gulf, Middle East, and North Africa.