8 August 2006

RealLands purchases 5 plots of land in Um Al-Hassam and RealCAPITA to develop “Real Suites” worth US$10 million

RealCAPITA signed a contract yesterday with Daylami Consulting Engineers to construct “Real Suites” the two 12 storey residential towers in Um Al-Hassam worth US$ 7 million.

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 with a paid up capital of US$50 million. RealLANDS currently purchased 5 plots of land in the same area covering 34,240 square feet.

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.

Khalil Daylami, GM of Daylami Consulting Engineers said that “Um-AlHassam was a prime location to work on, it being a family oriented environment and safe area to live in”.

Scheduled to complete by second quarter of 2008 Dhaif expressed the project “RealCAPITA’s significant investment in Real Suites is a result of our belief and the fact that is done to develop into one of the leading residential undertakings in Um-AlHassam”

The developer of the project, RealCAPITA, is the alternatively new real estate investment firm based in Bahrain. 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 region. With it only starting in February 2006, RealCAPITA is already undergoing major projects such as Amwaj Gateway, Affordable housing in Morocco, establishment of RealLANDS, Residential Community in Jassrah, The Wind Tower offices.

 

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