Cityview: a new residential landmark in Seef, Bahrain
- Written by Kenzel Obial
Known for being one of the best destinations of the Bahraini kingdom, Seef is a vibrant neighborhood located in the northern part of Manama, Bahrain’s capital. It is known for housing some of the best touristic destinations and entertainment attractions in the island kingdom, including waterfront resorts, hotels, and retail destinations, as well as being one of the freehold areas (areas where non-Bahraini citizens are allowed to own properties) in Bahrain.
With its position on the northern coastline of the Kingdom of Bahrain, the rental prices in Seef is considered one of the most expensive in Bahrain. As a matter of fact, renting a furnished one-bedroom apartment in Seef, for example, can cost an average of 800 BHD monthly. Such a position among other areas in Bahrain is further supported by the new projects that are being developed and finished in Seef, the most recent of which being Landmark Cityview residential tower.
Developed by the Bahrain-based developer City View Real Estate Development, Landmark Cityview is a residential tower that is situated across the road from Dana Mall, one of Seef’s top retail destinations and landmarks. The tower consists of 25 stories, the top 20 of which are residential that comprise 88 residential units, while the remaining 5 stories are commercial. In addition to the residential units, the tower also features high-end amenities and facilities that include a swimming pool, a fitness gym, and a health club.
Aside from its location and high potential return on investment, Landmark Cityview is considered a major landmark for the Bahraini property market for reasons related to its development history which spans around 9 years; the residential tower project was originally launched back in 2009. However, its development has been put on hold in 2011 due to the socioeconomic turbulence that took place back then in the Bahraini kingdom and the whole Gulf Cooperation Council (GCC) region overall.
Five years later, in 2016, the tower’s development has been restarted thanks to Ithmaar Holding, a renowned investment firm that is listed on the stock markets of Bahrain, Kuwait, and UAE. Through Ithmaar Bank – one of its subsidiaries – Ithmaar Holding has provided the funds needed for the project’s construction to be completed and ended up being the shareholder of 51% of the tower. Along with Marina West, Amwaj Gateway, Juffair Views, and Tilal Sunset, and was one of five stalled real estate project that were being reviewed at the time by the stalled projects resettlement committee.
So how does that constitute a significant benchmark for the Kingdom of Bahrain’s property market? With its recently announced completion, Landmark Cityview has become the first stalled project to be revived internally through Bahrain-based entities without any external intervention.
This reflects the nurtured potential ability of the island kingdom’s businesses and government to push forward its different economic industries, specially its real estate market, which comes in line with many changes the Bahraini property market has been witnessing and going through lately, the most remarkable of which being the launch of its Real Estate Regulation Authority (RERA) which has become responsible of supervising and regulating the real estate industry since March 2018.
Daily Bulletin
