Flip through the latest issue of Gulf Weekly.
Abu Dhabi Investment House (ADIH) has announced the on-time partial exit of its Shari'a compliant Porta Reef Fund, which funded the purchase, development and full entitlements of the three 10-storey residential towers located on Reef Island in Bahrain.
Fawaz Ali Al Jowder, CEO of ADIH, said: "During the current tough global economic environment, the ADIH team continues to diligently work on safeguarding investors' interest - especially when invested in ADIH funds. The partial exit of Porta Reef demonstrates ADIH's commitment given the slow-down of the real estate market generally in the region during the first three quarters of 2009 which is also expected to continue at least in the short term.
"However, the prime location of Porta Reef within the high-end Reef Island and proximity to major attractions continues to position it as an attractive residential property to both investors and future residents. I would like to thank our investors for their trust and also the ADIH team for their hard work and effort."
The project generated significant interest from the local and GCC market and the sales team were able to translate these interests into sales that reached almost 80 per cent. In addition, the project successfully achieved major development milestones as completing the external work and interior finishing. With an expected handover of units shortly, Porta Reef will be the first completed project on Reef Island
The $34 million Porta Reef Fund was incepted during the last quarter of 2007 to finance the $90 million exclusive Porta Reef development. The towers include two and three bedroom apartments, as well as six premium penthouse units. Porta Reef is the first freehold property to be available to buyers on Bahrain's Reef Island. The towers comprise of 126 two bedroom, 57 three bedroom deluxe apartments, and six premium penthouse apartments.
Reef Island aims to attract high-net worth property investors from Bahrain as well as GCC residents who are looking for a distinctive second home. The $1.25 billion freehold development project covers an area of just under 600,000 square metres, of which Porta Reef occupies just over 16,000 square metres.
