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Gulf Holding Company closes Phase II sales of Downtown Al Areen’s Boulevard North within one week

Having successfully sold out Phase I sales of Boulevard North, which forms a significant component of its signature project Downtown Al Areen, Gulf Holding Company (GHC) announced that it has also successfully completed the entire Phase II sales of Boulevard North within a week of completion of Phase I sales. Comprising three five storey residential towers, Boulevard North Phase II sales were sold out for a total financial consideration of USD 39 million, taking the entire sale value of Phase I & II to USD 65 million.

Commenting on the sales success, Mr. Ahmed Al Ameer, Vice Chairman & CEO, Gulf Holding Company said, “The successful completion of Phase I & II Boulevard North sales, comprising of five residential towers within a week, is indeed a great achievement. Even more important is the price of USD 65 million that we have managed to sell these phases for as it once again re-enforces the high investment grade of this project.

Significantly, this achievement further validates the high investor confidence in Bahrain’s real estate sector at a time when global property markets are yet to recover from the sub-prime crisis, Mr. Al Ameer added.

Downtown Al Areen is a singular mixed use model of sustainable urban development, which is expected to galvanize the tourism appeal and attract a wider range of visitors to the Kingdom of Bahrain and the region. In addition to the residential components, the project will include a town square, the first of its kind in the region, in addition to a school, recreational facilities and retail outlets.