Raffles City Bahrain receives good response

July 30, 2008
Raffles City Bahrain receives good response
80% of the 124 units launched sold within three weeks, says CapitaLand
By EMILYN YAP

CAPITALAND has reported strong demand for residential apartments
within the first Raffles City-branded integrated development in the
Gulf Co-operation Council (GCC) region.

The property group launched private sales for the Tower 2 residential
block in Raffles City Bahrain about a month ago. Eighty per cent, or
101 of a total of 124 apartments and penthouses, were booked within
three weeks of the launch.

Buyers include high net worth individuals from the Middle East and
Europe.

The units achieved an indicative average sale price of $6,330 per
square metre (psm), exceeding the average price of $4,883 psm for
other high quality residential apartments in Bahrain.

Lying within the man-made islands of Bahrain Bay, the Raffles City
Bahrain integrated development will comprise three residential
towers, landscaped sky villas, high-end retail, food & beverage
facilities and five-star serviced residences.

CapitaLand also manages the Raffles City Bahrain Fund which owns
Raffles City Bahrain. The fund closed in May 2007 at US$350 million
and CapitaLand owns a 37 per cent stake in it.

'Entering the GCC countries is a strategic initiative we took in 2006
to balance our investments in the fast-growing economies in Asia.
Raffles City Bahrain is our first move in this direction,' said
CapitaLand president and CEO Liew Mun Leong.

'We expect to further grow our presence in the GCC region to
capitalise on the abundant opportunities there.'

According to CapitaLand GCC Holdings Pte Ltd's CEO Wong Heang Fine,
construction of Raffles City Bahrain is well underway and piling is
more than 25 per cent complete. 'We are heartened by the successful
private sales and are gearing up for the public launch targeted in
October this year,' he said.

CapitaLand shares closed at $5.66 yesterday, 17 cents down.