2006-10-23

CENTURY 21® Bahrain signs exclusive US$ 26 million agreement with the Al Safar Group

CENTURY 21® Bahrain, a broker office in one of the world's largest real estate networks, has been appointed as the exclusive sales and marketing agents for the Diplomat Trade Center, a 20 storey commercial development located in the heart of the Diplomatic Area.

The agreement signed between CENTURY 21 and Al Safar Group Holding is worth US $26 million and the new development is set to become the Kingdom's most exclusive business address. Under the terms of the agreement, CENTURY 21 will be the exclusive sales and marketing agents for the Diplomat Trade Center, which will offer prime, freehold office space to local and international companies alike.

Present at the signing ceremony at CENTURY 21 Bahrain Properties' Manama Headquarters were Abdul Wahed Al Kooheji, CEO and Vice Chairman, CENTURY 21 Bahrain; Adel Al Safar, Chairman, Al Safar Group Holding and Mohammed Al Tawil, CEO, Syrconsult International.

The Diplomat Trade Centre will be conveniently located, opposite the immigration office and will be equipped with world-class amenities and fittings to cater to the area's reputed financial institutions and other distinguished organisations.

'We are extremely pleased to enter into an exclusive partnership with Al Safar Group Holding. The Diplomatic Area has historically been the island's main commercial and diplomatic hub and has lacked a state of the art, modern development. The Diplomat Trade Center will fill this gap, offering companies the chance to invest in prime, commercial space,' said Abdul Wahed Al Kooheji, CEO and Vice Chairman of CENTURY 21 Bahrain.

'Upon completion the Diplomat Trade Center will be a towering symbol of Bahrain's continued economic growth and development,' Kooheji added.

The 20 storey Diplomat Trade Center is set for completion in late 2008 and offers locals and expatriates alike the opportunity to invest in freehold commercial property. Office spaces are available from 130 to 1150 square meters and will be fitted with imported fixtures and fittings.

The Diplomat Trade Center will also be equipped with a wide range of amenities including; a 24 hour security system, adequate parking facilities, a fully equipped health center and the latest in wireless technology.

Al Safar Group Holding, the developers for the Diplomat Trade Center project are a Bahrain-based company, established in 1980. Since their inception they have built up an integrated portfolio of companies in the fields of travel, education, hospitality, media, advertising, IT and real estate.

Syrconsult International, a leading engineering consultancy firm that specializes in the design of commercial complexes have been appointed as the lead architects for the Diplomat Trade Center project. Syrconsult International's combination of market expertise and knowledge has gained them a reputation for excellence across the Gulf region and beyond; they bring their vision of excellence in design and construction to the Diplomat Trade Center development.

The Diplomatic area's most recent development aims to seamlessly blend urban elegance with corporate efficiency to create a commercial space that sets itself apart from the rest. The tower is expected to break ground at the beginning of 2007 and office space will be available for purchase through CENTURY 21 Bahrain affiliate banking institutions.