CapitaLand residential projects in Mideast attract S$1b in sales

CapitaLand residential projects in Bahrain and Abu Dhabi have attracted S$1 billion in sales since June 2008.

The projects were taken up by a mix of individual and corporate parties.

CapitaLand has two major projects in the Gulf Cooperation Council region – Rihan Heights, which is part of the landmark Arzanah integrated development in Abu Dhabi, and its first Raffles City integrated development in Bahrain Bay.

The Rihan Heights project in Abu Dhabi sold for about S$9,717 to S$10,514 per square metre and is 85 per cent sold.

The Raffles City Bahrain development sold for around S$6,627 per square metre – a 30 per cent premium on similar high-end developments in the city.

The projects are expected to be completed between 2010 and 2011.

Source : Channel NewsAsia – 16 Oct 2008

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