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Pearl Development and Real Estate Company (PDREC), a consortium of GCC investors, announced that it had received a strong response for the recently launched sales of the 50 storey Silver Pearl, one of the three towers of its landmark BD95 million ($250 million) Abraj Al Lulu project in Bahrain.
Commenting on the development, Hatim Dadabhai, managing director, Pegasus Realty, said: "It gives us immense delight to announce that the investor response towards the sale of Silver Pearl has been truly overwhelming.
"This is a clear reflection of the faith that our investors have reposed in our product offering and vindicates our strategy of ensuring optimal stakeholder value.
"As of today, over 30 per cent of Silver Pearl has been sold out and the company has received confirmed interests for another 15 per cent. Furthermore, we are proud to inform all that the other two towers of the project namely, Gold Pearl and Black Pearl have already being sold out. "
The Silver Pearl tower is approximately 180m high. It comprises a mixture of apartments ranging from one-bedroom to four-bedroom flats and five-bedroom duplex penthouses.
Conceived with the active support of the government of Bahrain and conceptualised by a team of international architects, the Abraj Al Lulu project is Bahrain's largest private sector freehold residential development.
It is a unique project housing 900 apartments in one complex in three towers along with 1,200 parking spaces.
The complex is on a plot area of 184,700 sq ft and the total built up area is 2.25 million sq ft distributed among two identical towers, Gold Pearl and Silver Pearl which are 50 floors each and a third tower, Black Pearl which is 40 floors.
With Pegasus Realty as the exclusive sales agents for the project, Abraj Al Lulu also has agreements with leading banks for competitive mortgage and home finance facilities for its investors.
