Changing with the tide

Bahrain Bay CEO Bob Vincent.



Does the Four Seasons have a new completion date?

The original timeframe was that it would be under construction now and be ready by 2011. That's obviously been pushed back as the design has just been completed, which means they will probably start construction in the first half of next year. So it's about a year, or a year and a half, behind.

How is construction of the Arcapita headquarters progressing?

The main structural elements of the building have been completed. Total construction is 65% completed and timing for completion for the building is end 2009. It's on track.

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What factors will make Bahrain Bay a success?

There are several factors. We've been realistic on the way the land has been priced. Also, Bahrain Bay does not allow land speculation. If you purchase land in Bahrain Bay you're obliged to develop it, or you must offer it back to us with a penalty provision.

That stops speculation. In addition, you're obliged to provide a concept design for the project before Bahrain Bay signs the purchase agreement, so both parties know what the joint commitments are. That stops a less reputable developer from changing its mind or misrepresenting to the public. The third thing that ensures its credibility is that we don't allow any speculative investments.

A developer cannot start selling its end product until it has ownership of the land, paid for in full, transferred title and completed design development. That kind of conservative safeguard approach is what gives everybody a level playing field and the highest possible standards of commitment to the project.

Bio

Bob Vincent has more than 25 years experience in major development projects throughout the world. Prior to his current role, Vincent was strategic advisor to Macquarie Bank Property Investment Banking, director of Development Urban Pacific (development division of Macquarie Bank), director of Development Prudential Finance Holdings (UK) and vice president of Tutor Saliba Properties (US).

He has also filled a number of senior advisory roles for government agencies and legislators. Vincent holds a BSc in environmental science, MA in urban planning and post graduate diplomas in finance and construction law.

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