Manara sees Bahrain villas project on track
Manama, December 17, 2011
Bahrain-based real estate company Manara Developments has announced the completion of 50 per cent of the phase one of its 'Wahat Al Muharraq' development project.
A JV between Al Salam Bank - Bahrain and strategic partners to develop real estate with a diverse project portfolio, Manara said it is determined to bring new insights, a fresh perspective and an all considered approach to real estate development in the Middle East market
Commenting on the progress, Manara Developments managing director Dr Hasan Al-Bastaki said, 'He said with the project on track Manara expected the timely completion of the first phase and the handover of the villas to the owners by November next year.'
The first phase entails 47 villas, all designed with high precision to meet the requirements of limited and middle income, modern Bahraini families, from the selection of the site, down to the fine details of the construction.
Each villa consists of three bedrooms, an inside and outside kitchen, two bathrooms, and living rooms, in addition to a garage with a capacity of two cars, and space to construct a backyard swimming pool.
He said the latest report revealed that the company had completed 50 per cent of the first phase of 'Wahat Al Muharraq' project, after the first report at the end of the third quarter showed 20 per cent completion.
'Manara’s firm commitment to fueling growth in Bahrain’s real estate market has proven to be amongst the main motives behind its achievements and successful real estate projects, particularly in constructing affordable housing units,' he remarked.
Dr Al-Bastaki said, 'The growing interests from prospective buyers of Wahat Al-Muharraq units signaled an urgency to commence with planning the following stages of the project, which will project unique and innovative architectural designs, looking to diversify the modeling techniques while maintaining the main characteristics of the units in the first phase.'
'It is our priority to ensure that units are delivered to investors on time and without delay, with a keen desire to ensuring that the optimal level of quality is maintained throughout the different phases of construction by appropriate selection of both basic and luxury building materials,' he said.
'Thus Manara is committed to practicing absolute transparency with its clients, and supplying them with periodical progress reports as a means to solicit participation and promote transparency,' he added.
Dr Al Bastaki said this project had placed Manara at the forefront of development companies in terms of innovative and practical solutions and the provision of housing units for limited to middle income earners yet maintaining the most unique features and highest quality levels.-TradeArabia News Service
More Construction & Real Estate Stories
- Abu Dhabi set for big property show
- Aldar working on $1.5bn UAE housing projects
- Gulf Finance House to start $3bn Tunisia project
- Abu Dhabi to see 10pc surge in new homes
- Saudi construction sector booming on new contracts
- Emaar offers 330 apartments in MBR City
- Dubai Design District sees big demand
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan