Manara completes 70pc Bahrain project
Manama, March 31, 2012
Bahrain-based real estate company, Manara Developments said 70 per cent of the work had been completed at its ambitious housing project 'Wahat Al Muharraq' while progress was being made on its other projects as well.
According to Manara, 'Wahat Al Muharraq' is a villas project aimed at meeting the requirements of limited income, modern Bahraini families.
In the first phase, the project will have 47 villas, all designed with high precision to meet their requirements - from selection of the site, down to the fine details of the construction.
Each villa in Wahat Al Muharraq project 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, the company said in a statement.
Commenting on the progress, managing director Dr Hassan Al Bastaki said, "Manara continues to support its established position at the forefront of development companies when it comes to innovative and practical solutions of housing solutions for limited to middle income earners."
"That has been witnessed through its hard work and actual achievements with the targeted group within the community," he added.
"The third progress report had revealed that the company has completed 70 per cent of the project, after they had issued the second report at the end of the fourth quarter last year, where 50 per cent of the project was complete," said Dr Al Bastaki.
"The report highlighted the start of finishing works of the corner villas and the installation of gypsum in the ceilings of the villas, of which have been designed with a particular focus on elegance and modern fit-outs to complement the modern exterior design of the villas."
"In addition, work has started on the finishing of interior kitchens and aluminum work to the windows and doors of the villas," he added.
Stressing his commitment to timely delivery of the project, Dr Al Bastaki said, "All the major works had been completed in the second phase of the 'Wahat Al Muharraq' and it was on track to deliver the villas to the owners by this November."
“Transparency with our prospective homeowners is amongst the main pillars shaping the company’s philosophy, as progress reports have been sent to all the homeowners to share the units they are soon to own. This is amongst the major factors installing confidence in “Manara’s” projects in the market,” he added.
According to Dr Al Bastaki, Manara chose the ‘ideal designs” for the villas which are the quasi-bound villas, 6 of which are the larger types, called “corner” villas.
"These units are positioned as the ideal choice for modern Bahraini families, especially with the recent government announcement to raise the borrowing ceiling to BD60,000. The beneficiaries of these government loans are given the opportunity to own modern housing units at low cost borrowing to fulfill one of the major necessities of life," he added.
The company had inked an agreement with Eskan Bank in May last year aiming to entitle beneficiaries of housing loans to own properties in Wahat Al Muharraq.
As part of this agreement, Bahrainis benefiting from Government housing loans and Eskan Bank commercial loans could purchase property with the option of repayment in installments depending on the building phases as per an agreement between the three parties.
Manara is currently leading three projects focusing on the middle to limited income earners in several locations across the Kingdom.
Among these are the phase one of Janayin Al Hamala, which will deliver 148 villas and start of phase two of Wahat Al Muharraq, which will deliver 180 villas, and finally, the second phase of Tubli Gardens project after reaching progress in the construction of first phase to the final steps which consist of 27 villas.-TradeArabia News Service