Manara sees big project land sale success
Manama, February 2, 2014
Bahrain-based Manara Developments has announced the successful sale of all the lots launched under phase one of its “Investment Gateway - Bahrain” project.
It is the first industrial project in the Muharraq governorate that enables the investor to obtain ownership of the land with the ownership certificate in hand. These properties are not subject to a limited period lease, as is the case with other industrial areas of Muharraq.
Moreover the owner has the choice to best utilize the property in whatever way is seen suitable to the land and the purpose of the investment, said a senior official.
Manara is now in the pre-planning stage of sales for phase two of the project, remarked its managing director Dr Hassan Al Bastaki.
"This outstanding success witnessed in phase one of the project indicates the effectiveness of all the plans laid down in the initiation of the project of which carries a new philosophy of industrial districts in the Muharraq Governorate as sub-developers are granted the luxury to invest on a permanent basis as opposed to temporary investments on leased properties that would potentially be abandoned at the end of the investment period," he remarked.
He said the second phase sale will begin somewhere in the middle of the year followed by the infrastructure works which will end in 2016.
"The phase I success has driven a number of interested buyers to purchase phase two industrial lots in the Murarraq Governorate," he added.
According to him, there has been a tremendous demand for “Investment Gateway – Bahrain” lots from pioneering companies in Bahrain.
Dr Al Bastaki confirmed that negotiations between “Manara” and the related governmental authorities are approaching their final stages in order to proceed with the necessary Infrastructure works for “Investment Gateway – Bahrain” targeting completion in 2016.
He pointed that the completion of the necessary infrastructure works will shape a new start for IGB and for the companies interested in setting their headquarters, exhibitions and undertaking various business activities.
A number of well-established companies such as Ebrahim Khalil Kanoo, Yousif Khalil Al Moayed & Sons, Montreal Auto, Ciramica Delmon and Bahrain Limo have purchased lots to operate and expand their businesses within the realm of Investment Gateway Bahrain, he added.-TradeArabia News Service