Manara sees big project villa success
Manama, March 2, 2014
Bahrain-based Manara Developments has announced that more than 80 per cent of the second phase of its 'Wahat Al Muharraq' villas project have been sold out in record time.
The second phase features 139 villas, of which 38 are attached, 77 are semi-attached, and 24 are detached, said a statement from the Bahraini developer.
It is a continuation of the direction taken by Manara to reinstate its position at the forefront of affordable residential property developers in the market that meets the requirements of Bahraini families in terms of modern interior and exterior designs with a close eye directed towards environmentally cautious construction, it stated.
Managing director Dr Hasan Al Bastaki pointed out that the demand for the Wahat Al-Muharraq villas was mainly due to its competitive pricing, unique designs, quality of construction and commitment to project delivery dates.
The project was opened with show villas being displayed in the first week of July last year.
Dr Al Bastaki said that construction work was ongoing and the project was 70 per cent complete. The 139 villas would be delivered as per the preset delivery schedule.
According to him, all phase one units of Wahat Al Muharraq, comprising 30 villas, have been handed over to the owners. "The success of phase one encouraged the company to start phase two which is more than three times the size of the previous phase," he stated.
Dr Al Bastaki said the launch of the third phase of Wahat Al Muharraq project will be announced in the near future after the design layouts were completed.
For the 'Wahat Al Muharraq project, the company has tied up with Eskan Bank aiming to entitle beneficiaries of housing loans.
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 instalments depending on the building phases as per an agreement between the three parties.-TradeArabia News Service