Bahrain project to cash in on demand for affordable houses
Manama, March 31, 2014
A new residential project valued at BD28.5 million ($75.5 million) is banking on rising demand for affordable housing and a revival in the local real estate market, said a report.
Dadabhai Development and Properties Management Company's 28 and 29-storey Juffair Heights twin-towers have 376 one and two-bedroom units on offer targeted at the medium-end of the market.
Speaking during a Press conference yesterday at the Elite Resort and Spa, Muharraq, the company's managing director Shabeer Dadabhai said the freehold towers had been designed keeping in mind the requirements of this segment of population, particularly families.
"Construction is underway and the apartments would be ready for occupation by the third quarter of 2016," he added.
"We are offering potential home buyers the flexibility of combining the one- and two-bedroom apartments into larger three and four bedroom units.
"Four levels of parking is one of the significant features of the 55,362 square feet development.
"The pricing has been kept affordable starting at BD50,000 for a one-bedroom (86.6 sqm) unit to BD65,000 for a two-bedroom (112.17 sq m) unit," stated Dadabhai.
Facilities included are pools for adults and children, gymnasiums for ladies and gents, indoor and outdoor play areas for children, recreation rooms, in-house theatres, jogging and cycling tracks at the podium level, landscaped areas with pergolas and walking bridges, virtual reality golf and double height reception areas.
Project sales consultants Pegasus Real Estate managing director Aziz Mithaiwala said they had noted a revival in real estate development and investment during the last six months, particularly in areas like Juffair, which has several upcoming projects.
He said bookings were opened yesterday and sample apartments were ready for viewing.
According to him, the project was a good opportunity for investors also with 10-15 per cent appreciation in property value expected in the medium term.
"Pegasus is offering home buyers fixed net returns of 7 per cent per annum."
The company is finalising financing deals with BBK and Khaleeji Commercial Bank with details on the terms to be announced shortly, he said.
"We are also keen to partner with Eskan Bank for the government's affordable housing scheme."
Pegasus has earlier been involved in the marketing of the Abraaj Al Lulu triple towers in Manama, Juffair Skyview in Juffair and the commercial Platinum Tower in Seef.-TradeArabia News Service