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An artist's view of Naseej's PPP affordable housing project(inset) Mohammed Khalil Alsayed

Naseej project completes key phase one sale

Manama, May 7, 2014

Bahrain developer Naseej said its affordable housing public private partnership (PPP) project has finished the tier one phase of sales of the 367 homes being developed.

The company's board member and managing director Mohammed Khalil Alsayed told the Gulf Daily News, our sister publication, yesterday that it is the first affordable housing PPP in the GCC region to come to fruition.

He was speaking on the sidelines of the company's participation in the Gulf Property Show.

"In the tier one stage which has concluded, all the housing units were offered for sale to people on the Housing Ministry's list," stated Alsayed.

"We have started tier two and are now offering the unsold units to Bahraini families with an income of less than BD2,000 ($5277) per month.

"On July 10, we will enter into tier three, when the remaining units will be available for sale to any Bahraini regardless of income," he added.

"In the final tier, the unsold units will be offered to non-Bahrainis too." Each tier lasts for three months.

Two kinds of houses are being built, with apartments starting at BD46,000 and villas starting at BD96,000, he said.

Cebarco Bahrain, Chase Manara and Terna are the three contractors undertaking works on different sites of the project.

Cebarco Bahrain will undertake works in Al Madina Al Shamaliya Island 13, Chase Manara will be responsible for developing Al Madina Al Shamaliya Island 14 and Terna Contracting will be responsible for the works in Al Luwzi site.

"They have already mobilised project teams on-site and the first phase of units are expected to be delivered by June 2016, and the other phases by 2017," he said.

"We have spent the last few months getting approvals from government authorities and have also been doing detailed design studies," he added.

Following the signing of the project agreement with the Housing Ministry in January 2012, Naseej incorporated a wholly-owned project company, Sharaka for Housing Projects Company, to execute the project.

The consortium of international and local consultants include Ithmaar Development Company as the development manager, Hill International as the project management consultant, AECOM as the master planners, housing units design consultants and landscape design consultants, Ansari Engineering Services as housing units design consultants with AECOM, Scott Wilson with Ansari Engineering Services as infrastructure design consultants, Davis Langdon as the cost consultants and Olive VFM as the facilities manager.

In October last year, Naseej announced the finalisation of funding with Ithmaar Bank for the $450 million project.-TradeArabia News Service

Tags: Bahrain | project | Homes | Naseej |

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