Manara project draws huge response at show
Manama, May 7, 2014
Bahrain-based Manara Developments has reported that the Phase 3 of its Wahat Al Muharraq project has received an overwhelming interest following its launch at the Gulf Property Show.
A big number of the residential villas offered at the exhibition have been sold and reserved within a record time, said a statement. The exhibition, which opened yesterday (May 6) will run till tomorrow (May 8) at the Bahrain International Exhibition and Convention Centre.
Manara Developments managing director Dr Hasan Al Bastaki said the company is proud of this accomplishment.
Dr Al Bastaki extended his gratitude to the Bahraini citizens who rushed to reserve phase three villas stating that the confidence that prospective owners have in Wahat Al Muharraq indicates the trust associated with the company and its projects.
A unique characteristic of phase three of Wahat Al Muharraq is that it falls within the framework of a strategic partnership between Manara and the Government of Bahrain aimed at social housing financing scheme and is supported by the Ministry of Housing and Al Eskan Bank.
Manara recently entered into a cooperation agreement with the Ministry of Housing to participate in the funding for Social Housing Financing Scheme as a gesture of its firm belief in the importance of contributing to social development with housing at the forefront, as well as creating a cooperative synergy between the private and public sectors, said the statement.
Phase three of Wahat Al Muharraq consists of 58 fully-attached villas that were designed to encompass the highest architectural and construction standards. As many as 41 are Moroccan design villas and 17 modern designed villas. All the villas fall within the range of affordable housing to serve middle to limited income households thus not exceeding BD120,000.
The phase three is located between the first and second phases where construction has started and expected to reach completion within 12 months. Meanwhile, 30 units of phase one have been completed and handed over, while most of the 139 phase two villas have been sold.
In addition to its residential projects, Manara also showcased its mega logistics project -Investment Gateway Bahrain. The project recently announced the launch of its second phase of sales, soon after the huge success of phase one of sales.
A number of well-established companies such as Ebrahim Khalil Kanoo, Yousif Khalil Almoayyed & Sons, Montreal Auto, Trafco Group, Ceramica Delmon and Bahrain Limo, in addition to Ramez Group, Yoko Marine Construction, Mohammed Ali Zainal (Maza) have taken plots in Investment Gateway - Bahrain as an operating base to expand their businesses. -TradeArabia News Service