Bahrain residential project in big demand
Manama, May 15, 2014
A new residential project being developed by a unit of Bahrain-based RM Kooheji & Sons, in Juffair area of the kingdom is the latest sign of renewed momentum in real estate activity in Bahrain.
RMK Projects, a division of RM Kooheji & Sons, yesterday opened bookings for apartments in its freehold residential tower Nasmah West, with more than half of the apartments already sold, reported the Gulf Daily News, our sister publication.
The project value is estimated at $25 million, RM Kooheji & Sons president and chief executive Ishaq Kooheji said.
The 25-storey Nasmah West Tower will have 124 two-bedroom apartments starting at BD44,000 ($116,110).
"We are seeing a lot of interest from investors, local, GCC and international which has positive ramifications for the kingdom's real estate landscape," he said.
Facilities include a roof-top swimming pool, fully equipped fitness centre, squash court and party hall as well as advanced security management systems and 24-hour security. Also there will be four levels of enclosed parking.
Two types of units are on offer - The Nest apartments and The Oyster apartments.
The Nest apartments are 115 sq m units with a living/dining room, two bedrooms, two bathrooms and a kitchen. It also has a private balcony and additional storage space.
The Oyster apartments are 107 sq m units with a living/dining room, two bedrooms, two bathrooms and a kitchen, along with a private balcony and extra storage space.
"We have already started piling work on the site and expect the tower to be ready within two years," revealed Kooheji.
"Contractors for the construction and other works will be announced shortly after the tenders are awarded," he added.
According to Kooheji, the company expects to replicate the success of its first project, Nasmah, which was sold out in record time.
The developer has already reached an agreement with Ithmaar Bank for mortgage financing and some more banks were expected to join soon. "I think this is the right time to invest as prices are still low but with an expected rise in construction costs, these low prices will not last," he added.
Dubai-based Pyramid Specialised Management Consulting managing director R Lakshmanan said real estate transactions in Bahrain have increased by more 25 per cent since last year and many projects stalled for three-four years have resumed in response to pent-up demand.
"A lot of investors have made 50 per cent returns on their investments in the last six months and we are seeing rentals and land prices shoot up specially in areas like Juffair and Amwaj," he added.-TradeArabia News Service