Naseej launches tier three of key project in Bahrain
Manama, July 11, 2014
Bahrain-based developer Naseej has launched the sales of tier three of the Al Madina Al Shamaliya (North Bahrain New Town) housing development.
This new community offers Bahrainis exceptional value in terms of the location (beachfront setting), quality of construction (built by Cebarco), size (spacious living) and cost (affordable prices), said a report in the Gulf Daily News (GDN), our sister publication.
It forms part of Bahrain's ground-breaking social and affordable housing public-private-partnership (PPP) between the Housing Ministry and Naseej.
Valued at over $450 million and involving the development of 2,800 social and affordable homes for Bahraini citizens at Al Madina Al Shamaliya and Al Luwzi, the PPP is a first for the kingdom, and also the first of its kind in the GCC.
The third tier launched yesterday is open to all Bahrainis, regardless of income level.
Under the terms of the PPP agreement, it complements the first tier for ministry applicants and the second tier for Bahraini families with a total household income of BD2,000 ($5,276) or less and from now onwards it is open to all Bahrainis.
Located off the north-west coast of Manama, this new community will provide 367 new high-quality affordable homes.
Tier three will offer Bahraini families the opportunity to purchase villas, town houses or apartments in a peaceful island setting.
All properties will enjoy a sea view, waterside or beachfront location, together with a complete range of local amenities.
Properties will be constructed by Cebarco, offering quality homes and amenities to suit today's living aspirations.
The beachfront homes are offered as four-bedroom townhouses and three-bedroom villas.
The four-bedroom townhouses start at BD96,000 with a built-up area of 235 sqm on a plot measuring 189 sqm.
The three-bedroom villas have a built-up area of 208 sqm built on plots starting at 266 sqm and at a price of BD107,000.
This community also includes two-, three- and four-bedroom apartment units ranging from 117 to 235 sqm, with prices starting from under BD44,800.
In total, there are 165 villas and 202 housing units within the project.
"We are committed to helping Bahraini families in varying income brackets to enjoy the benefits of home ownership," Naseej board member and managing director Mohammed Khalil Alsayed said.
"We are offering quality homes in a beachfront island setting at exceptional value for money.
"The exceptionally low prices of properties in the third tier of the Al Madina Al Shamaliya housing project will enable Bahrainis to develop a nest egg through building equity in a tangible asset of their own.
"Significantly, the cost of a mortgage for a young family will equate to their current rent payment, making home ownership an affordable reality and considering the option to owning rather than having to pay rent," he added.
According to him, the new island community offers a unique combination of affordable pricing, spacious accommodation and privacy and the opportunity to live by the beach in a peaceful and non-congested location.
"In addition, the proposed new coastal road to the Seef district and downtown Manama will provide convenient accessibility to shopping malls and offices," he added.
Alsayed re-affirmed the commitment of Naseej to providing affordable housing for all Bahraini families and continuing to support the national economy.
"This commitment is in line with the principles on which Naseej was founded," he said.
"We wholeheartedly support the government's initiatives to promote greater participation in the national economy by the private sector - including property developers, contractors, financial institutions and suppliers - to help reduce the waiting time for homes by thousands of Bahraini citizens," he added.
A sales office for tier three of the housing development has been set up in Seef Mall. - TradeArabia News Service