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Dr Al Bastaki (inset) ... offering diverse and unique investments opportunities in Bahrain.

Manara unveils key projects at Gulf Property Show

MANAMA, April 26, 2016

Bahrain-based Manara Developments Company showcased three of its major residential projects - including Hasabi, a large mix-use project uniquely situated in the south of the country with charming sea views and constructed to the latest construction standards - at the Gulf Property Show which opened today (April 26) in Bahrain.

This, along with the company's other two projects - 'Wahati' and 'Kenaz Al Bahrain', - managed to reach out to visitors comprising executives, developers, realtors, and clients on the show's opening day at the Bahrain International Exhibition and Convention Centre.  

The three-day event was inaugurated by His Royal Highness Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain.

On the investment front, Manara said it offers the last phase of sales for land plots in the Investment Gateway- Bahrain project of which is dedicated to light industry activities.  

As for the “Hasabi” project that was showcased at the company's stand, Manara had presented a large model of the project as well as catalogues of the mix-use project.

The “Hasabi” project hosts units with sea front views, each with its own private jetty, while the project also accommodates for retail shops, cafes and restaurants at the waterfront to accommodate for the daily requirements of the households residing in these villas.

The project also offers a wide range of water facilities in addition to multi-storey three- and four-floor residential buildings. The company had appointed its main contractor to undergo the waterway and land reclamation works in preparation to offer unit sales in the first quarter of 2017, it stated.

The “Kenaz Al Bahrain” seeks to accommodate the common trend of modern families towards vertical expansion, designed as per the latest design and construction standards.

The project consists of eight modern design buildings comprising four floors with two apartments in each floor thus totaling 64 apartments alongside a group of facilities designed to achieve economic and social sustainability of which are crucial in modern residential establishments.

Each apartment boasts of three bedrooms, a spacious kitchen, in addition to an open living room, three bathrooms and a maids room, in addition to car parking facilities, which are being carefully designed to fulfill the needs of modern Bahraini families. The project is nearing 50 per cent completion.

On the investment front, managing director Dr Hasan Al Bastaki said: "The company is keen on undertaking an active role in real estate development through the provision of appropriate offerings while proactively responding to the ever-changing trends of supply and demand of the real estate industry."

He also noted that “the company offers diverse and unique investments opportunities, at this year's event with the launch of new offerings at “Investment Gateway-Bahrain” located in Muharraq area of the kingdom.

The move is aimed at setting up enterprise-oriented projects dedicated to light and commercial industrial establishments, as it offers plots for sale rather than limited-period leasing "where the buyers enjoy the freedom to develop the land as they find most appropriate to the business."

Dr Al Bastaki said: "The success witnessed in the previous sales phases of the project relied heavily on the ease of economic accessibility to the thriving economies of the GCC region, and the availability of sophisticated land, sea, and air transport means between ports and airports, notwithstanding logistics zones in multiple locations around the Gulf, and ongoing programs to uplift and improve the region’s infrastructure, and Bahrain’s trade alliances with over 60 countries worldwide thus promoting an open trading environment within the Kingdom."

The project, which is expected to reach completion of its infrastructure works in the second half of this year, will offer industrial and commercial plots for office and showroom space, as well as warehouse space, as per the requirements of commercial and industrial service companies in Bahrain, and the governorate of Muharraq in Particular.

Dr Al Bastaki said the significance of the “Investment Gateway – Bahrain” project represents one of the major steps towards attracting and stimulated investments into the kingdom, with a particular emphasis on foreign direct investment.

"A feature that will characterize this project, and the Kingdom of Bahrain as a whole into a prime investment centre to a multiplicity of multinational light industry and logistical establishments choosing the Kingdom of Bahrain as an ideal choice to set up their regional branches," he noted.

Moving back to the residential projects, the company had showcased the “Kenaz Al Bahrain” Project that seeks to accommodate the common trend of modern families towards vertical expansion, designed as per the latest design and construction standards.

While the “Kenaz Al Bahrain” project compliments Manara’s residential projects, “Tubli Gardens” and “Wahat Al Muharraq”, it also represents a significant addition to Manara’s ambition to play a leading role in co-operation and partnership with the public and private sector and in line with its commitment to achieving public housing development and the Kingdom’s strategies and efforts for national housing support at affordable cost and to meet the needs of modern families thus achieving social stability and sustainability.

In addition, Manara also maintained within all its projects to achieve construction and design standards that are environmentally friendly within a cost that is appropriate for the majority of young families.

As for the third project that received significant interest from the exhibition visitors is “Wahati” that Dr Al Bastaki described as "designed specifically to meet the requirements of the social housing scheme launched by the Ministry of Housing three years ago."

The sales will commence within the first three months for those prospective buyers currently on the Ministry of Housing’s waiting list and entitled to benefit from the “Social Housing Scheme” home financing program.

“Wahati”, a sub-project of the “Wahat Al Muharraq - which was initially introduced over three phases since 2011 - comprises nine apartment buildings with several key eminities for the residents including a children’s playground, a Majlis, in addition to a large hall for various activities.

Each of these residential units are being offered at the expo at a special price of BD68,100 ($179,149).

Manara said it was amongst the first to establish joint co-operation with the Ministry of Housing in 2013 to instate itself as a trusted developer to meet the Ministry’s standards set out to public housing projects aimed to serve the needs of those eligible households, where Al Salam Bank – Bahrain is one of the participating banks offering financing solutions for prospective buyers, in addition the other Ministry-endorsed financial institutions participating in this initiative.-TradeArabia News Service




Tags: Bahrain | Projects | Manara | Gulf Property Show |

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