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Shaikh Khalid along with other officials at the launch ceremony.

Diyar Al Muharraq breaks ground on key housing project

DUBAI, June 16, 2016

Diyar Al Muharraq, one of the leading urban developers in Bahrain, has broken ground on its new residential community project ‘Deerat Al Oyoun’.

The launch comes following the signing of a BD276-million ($726 million) agreement last year with Diyar Al Muharraq under which the housing minstry is committed to purchasing 3,100 residential units from the Bahraini developer to be enrolled in the ministry’s social housing programme.

The ceremony was held under the patronage of Shaikh Khalid bin Abdulla Al Khalifa, the Deputy Prime Minister and chairman of the Ministerial Committee for Construction and Infrastructure.

It was attended by Minister of Housing Basim Al Hamer and other top government officials along with Diyar Al Muharraq chairman Abdul Hakeem Al Khayat and CEO Dr Maher Al Shaer.

An ambitious residential project under the umbrella of the Ministry of Housing, the ‘Deerat Al Oyoun’ community will set aside a land area of 1.2 million sq m on the south side of Diyar Al Muharraq for its housing units.

The project’s site is considered an ideal residential area with integrated community service centres and green park spaces. Besides, it also enjoys a strategic position due to its proximity to schools, shopping malls, public beaches, walkways, cycle paths, recreational facilities, mosques, medical clinics, public transport and the Bahrain International Airport.

The project will add 3,100 new units to Bahrain’s social housing capacity by the end of 2018.

Commenting on the venture, Shaikh Khalid said: "The launch today marks the culmination of the efforts exerted into developing a strategic framework between the public and private sector paving the way for greater co-operation between both sectors in developing real estate projects."

"Our main aim is to solve and tackle the issue of housing in Bahrain by providing suitable and convenient housing solutions for Bahrainis," he noted.

The residential units of ‘Deerat Al Oyoun’ will be offered for sale under the social housing programme at a cost dictated by the financing granted by the participating banks.

Diyar Al Muharraq said the project will be constructed according to the standards and technical specifications applied by the ministry and will include all the related infrastructure and necessary utilities and community service centres.

Bahraini citizens registered on the ministry’s waiting list who have satisfied all the qualifying conditions, will be eligible to purchase a residential unit in the project with financial assistance from both the participating banks and the government in terms of subsidised monthly instalments, it stated.

The residences will be constructed to the highest specifications to include thermal insulation, large living areas to allow the flow of natural light, car park space for two cars and provisions for future expansions.
The overall design of the project has been inspired by the Bahraini neighbourhood and aims to establish a close-knit community whilst maintaining the expected level of privacy.

Diyar Al Muharraq will undertake financing of all construction works for the project as well as the associated primary and secondary infrastructure and community centres with the support of Kuwait Finance House (Bahrain), a key shareholder in the project.

Diyar Al Muharraq is a unique masterplanned city offering a range of housing options and quality lifestyle. It offers a cohesive mix of residential and commercial properties with a strong line-up of projects aimed at creating a long-term and sophisticated township.-TradeArabia News Service

Tags: Bahrain | Ministry | Diyar al Muharraq | Residential project |

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