Bahrain-based real estate company Abaad started sales of its first residential project in Bahrain, Banan Saar Villas, on Tuesday.

The BD11 million ($29.2 million) project was launched at a ceremony held at the Ritz Carlton Bahrain Hotel and Spa, said a report in our sister publication, the Gulf Daily News.

Abaad, established in the first quarter of last year with a paid-up capital of BD25 million, is 100 per cent owned by Bahrain Islamic Bank.

'Banan Saar is a support to our achievements, and a proof of Abaad's commitment, quality and professionalism,' said Abaad Real Estate Company chief executive officer Ahmed Yusuf.

'Banan will be the signature for all the residential projects Abaad will develop locally and internationally.'

The residential project will be built in two phases covering a land area of more than 27,000 square metres, said Yusuf.

'Phase one will consist of 35 villas, while phase two will consist of 22 villas, designed to offer a luxurious lifestyle surrounded by a harmonious and serene environment,' he added.

'Phase one will cost BD11 million and will be completed by the end of next year.'

Three types of villas are being built, and their costs range from BD270,000 to BD460,000.

Al Ghana is the main contractor, while East Arabian Bureau is the consultant.

The third phase will include the construction of 90 villas in Sanad, said Yusuf. - TradeArabia News Service