Bahrain-based Manara Developments said it is set to hand over all the units in the third phase of its Wahat Al Muharraq residential project by the third week of October.
All the 227 housing units valued at over BD25 million ($66 million) will be delivered as per schedule this month, said a senior official.
Phase Three of Wahat Al Muharraq comprises 58 attached villas that were designed to encompass the highest architectural and construction standards, of which 41 were Moroccan-inspired designs and 17 modern designed villas.
All of these units fall within the range of affordable housing to serve middle to limited income households, thus not exceeding BD120,000 ($315,889).
Announcing the future plan, Dr Hasan Al Bastaki, the managing director, said 70 per cent of the housing units in the Phase Two had already been handed over to their owners and Manara was in the process of handing over the remaining homes.
Dr Hasan pointed out that the timely handover of units demonstrated Manara’s strong commitment to meeting its implementation schedules and preset timelines.
"These projects are mainly directed towards funding programmes for social housing as agreed with Bahrain's Ministry of Housing and the local lender Eskan Bank. Moreover, we are conscious of the importance of eligible citizens receiving funding for housing units in a timely manner, as a suitable living space plays a crucial role towards the stability of the modern Bahraini family," he added.
According to him, Manara was amongst the first partners who entered an agreement with the Ministry of Housing in 2013 to be an authorised developer that meets the ministry’s standards in social housing programmes, and as an ideal choice for Bahraini national beneficiaries, with Al Salam Bank as a financing body for prospective homeowners.
Dr Al Bastaki said: "These units were well received upon launching them into the market, mainly due to Manara’s aim to create the ideal choice for modern Bahraini families looking for high quality construction and eco-friendly specifications to meet their needs, notwithstanding the affordable pricing and its reputation built over the years."-TradeArabia News Service
