Shaikh Khalid bin Abdullah, who opened the Manara Development Company’s two housing projects at City Centre on Saturday, said that speeding up the process of accomplishing the development projects and increase its benefits for all would be only possible through PPP model.
He said that Manarah Development Company was a wonderful example for this type of positive cooperation that contributes in achieving housing plans being adopted by the country.
He was speaking during the launch of two housing projects at the marketing centre of Manarah Company located at City Centre in presences of several ministers and senior officials from the real estate and construction sector.
He stressed that the company was one of the pioneers in housing solutions and fulfill the needs of people with regards to housing facilities. He also hailed the presentation made by the company’s marketing team.
The Chairman of the board of Manara Developments Yousif Taqi on behalf of the company extended his appreciation to Shaikh Khalid bin Abdulla Al Khalifa, for inaugurating the two housing projects.
“The attention and support paid by the Deputy Premier comes as no surprise, as an extension of the government’s one of many efforts to consolidate cooperation between the private and the public sector. This care and support will enable us to take continuous leaps forward to seek innovative solutions that would establish our solid contributions to housing in the Kingdom of Bahrain, particularly catering to the limited to middle income groups.”
“The real estate sector is amongst the liveliest and most prominent sectors in Bahrain, and we are keen to offer innovative real estate solutions to fuel the liveliness of this sector,” he said.
“We are committed to our plans which position us as prominent industry leaders, and housing solutions providers, mainly catering for limited income groups in the Kingdom. And considering the current support received by the government of Bahrain, we are certain to be fulfilling our objectives,” he said.
Managing Director of Manara Developments, Dr. Hassan Al-Bastaki said that Janayin Al-Hamala which has been launched on the day of the opening would begin its first phase of 148 villas, 20 of which are individual villas, and 72 semi-connected villas and 56 fully connected villas.
“The individual villas, they consist of a front and back yard, three bedrooms, one of which is a master bedroom, and a second level living room which can be converted to a fourth bedroom, an external and internal kitchen, two car parks, and space to construct a swimming pool. The roofs of the villas were designed to allow for an extra level to be constructed, as the foundations were enforced to sustain the bottom level and two additional levels on top. Prices for the connected villas start from BD78.9 thousand, semi-connected starting from BD92000, and individual villas from BD 126000.
“Janayin Al-Hamala in its different phases will hold hundreds of housing units containing all three categories. Upon the completion of the project, the site will contain a wide variety of services, such as shopping districts, schools, clinics, and mosques. These infrastructure developments will be completed accordingly to ensure that homeowners receive their villas with a complete range of services close by.
“Janayin Al-Hamala is expected to generate great interest amongst perspective buyers as the development enjoys the highest level of quality in all phases and modern designs.”
The development covers a total of 31.676000 square meters, costing approximately BD13.5 million and will begin work next March 2012 and would complete first phase in March 2014.
Dr. Al-Bastaki also confirmed that the units would be positioned as the ideal choice for modern Bahraini families, especially with the recent government announcement to raise the borrowing ceiling to BD 60,000. Beneficiaries of these government loans are given the opportunity to own modern housing units at low cost borrowing to fulfill one of the major necessities of life.
“A special promotional discount will be offered to the first 15 applicants looking to reserve and purchase units from each of our projects at the temporary center at the Bahrain City Center Complex.
The company had recently launched an agreement with Eskan Bank aiming to entitle beneficiaries of housing loans to own properties in Wahat Al-Muharraq. As part of this agreement, Bahrainis benefiting from Government housing loans and Eskan Bank commercial loans could purchase property with the option of repayment in instalments depending on the building phases as per an agreement between the three parties.