Manara sees Bahrain project on track
Manama, June 4, 2011
Manara Developments, a Bahrain-based real estate development company, said construction at its “Tubli Gardens” project was proceeding ahead of schedule with over 35 per cent work completed in the first phase.
Confirming this, Manara Developments managing director Dr. Hasan Al-Bastaki said, 'We affirm our commitment before all our stakeholders to carrying out “Tubli Gardens” development plan which has taken a considerable leap forward so far.
Manara recently sent the first project progress report to its clients, showing the stages of five layers of reclamation of the site, insulation fitting, lying of foundations, laying down the ground floor and finally laying the roof slaps of the ground floor, he stated.
The project plan, he said, will include the construction of the 27 villas at once bringing the project through phase one.
Dr Al-Bastaki also revealed that positive indicators at the start of phase one of “Tubli Gardens” encouraged the company to start planning for phases two and three of the project which worth approximately BD3 million.
The company had recently signed an agreement with Eskan Bank aiming to entitle Bahraini beneficiaries of housing loans to own properties in the “Tubli Gardens” project.
As part of this agreement Bahrainis benefiting from housing loans and Eskan Bank commercial loans could purchase property with the option to repay in installments depending on the building phases as per an agreement between the three parties.
Prices for these units will start from BD89,000 depending on the specifications ordered by customers which suit their financing plans.
Customers will also have the option of seeking additional finance from Bahrain Saudi Bank, which is an affiliate of Manara Developments, without the need for depositing more collateral by the depositor with Eskan Bank for this extra finance.
Dr Al-Bastaki said the major factors that led to “Tubli Gardens’ “ success were its family orientated designs, distinguished location, quality construction and finishing, and most importantly; competitive pricing.
Tubli Garden’s project consists of two design options, the first called 'Typical villas, which are semi-detached with the adjacent villas, while there are bigger villas which are called “Corner villas.”
The Tubli Garden’s project conformed to modern designs catering for family privacy requirements in addition to modern energy conservation designs to allow for natural lighting inside the villas, he added.-TradeArabia News Service
More Construction & Real Estate Stories
- Bahrain halts digging at housing project site
- Strike won't affect projects says Arabtec
- Bahrain cuts new property registration cost
- IPIC to use $4bn pipeline payment to repay debt
- MMG appoints advisor for debt restructuring
- Dar Al Arkan to sell benchmark-sized sukuk
- Bahrain plans $52m spend on infrastructure
- Bahrain launches massive homes revamp
- Arabtec workers stage rare strike
- Schneider Electric unveils new solar products