Manara sees Bahrain project success
Manama, December 10, 2011
Bahrain-based Manara Developments said its 'Tubli Gardens' development project is proceeding ahead of schedule with more than 70 per cent of the work completed in the first phase.
A leading real estate development company, Manara is a joint venture between Al Salam Bank - Bahrain and its strategic partners.
Commenting on the success, Manara managing director Dr Hassan Al Bastaki said, “Despite the rising challenges, we were able to work together with the contracting company commissioned to execute the project to overcome these challenges in order for us to deliver the villa’s as agreed with the home owners as per our initial agreed delivery dates.”
Dr Al Bastaki pointed out that hard work and commitment to the highest quality, both in the selection of raw materials and finishing were “at the heart of our work on the project”.
The construction plan aims to build all 27 villas in parallel in order to deliver them within the same timeframe.
'Work is now underway to complete the first stage of our residential project, in order to move to the next planned stages, especially after the overwhelming responses from the market to Manara projects,' added Dr Al Bastaki.
Manara, he said, is currently planning the details of phase two and three of the same project, at a cost of BD3 million ($8 million).
According to him, 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.
The villa consists of three bedrooms, an inside and outside kitchen, two bathrooms, and two living rooms, maid’s room, in addition to a garage with a capacity of two cars, and space to construct a backyard swimming pool.
Dr Al Bastaki said Manara was committed to provide key housing solutions that are compatible with a wider income bracket within the population.
'This has been harnessed with undoubtedly positive indicators encouraging property investment and ownership in Bahrain, especially considering Eskan Bank’s recent announcement to raise the borrowing ceiling for housing up to BD60,000 to its beneficiaries,' he stated.
'Notwithstanding the competitive prices being offered on housing units, this indicates that now is a major opportunity for families looking to own housing,' he added.-TradeArabia News Service
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna