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