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Al Mannai ... with a scale model of the project.

Bahraini property firm launches new project in Amwaj

MANAMA, April 16, 2015

Property and facility management firm Royal Ambassador has launched a new residential project at Amwaj Islands in Bahrain to capitalise on an upturn in interest for off-plan and pre-sale properties.

The 20-storey Ariva tower, costing $20 million, will have 89 apartments overlooking either the Lagoon or Amwaj, Eman Al Mannai, sales and business development general manager of the Bahraini firm, said at a press conference on the project.
 
The tower is being built by Kooheji Contractors, who are the property owners, with Royal Ambassador being the exclusive sales and management agent, said a report in the Gulf Daily News (GDN), our sister publication.
 
Prices start at BD650 ($1,712) per sq m, which means a 100-sq-m one-bedroom apartment will cost BD65,000 ($171,200).
 
One-, two- and three-bedroom apartments are on offer, and the most expensive three-bedroom unit will cost BD150,000 ($397,900), she said.
 
Amenities include a fully equipped health club, sauna, jacuzzi and steam room and an infinity pool.
Piling work on the project has begun and it is expected to be completed by mid-2017.
 
Al Mannai said the Royal Ambassador would function as a one-stop shop for the project, offering buyers interest-free finance for two years, property management, listings for rental and liaison with government agency for legal and regulatory procedures.
 
"We guarantee rental returns of eight to 10 per cent a year on all our properties," she said.
 
On the choice of Amwaj Islands off the northern coast of Muharraq island as the location for the project, Al Mannai said the company had so far focused on Juffair which has peaked and interest was shifting to island living and open spaces offered by Amwaj.
 
Muharraq and its surroundings have seen improvements in development and infrastructure in the past few years with the construction of new roads, bridges and access roads in and out of vital areas.
 
"Many people ignore these positive aspects of Bahrain and only concentrate on the negatives, but the reality is that Bahrain is and will always be an attractive destination for investments and a strategic choice for many investors."
 
Increased stability and buoyant demand for luxury lifestyle residential properties are driving growth in Bahrain's real estate market, said the report.
 
According to Al Mannai, there has been a 30 to 35 per cent appreciation in prime property value over the last two years.
 
According to her, the number of developments and government partnerships in the housing sector is set to increase in response to the "tremendous shortage of homes for low- to middle-income Bahrainis."
 
It is expected to deliver further investment opportunities to the broader market.
 
Royal Ambassador has a substantial land bank in Seef District, which would be the next focus area for the company, she said. - TradeArabia News Service



Tags: Bahrain | property | Sales | project | launch | new | Ambassador | Royal |

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