Ahad Holdings has officially launched the prestigious $100 million freehold development Le Reef.

The event held at the Ritz-Carlton Bahrain Hotel and Spa was hosted by Ahad Holdings chief executive officer Hamid Nishat and chairwoman Ameena Hamid Nishat.

Le Reef's East and West Towers at the Reef Island was inaugurated by BBK chief executive officer Abdul Kareem Bucheery as he unveiled the model of the project.

The Le Reef residential project reflects an exclusive world class development in a gated community, said Nishat.

'Ahad Holdings is venturing into property development industry with Le Reef - an exquisite world class development,' he said.

'The start of the construction on the project sets a milestone for the company.

'Potential buyers and investors can witness the constructed phases of the development, which will create a confidence in the project and secure the end user and investor.

'We commit to delivering a highly prestigious residential address in the Reef Island.'

'We are delighted to be associated with Ahad Holdings to facilitate the project,' said Bucheery.

'The progress of construction on the project has created remarkable impact in the real estate sector.'

Real estate company Landmark Bahrain is the sales and marketing agent for Le Reef to facilitate the sales of its freehold units.

Le Reef offers an attractive investment rationale and an opportunity to be a part of the world-class community, said Landmark Bahrain director Mohammed Younis Shafi.

'We are honoured to be associated with the impressive developers and involved with this prestigious project which has an intrinsic appeal in itself,' said Shafi.

'Attractive payment plan, buyback warranty, pre approved mortgage finance from BBK and Bahrain Islamic Bank are the benefits which can be availed by potential buyers.

'Le Reef is located directly by the sea in a gated community with abundant amenities.

'The development constitutes of two low-rise towers of 10-storey each, with 142 residential apartments and two exclusive penthouses.

'The prime location and the innovative design concept of Le Reef make it a distinguished project on the Reef Island.'

The project claims to be different from other similar residential projects in Bahrain with smartly designed apartments with sea and lagoon views; latest automation systems, designer kitchens, and sanitary fittings of high quality; multiple choice of interiors reflecting Eastern and Western style and advanced security features.

The wide array of amenities provided include a five-star hotel, marina and yacht club, an aquarium, a well-care centre, shopping mall and multi-function exhibition centre.

Seventy percent of the project's land area will have lush gardens and boardwalk, large seafront swimming pool, hi-tech gymnasium and a coffee lounge.

The East and West Towers will also have a penthouse each with 360 degree views covering an area of 1000 square metres.

Prospective buyers can pay a down payment of 10 per cent, followed by monthly instalments of 2.5 per cent and the final payment of 45 per cent upon completion.

The project's interior design consultant is Mohamed Salahuddin Consulting Engineering Bureau (MSCEB), civil consultant Al Jazeera Engineering and the main contractor is Al Sharooq Contracting.

The construction work is scheduled to be completed by end of 2010.-TradeArabia News Service