Amlak, the real estate investment arm and a wholly-owned subsidiary of the Social Insurance Organization (SIO), has awarded a key construction contract to Yousif Al Zayani Trading & Contracting Company for its upcoming residential project ‘The Sixty Six’.

Aimed for completion by mid-2018, The Sixty Six will boast a modern six-storey residential building that includes fully-furnished apartments and a luxury recreational floor with a swimming pool, gymnasium and multipurpose room, said a statement from the company.

The project, located in the Um Al Hassam area of Bahrain, is easily accessible through the Shaikh Isa bin Salman Highway and Sitra Bridge, it stated.

The Sixty Six will be developed in close collaboration with Gulf House Engineering Company, said Mohamed Abdulelah Alkooheji, the chief executive of Amlak, after signing the deal with Ahmed Yousif Al Zayani.

It will provide 66 fully furnished apartments of various sizes, ranging from one-bedroom to two- and three-bedroom units, with the sixth floor consisting distinctly of three-bedroom apartments.

“Amlak aims to fuel the growth of its portfolio through a balanced investment strategy founded on a stern governance model and investment management framework," remarked its chairman Abdulrahman Yusuf bin Yusuf Fakhro.
 
"We are confident that The Sixty Six will further strengthen Amlak's assets," he stated.

“Amlak has taken steady steps towards prosperity by developing its investments and we have recently announced our upcoming projects which includes a number of residential and multi-purpose projects,” he added.

Alkooheji said the announcement of The Sixty Six project will positively impact the growth of SIO’s investments and increase Amlak’s value creation by enhancing our ability to generate profits.

“Other than building investment opportunities, Amlak will be evaluating current properties and devising a development plan to boost property values,” he added.

Commenting on the contract win, Al Zayani said: "We are pleased to have been awarded this prestigious contract. The Sixty Six is an innovative project and we are proud to be selected as the company that will develop this project which will further drive Bahrain’s real estate market."

Amlak, a development company with a focused strategy, aims to deliver real benefits and financial security to Bahrainis and the society at large.

The company aims to manage and develop long-term investing and sustainable growth for SIO’s real estate portfolio through a dedicated team of experts.-TradeArabia News Service