Phase three of the Wahat Al Muharraq project achieved overwhelming interest on the first two days of launching it at the “Manara” stand at the Gulf Property Show held from the 6th to the 8th of this month with big number of the residential villas offered at the exhibition been sold and reserved within record timing.
Managing Director of “Manara Developments” Dr. Hasan Al Bastaki said that: “Manara”, the leading real estate development company based in the Kingdom of Bahrain, is proud of this accomplishment in phase three of Wahat Al Muharraq, since day one, and soon after the success witnessed in the preceding first and second phases of which laid the foundations for more success in phase three of the project.
Dr. Al Bastaki extended his gratitude to the Bahraini citizens who rushed to reserve phase three villas stating that: “The confidence that prospective owners have in Wahat Al Muharraq, and any other development project under Manara’s portfolio indicates the high trust associated with the company and its projects, a trust which we take great pride in to motivate us to strive towards maintaining our excellence and retaining our position as a leading company in the field”.
He added: “A unique characteristic of phase three of Wahat Al Muharraq is that it falls within the framework of a strategic partnership between “Manara” and the Government of the Kingdom of Bahrain aimed at Social Housing financing Scheme, and supported by the Ministry of Housing and Al Eskan Bank with a number of leading development companies and financial institutions with “Manara” at the forefront.
“Manara” had recently entered into a cooperation agreement with the Ministry of Housing to participate in the funding for Social Housing Financing Scheme as a gesture of its firm belief of the importance of participating in the sectors that contribute to social development with housing at the forefront, as well as creating a cooperative synergy between the private and public sectors to aid with Bahraini nationals’ access to adequate housing through the appropriate financing facilities in order to eliminate the current waiting list of which reaches 50k applicants to date.
Phase three of Wahat Al Muharraq consists of 58 fully-attached villas that were designed to encompass the highest architectural and construction standards of which 41 were Moroccan designs and 17 modern designed villas. All of which fall within the range of affordable housing to serve middle to limited income households thus not exceeding 120 thousand Bahraini Dinars.
The phase three is currently between the first and second phase where construction has started and expected to reach completion within 12 months before their handover. Meanwhile, 30 units of phase one have been completed and handed over in full while most of the 139 phase two villas have been sold.
On that note, Dr. Al Bastaki stated “all Wahat Al Muharraq villas, when offered in the market, obtain considerable interest due to our commitment to quality construction and architectural designs to suit the needs of modern Bahraini families, in addition to the environmentally considerate standards, notwithstanding the affordable pricing and the reputation that “Manara” has built over the years throughout all its past development projects in accordance with the requirements of its clientele and most importantly, its strict abidance with the delivery schedule determined at the purchase of the units”.
“Manara” developments’ stand at the Gulf Property Show received a great deal of interest from visitors who perused the showcase of unique projects under “Manara’s” portfolio consisting of Tubli Gardens in all its four phases and Wahat Al Muharraq in all its three phases, the two projects that attained the greatest success since their first launch due to multiple unique characteristics starting with their affordable pricing, contemporary external architecture, thorough examination of the modern Bahraini household needs in terms of privacy of which are reflected in the interior designs of the villas, and high quality construction materials and finishing, in addition to the strict adherence to delivery deadlines and handover dates, all of which Dr. Al Bastaki stated are “the pillars of which “Manara” built its foundation to reach the forefront of the real estate development sector.
In addition to its residential projects, “Manara” showcased its mega logistics project “Investment Gateway – Bahrain” that recently announced the launch of its second phase of sales, soon after the staggering success of phase one of sales. A number of well-established companies such as Ebrahim Khalil Kanoo, Yousif Khalil Al Moayyed & Sons, Montreal Auto, Trafco Group, Ceramica Delmon and Bahrain Limo, in addition to Ramez Group, Yoko Marine Construction, Mohammed Ali Zainal Co. (Maza) have taken “Investment Gateway – Bahrain” as an operating base to expand their businesses, all of which gave “Manara” an incentive to launch phase two of sales on both industrial and commercial establishments in order to fulfill the requirements of establishments who did not receive the opportunity to purchase plots in phase one of sales of the project and benefit from the advantages offered in these plots and not offered in any other industrial location in the governorate of Muharraq.
For more information, please contact:
Mr. Nawaf Ali Alghanim
Manager – Marketing and Corporate Communications
Tele : +973 17 518 667
Fax : +973 17 131 074
Thursday, May 8- 2014 @ 10:33 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.