Nurana project obtains environmental approval | Nurana project obtains environmental approval -

Nurana project obtains environmental approval

Bahrain: Saturday, May 16 - 2009 @ 15:27

The project is owned by NS Holdings Company and managed by Manara Developments.

Dr. Hasan Al-Bastaki, Manara’s Managing Director, commented:

“We are extremely pleased to have obtained the environmental approval from the relevant authorities in the Kingdom of Bahrain which allows us to start the process of commencing reclamation work on the project site. We have also reached an initial agreement with the renowned international contractor, Great Lakes Dredge & Dock Company, to handle the reclamation of the Nurana project. The first phase of the reclamation work is expected to take around 9 months and will cost approximately BD8m.”

Dr. Al Bastaki also stated, “Located to the North-West of the Bahrain Fort, Nurana is a large urban development very near Bahrain’s Seef district set to create a vibrant mixed-use community for the Kingdom of Bahrain. Approximately 60% of the project will be designated for residential units that will meet the needs of different end users, while the remaining 40% will be designated for commercial and tourist purposes, as well as other amenities.”

Dr. Al-Bastaki also added that the project’s draft master plan has been completed and Manara is now finalizing the detailed design specifications for the various components of the masterplan.

“We have designed the Nurana project and will develop it based on our ‘All Considered’ philosophy, which gives this project a people-centric focus, economic dynamism, and social responsibility,” he said.

Concluding his statement, Dr. Al-Bastaki said, “Amid these very positive developments, we expect the first units of the Nurana project to be offered to the end-users, investors, and sub-developers — individuals and corporate — by the end of this year. The timing is perfect, as the local market is expected to witness gradual improvement in the near future with investors starting to regain confidence in the real estate market, a proven market for its high returns and relatively low risks.”

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Saturday, May 16- 2009 @ 15:27 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.

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