Manara starts finishing works in Tubli Gardens and handover is in June
- Bahrain: Saturday, April 14 - 2012 at 12:46
- PRESS RELEASE
Manara Developments Managing Director, Dr. Hasan Al Bastaki confirmed that "Manara" continues to support its established position at the forefront of development companies when it comes to innovative and practical housing solutions for limited to middle income earners. That has been witnessed through its hard work and actual achievements with the targeted group within the community.
This brings the company to the completion of about 90% of the project in its first phase, and expects to deliver the units to their owners by June.
"Manara Developments" issues a periodical illustrated progress reports to its customers to keep them informed as the project progresses as a means of full transparency with its customers throughout the course of the project.
"Manara" aims to construct all the 27 villas of the development in parallel to be completed in one period.
The Tubli Gardens project conformed to modern architectural designs catering for family privacy requirements. In addition to that, the units have been built using modern energy conservation designs to allow for natural lighting inside the villas, and equipped with minimum power consumption applications thus classifying Tubli Gardens as an environmentally friendly project.
Amongst the villas' main attributes is its comfort, and the freedom it provides to move and relocate some services, in addition to the capacity of vertical construction in the future upon the provision of drawings of up to three floors based on the needs of the owner.
The villa consists of three bedrooms, an inside and outside kitchen, two bathrooms, and two living rooms, maid's room, in addition to a garage with a capacity of two cars, and space to construct a backyard swimming pool.
The report had revealed that the company is close to the completion of the final finishing works to the "corner" villas in parallel to a "Typical" type villa, which is semi-attached to another villa, aiming to develop it as a model home for the viewing of interested prospective buyers looking to invest in future phases of the project.
Dr. Al Bastaki expressed his content with "Manara's" success in meeting the growing demands for the villas at the appropriate cost for middle to limited income groups. He noted the company receiving strong responses and a great deal of interest from the market which has led "Manara" to commence the implementation of the second phase of the project at a cost of up to BD4m. The next phase will be similar to the first phase in terms of design, which will include 38 villas.
He pointed out that: "Amongst the major factors that led to Tubli Gardens success were its family orientated designs, distinguished location, quality construction and finishing, and most importantly, competitive pricing."
According to Dr. Al Bastaki, the selection of the site of the project to be situated in the outskirts of the capital (Manama), within close proximity to the main roads, which are vital to transpiration around the Kingdom, and within a reachable range to all the services lays at the heart of being an appropriate housing option for Bahrainis.
Dr. Al Bastaki stresses on "Manara's" intention to play an active role in the partnership with the government of Bahrain which has been supported by the government's intention to engage with the private sector in the establishment of thousands of housing units in the next few years, as a means of implementing the national housing strategy which has topped the interest of key decision makers in Bahrain.
The company had recently revealed that it has launched an agreement with Eskan Bank aiming to entitle Bahraini beneficiaries to housing loans to own properties in Tubli Gardens. As part of this agreement, Bahrainis benefiting from housing loans and Eskan Bank commercial loans could purchase property with the option to repay in installments depending on the building phases as per an agreement between the three parties.
Property prices start from BD89 thousand and are variable based on the required specifications by the buyer and repayment options and financial capability. Buyers also have the option of obtaining additional financing options from Bahraini Saudi Bank, an associate bank of "Manara Developments", without providing additional title deed.
Dr. Al Bastaki concluded that "We are committed to investing in the provision of housing solutions that are compatible with a wider income group within the population. This has been harnessed with undoubtedly positive indicators encouraging property investment and ownership in Bahrain, especially considering Eskan Bank's recent announcement to raise the borrowing ceiling for housing up to BD60 thousand to its beneficiaries. Notwithstanding the competitive prices being offered on the housing units, "this indicates that now is a major opportunity for families looking to own housing". In addition to that, competitive mortgage programs being offered by banks and the restoration of market equilibrium with regards to residential units and housing solutions, have promised a positive future and a leap forward in the real estate sector."
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