Manara Developments Managing Director Dr. Hasan Al-Bastaki highlighted the company’s firm commitment to real estate market which has proven to be amongst the main motives behind the company’s achievements and successful real estate projects, particularly in constructing affordable housing units.
“Upon the release of the second progress report of phase one of the Wahat Al-Muharraq Project, the continuous strive to meet our delivery schedules in this vital sector is a strong enabler to restore confidence in the real estate sector of the Kingdom of Bahrain. This is amongst the main commitments practiced by Manara today, regardless of the circumstances,” he added.
The company has managed to complete 50% of the project, after they had issued the first report at the end of the third quarter this year, where 20% of the project was complete.
“It is our priority to ensure that units are delivered to our investors on time and without delay, with a keen desire to ensuring that the optimal level of quality is maintained throughout the different phases of construction through an appropriate selection of both basic and luxury building materials. Manara Developments is committed to practicing absolute transparency with its clients, and supplying them with periodical progress reports as a means to solicit participation and promote transparency.
Dr. Al-Bastaki highlighted that growing interests from prospective buyers of Wahat Al-Muharraq units signalled an urgency to commence with planning the following stages of the project, which will project unique and innovative architectural designs, looking to diversify the modeling techniques while maintaining the main characteristics of the units in the first phase.
“Manara Developments is at the forefront of development companies in terms of innovative and practical solutions and the provision of housing units for limited to middle income earners yet maintaining the most unique features and highest quality levels.”
Dr. Al-Bastaki also pointed out the significance of upcoming number of projects targeting the middle to low income segment, which would be announced soon
“The location of Wahat Al-Muharraq was chosen with great care, and studied from all aspects to satisfy multiple housing needs and adequate living.”
He described the project as a living example representing the possibility of owning a house at reasonable prices, in a modern area with a sea view, and a blend of modern designs and practicality, whilst maintaining a high quality in both construction and the materials used in all phases throughout the project.
Dr. Al-Bastaki said that the units were positioned as the ideal choice for modern Bahraini families, especially with the recent government announcement to raise the borrowing ceiling to BDs 60,000. “Beneficiaries of these government loans are given the opportunity to own modern housing units at low cost borrowing to fulfill one of the major necessities of life.”
The company had recently launched an agreement with Eskan Bank aiming to entitle beneficiaries of housing loans to own properties in Wahat Al-Muharraq. As part of this agreement, Bahrainis benefiting from Government housing loans and Eskan Bank commercial loans could purchase property with the option of repayment in instalments depending on the building phases as per an agreement between the three parties.
“This partnership between Manara Developments and Eskan Bank came as a spinoff from Manara’s initiative to cooperate with government agencies of large customer bases to ensure its active contribution in development and housing projects in the Kingdom of Bahrain. That is achieved by applying its expertise in constructing housing units suitable for the family oriented nature of the society of Bahrain, and through the provision of the appropriate financing options customized specifically for the needs of its customers,” he added.