MANAMA: The BD28.5million Juffair Heights project offers gross return on investments of 9.5% per annum with roughly 7.5% net return per annum, according to a property owner and developer.
“Since the real estate sector is getting stabilised there has been huge appetite among investors to invest in housing projects in Bahrain,” Project developers Dadabhai Development and Properties Management Company managing director Shabeer Dadabhai told a Press conference on Sunday.
“The 28 and 29-storey Juffair Heights twin-towers will offer spacious and affordable family accommodation in luxurious surroundings of the country’s upmarket Juffair area to the significant ‘medium-end’ population,” he added.
“The construction of the towers is underway and the apartments would be ready for occupation by the third quarter of 2016.The freehold towers have been designed keeping in mind the requirements of this segment end of population, particularly families,” he said.
“The project will consist of spacious 376 one and two-bedroom units with the flexibility of combining and converting them into large three and four bedroom units with all modern amenities and facilities,” he said.
He said Juffair Heights would offer a wholesome lifestyle accommodation to families with all facilities and amenities.
Facilities included are large pools for adults and kids, large gymnasiums for ladies and gents, indoor and outdoor play areas for kids, recreation rooms, in-house theaters, jogging and cycling tracks at the podium level, luxurious landscaped areas with pergolas and walking bridges, virtual reality golf and luxurious double height reception areas. Four levels of parking is one of the significant features of the 55,362 square feet development.”
“The pricing of the apartments has been kept affordable starting at BD50, 000 for a one-bedroom (86.6 square meters) unit to BD65, 000 (112.17 square meters) for a two-bedroom unit.”There is sufficient demand for such accommodation and we hope to fulfill that for a large segment,” Pegasus Real Estate Managing Director Aziz Mithaiwala said, adding that Juffair was an excellent location with several projects coming up in the area.
“Juffair Heights is a complete and self-contained development for families, which will have all modern infrastructures in a friendly, safe and futuristic environment. The competitive pricing structure with affordable annual maintenance will also ensure Juffair Heights is an ideal investment offering healthy returns,” he added.
“With the spacious sizes of the apartments, pricing has been kept extremely competitive based on the requirements of such segments of the population, which is looking for affordable family accommodation.”
“Bookings for the apartments are open from today and with the sample apartments also ready, buyers are able to view the actual space and quality of the finishing’s before they make their purchase decision.
“We are very enthusiastic about this project since it is the first in Bahrain meeting the needs of the mid market segment of society, without any compromise on one’s lifestyle,” he said.
Pegasus has earlier been involved in the successful marketing of the award winning landmark Abraaj Al Lulu triple towers in Manama, Juffair Skyview in Juffair and the commercial Platinum Tower in Seef.