Bahrain-based real estate development company Naseej B.S.C., has signed an agreement with one of its main shareholders, Bahrain Bourse and Dubai Financial Market (DFM)-listed Ithmaar Holding, to develop a $105m (BD40m) residential project in the northern governorate area of Barbar.
The project is expected to spread over an area of approximately 150,000m2. Located in Budaiya, 400m away from the northern governorate’s north coast, the project is easily accessible from main roads and the Al Nakheel Highway. Further details about the project will soon be announced, including the project’s brand identity.
The agreement, which will provide 100 residential plots in addition to 300 villas, covers the development of the suburb in its entirety. It will target Bahrainis, especially the beneficiaries of the Ministry of Housing’s Mazaya programme.
The agreement was signed by Ithmaar Holding Chief Executive Officer, Ahmed Abdul Rahim and Naseej General Manager, Ahmed Mohammed Al Hammadi at Ithmaar Holding’s headquarters in the Seef District. The event was attended by Naseej Managing Director, Mohammed Khalil Al Sayed, and Ithmaar Bank Deputy CEO, Abdul Hakeem Al Mutawa.
Commenting on the project, Khalil Al Sayed said: “This latest addition to our investment and development portfolio is Naseej’s sixth in the kingdom and its second in the northern governorate. We recognise the growing demand for this type of housing in the northern governorate, and hope to meet it with high quality design, construction, and finishing.
This project is in line with Naseej’s ongoing efforts to develop more residential units across the kingdom, and offer them to a wider segment of its customers. It follows the development of more than 2,600 housing units in Salman Town and Al Lawzi in cooperation with the Ministry of Housing at a cost of $450.9m (BD170m)."
He added: "The Barbar project is also in line with Naseej’s strategy to seek projects that are in high demand and with business viability. The company has considerable experience in developing housing units in the kingdom, including the completed Yasmeenat Saar, Basateen, a Public-Private Partnership (PPP) project with the Ministry of Housing, Canal View at Dilmunia, and other projects falling under a range of housing categories.”
Speaking about Naseej's partnership with the public sector, Khalil Al Sayed said: "It [the partnership] is a major contributor of housing units to government housing programmes beneficiaries, helping to alleviate the pressure faced by the Ministry of Housing. It also helps meet growing demand for housing units in line with the directives of Bahrain’s senior leadership, the objectives of Bahrain Economic Vision 2030, and the kingdom’s sustainable development strategy. The partnership enhances the role of the private sector in the country’s developmental process.”
Meanwhile, Abdul Rahim said: “Ithmaar is proud to support Bahrain’s strategy for affordable housing, in association with our partners Naseej. Our subsidiary, Ithmaar Bank will be providing all beneficiaries competitive, flexible Sharia-compliant financing as per our arrangements with the Ministry of Housing.”
“These homes will help meet the growing demand for high quality housing in the kingdom. They will be designed according to the tastes of young Bahraini families, including their requirements for privacy. They will provide a sense of community to the future residents and will include all the necessary amenities to ensure a comfortable and secure lifestyle."
Last, speaking about the details of the project, Al Hammadi concluded: “The Barbar housing project will include residential units with modern designs, and the material used in its construction will be in accordance with the highest construction standards."