Gulf Construction Online

Real Estate

News in brief

01 August 2018

Al Salam Bank offers financing for Kingdom Projects’ villas

Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant banks in the kingdom, has signed a memorandum of understanding (MoU) with Kingdom Projects to facilitate financing solutions for customers wishing to buy villas in the latter’s Janayin Al Hamala project in Hamala, Bahrain.

The project comprises 148 luxurious villas ready for delivery that are designed to meet the requirements of a modern Bahraini family. It has five types of villas offering four bedrooms.

The Janayin Al Hamala community will have approximately 1,000 affordable residential units and recreation parks in each locality.

The community is located in the heart of Hamala, accessible through the Al Mazare’a Highway at the southern end from Jasra or Hamad Town and in the morth from Hamala Avenue.

The location of the project is highly suitable for residential villas, apartment buildings and community development with its recreational parks, retail areas, educational institutions, a petrol station and supermarket covering an overall area of 630,329 sq m and saleable plot areas of 395,101 sq m.

Al Bareh at Diyar Al Muharraq ... 80 per cent of seafront villas sold out.

Diyar Al Muharraq’s new villa launch a big success

THE launch of Al Bareh at Diyar Al Muharraq in Bahrain has been declared an “exceptional success” with 80 per cent of the seafront villas having been sold within 48 hours.

The sophisticated residential community is situated in a prime location on the west of the master-planned development, offering inhabitants a majestic seafront view and a prime view of the main canal.

The project features both plots of different sizes as well as luxurious villas with a choice of designs to suit various tastes and needs.

Diyar Al Muharraq CEO Dr Maher Al Shaer says: “It brings me immense pleasure to witness the exceptional success in the purchase of the Al Bareh villas, with an astounding 80 per cent of the seafront villas having been sold within 48 hours of the launch of its sales. This success reflects Diyar Al Muharraq’s superior capability to provide our customers with the best residential options that meet their aspirations to live in a sophisticated yet harmonious communal environment. Al Bareh is a prominent project that enjoys practical villa designs that enhance the family atmosphere, giving inhabitants absolute comfort in every aspect of their residence.”

The freehold villas within the Al Bareh project are built on seafront plots of two types, ‘El Bahar 1’ and ‘El Bahar 2’, while the ‘Dareen’ and ‘Es’hail’ models are built on the project’s inner plots. All these villas incorporate the latest smart home technologies to allow end-users to seamlessly manage, control and monitor homes.

BisB, Bin Faqeeh sign real estate financing deal

Bahrain Islamic Bank (BisB) has recently signed a memorandum of understanding agreement with Bin Faqeeh Real Estate Investment Company to provide financing to potential residents of the luxury Sidra residential villa project in Diyar Al Muharraq, Bahrain.

The signing ceremony was attended by Hassan Jarrar, chief executive officer of BisB, along with Faisal Faqeeh, chairman of Bin Faqeeh Real Estate Investment Company, as well as a number of officials from both parties at Bin Faqeeh’s headquarters located in Manama’s Seef District.

Through the agreement, BisB will enable Bahraini customers to purchase villas in Bin Faqeeh’s Sidra residential project, under the bank’s mortgage financing scheme, offering a five per cent reduction in the first instalment rate, in addition to a financing period of up to 25 years. Non-Bahrainis will also be eligible to apply under a different financing scheme.

Jarrar says: “We are delighted to sign this agreement with Bin Faqeeh, which comes as part of our efforts to continue to establish strategic partnerships with leading companies in order to further expand our portfolio of services and solutions for our valued customers. This agreement empowers our customers to purchase luxury residential villas within the Sidra residential project, located in Diyar Al Muharraq to cater to their residential needs.”

Faqeeh comments: “BisB’s integrated financial solutions will transform the idea of owning a ‘dream home’ into a reality in a streamlined, hassle-free experience. Sidra is the first and only luxury residential complex in Bahrain, boasting 452 modern villas of varied sizes and designs, strategically located beside Bahrain’s marina in Diyar Al Muharraq.”

MBR and DIB officials sign the deal to offer customers an extended payment plan.

MBR City, District One inks strategic deal with DIB

Mohammed Bin Rashid Al Maktoum City, District One has announced a strategic partnership with Dubai Islamic Bank (DIB) to offer customers an exceptional extended payment plan for its luxury apartments and villas in Dubai, UAE.

A luxurious and elegant lifestyle community, Mohammed Bin Rashid Al Maktoum City, District One is located minutes away from Downtown Dubai. It brings together a 7-km crystal lagoon, a 14-km boardwalk, 8.4-km cycling and running track, sweeping parklands and breathtaking architecture. It is also said to offer the most central freehold villa and apartment properties in the heart of the city’s centre.

Under the flexible payment plan, customers can get up to 80 per cent financing for ready and off-plan units. A refinancing option is also available, says the project developer Meydan.

With low-profit rates of 3.74 per cent, the offer entails a complete basket of home financing solutions, it states.

The profit rate is based on reducing balance and is controlled by Eibor. The payment plan also offers various solutions for non-resident and multiple property owners.

Emaar may ‘sell hotels, clinics, schools to raise $1.4bn funds’

Dubai’s leading developer Emaar is planning to sell hotels, clinics and schools as it seeks to raise funds worth $1.4 billion by disposing of non-core assets in the midst of a property slump in the emirate, reported the Financial Times.

Emaar, chaired by influential businessman Mohamed Alabbar, was closing in on a deal with several interested parties, stated the report citing senior sources.

The real estate market, one of Dubai’s main economic drivers, has been hit hard by a slump in regional demand since the oil price collapsed in 2014.

“This has to be about raising capital to strengthen the balance sheet,” said one banker. “This is not the market environment you would want to sell assets in if you were being opportunistic,” he added.

In a statement, the developer of Burj Khalifa, the world’s tallest tower, said it regularly considered various financing options to streamline its business. The company said it was looking to raise about $700 million through sale of its hotel portfolio, except for two prime properties. Emaar is also selling the clinics and schools across its communities at a prospective value of $700 million.

Standard Chartered Bank had been hired to carry out the sale process, reported Financial Times, citing the sources.

Emaar’s share price, which has halved since its September 2014 peak, is down about 20 per cent this year, it added.

Meraas launches diverse tourism projects in Hatta

Dubai-based holding company Meraas has announced a series of major projects aimed at boosting the tourism sector in Hatta in the UAE emirate and advancing the social and economic development of the area.

The developments are aligned with the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which includes the 10-year Hatta Comprehensive Development Plan that he officially announced in 2016.

The projects have been developed based on strategic plans managed by Meraas, with both design and construction adhering to the highest global and sustainability standards. Building materials were selected to complement and enhance the natural environment without compromising the geological integrity of the area or impacting the surrounding communities and ecosystems.

Positioning Hatta as a destination for eco-tourism in the region has also been a major objective, and the first phase of these projects is scheduled to open in the fourth quarter of this year.

The first addition to Hatta’s tourism landscape will be giant ‘Hatta’ letters located at an elevation of around 450 m up in the Hajar Mountains, which provide the picturesque town with its stunning backdrop and represent the gateway to exploring the area. An adventure centre and interactive tourism information hub will also open, creating further links between visitors, tour guides and the people of Hatta.

Other new projects that will open in the first phase of the development include idyllic mountain lodges, with 20 rooms, offering views of the surrounding mountains and landscape in a tranquil retreat. Visitors to Hatta can also camp at a first-of-its kind trailers hotel concept set amid the picturesque mountains on the banks of the Hatta dams.

The developments are being kept away from local residential areas to respect the privacy and lifestyle of the people of Hatta.

The second phase of the project comprises a variety of additional hospitality and retail developments that are set to create further touchpoints between local, regional and international tourists, and the rich Emirati culture that exists across the UAE.