Major Bahrain social housing project 'well ahead' of schedule

Developer Diyar Al Muharraq issues update on construction of Deerat Al Oyoun; first phase to open by Feb 2018

Bahraini developer Diyar Al Muharraq has announced that work is well underway on Deerat Al Oyoun, the company’s flagship social housing project, adding that it is "well ahead" of its targeted completion date.

The company said in a statement that construction of the first floor of all the residential villas within Deerat Al Oyoun has been completed, and that work is now being carried out on the infrastructural elements of the project.

Dr Maher Al Shaer, CEO of Diyar Al Muharraq, said: “This moment stands testament to the relentless commitment we direct towards the completion of this project and, consequently, highlights the prioritisation of Deerat Al Oyoun.”

The site dedicated to the social housing units is located in the North West side of Diyar Al Muharraq with a total land area of 1.2 million square metres.

The developer said the first phase of Deerat Al Oyoun, which encompasses 133 units, was launched on last September and is scheduled for completion in February 2018.

The Deerat Al Oyoun homes will only be made available to Bahraini citizens who are already on the Government’s housing waiting list.

Under the Mazaya Social Housing Finance Scheme, those citizens who have met all the qualifying conditions may purchase a residential unit through availing finance from one of the participating banks, while being supported by the government in the way of subsidised monthly installments.

Mayer added: “This initiative is a result of a strategic alliance between the public and private sectors that will prove to be enormously beneficial to Bahraini nationals.

"Deerat Al Oyoun marks the foundation of a prolonged era of further cooperation between the two sectors that will undoubtedly serve to assist the Housing Ministry in attracting more real estate development firms to expand their possible scope of work, increase the available housing options and encourage more citizens to opt for this alternative to speed up the waiting process for those on the lists of Housing Services beneficiaries at the Ministry."

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Railways are huge priority for the GCC

Railways are huge priority for the GCC

Rail has the potential to dramatically affect Gulf economies...

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

The troubles at Saudi Oger have led to a cash crunch and layoffs...

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Plight of workers has alarmed their home countries and drawn...

4
Most Discussed
sponsoredTracking