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."
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.