Nshmi International signs joint venture to build homes targeting middle income living
UAE-based Nshmi International has signed a 50:50 joint venture agreement with a local private investment company to develop Bahrain’s first integrated community that focuses on middle-income living.
The joint venture has announced the launch of Al Raffah Bahrain, which is set on an area of one square kilometre.
Al Raffah Bahrain is scheduled to be developed in four phases, featuring villas, townhomes, apartments, and serviced residences as well as community recreation centres, F&B outlets, retail malls, hotels, and leisure attractions.
Botanical landscapes, walking trails, cycle paths, green spaces, parks, and urban plazas will define Al Raffah Bahrain, a statement said.
It added that the architectural features of the residences draw on influences from traditional Bahrain pottery, which is estimated to date from the Dilmun civilisation of 4th Millennium BCE.
Fred Durie, general manager of Nshmi International, said: “The joint venture marks a significant step for us as we pioneer the concept of accessible modern living in Bahrain.
"The unique value proposition of the development – value homes at competitive prices and in a modern environment – is path-breaking in Bahrain; it will enable customers to shift from a rental model of living to owned homes.”
Al Raffah Bahrain has separate districts that are spread across the terraces, connected through parks and trails that aim to promote an active outdoor lifestyle.
Nelson Partners is mandated with creating the masterplan of Al Raffah Bahrain with Parsons to undertake the infrastructure work. The masterplan is currently being finalised and will be unveiled shortly.
Details of the number of homes in the community and other amenities will be announced after the masterplan is approved.
The project is expected to be launched in Bahrain and the GCC, as well as other international markets to draw on the strong demand for middle income housing in Bahrain.