Kuwait Finance House –Bahrain announced on March, 2011, that they will build around 2500 crafted affordable housing units in Diyar. ALMuharraq, they will inject 100 million Bahrain’s dinar in capable between them and its partners for the project. This investment is commitment of KFH-Bahrain in Kingdom of Bahrain, and confidence it places in the countries growth and prosperity. The project located in North Shores of Muharraq, is a mix of residential and commercial properties, they will build 30,000 housing units on a area of 12 square kilometers will contain 100,000 people.
The estimated investment value is 1. 2 billion dinar (3. 2 billion US dollar). The plan is to complete the mock up at the crafted residential unit on Sept 2011, and commencement of constriction of the first phase unit by third quarter this year. Housing design completed already and invitations for tender constriction is out, which is about BD200 million, the housing units ranging from three to five bedrooms with provisions for an extra room.
CEO of KFH-Bahrain argues that that they responded to government of Bahrain’s call for more low-cost housing , as KFH committed to development at the projects and their financing , as there are big shortage in housing for lower and middle income segments. It’s very important that the public and private sectors to accelerate this type of project. The government social housing list exceeded 53,000 with annual growth around 4,000. KFH-Bahrain see the void between supply and demand in housing is steadily increasing, so the Diyar ALMuharraq crafted affordable housing programs and to help in solving problem in the Kingdom.
It’s also will have financing schemes for buyers and other banks are welcome to give more finance options , the sales will start by forth quarter 20011, and this will give the buyers an option to select for interior design for his future house. The developing company will prevent market speculation by reserving certain numbers of houses and introduce them with acceptable price. The project will have parks and gardens with scenic sea views , public and private schools , Masjid and other community facilities for each 400-500 units , it will have modern infrastructure including roads and street lights.