Naseej, Bahrain's real estate and infrastructure company, announced the successful reservation of its housing public private partnership (PPP) project.
The PPP project involves the development of more than 2,800 social and affordable housing units in two strategic locations: Al Madina Al Shamaliya and Al Luwzi. It is the largest housing project ever to be developed in Bahrain in partnership with the private sector.
Mr Alsayed, Managing Director of Naseej, stated:
We made excellent progress with the sale of our PPP project that offered affordable housing units in Northern Town or Al Madina Al Shamaliya. In total we are offering 367 affordable villas and apartments within this newly developed Island at extremely attractive rates to Bahraini nationals with unit prices starting as low as USD 254,000 for the beach front villas and USD 118,000 for the apartments.
Following the signing of the Project Agreements with the Ministry of Housing in January 2012, Naseej incorporated a wholly-owned project company, Sharaka for Housing Projects Company, to execute the project and assembled a team of large contractors, namely, Cebarco Bahrain, Chase Manara and Terna to undertake works on different sites of the project.
The consortium of international and local consultants include Ithmaar Development Company as the Development Manager, Hill International as the Project Management Consultant, AECOM as the Master Planners, Housing Units Design Consultants & Landscape Design Consultants, Ansari Engineering Services as Housing Units.
In October 2013, Naseej announced that it had got US$450 million financing for the project from with Ithmaar Bank.