Building communities that build Bahrain

Naseej, a leading fully-integrated real estate and infrastructure developer, is bullish on Bahrain’s future and hopes to be a significant investor over the next three to five years.

Talking exclusively to the GDN, Amin Al Arrayed, the new chief executive of the regional pioneer of ‘Public-Private-Partnerships (PPP)’ in residential real estate, said the outlook reflects higher global oil prices, a resilient domestic market, with a number of infrastructure projects underway and trade activity increasing.

“With continuing growth in the local population, we expect strong growth in demand for middle income housing and we hope to participate in the economic recovery and prosperity of Bahrain,” he added.

“Partnership is the ethos behind Naseej and that is something that we would like to capitalise on and leverage and that will take us into new territories as we build communities that build Bahrain.”

The positivity is highlighted through Naseej’s recent announcement of three new residential developments, which will see it invest an additional BD76 million in the local economy.

The new developments, Nasayim Arad, Barbar Housing Project, and the Investment Lands Project near to Amwaj, will add to the company’s current portfolio of over 2,981 homes.

Established in 2010, by a group of prominent private and public sector investors, Naseej has invested BD218.4 million ($580.8m) in the kingdom, completing a number of successful real estate and infrastructure projects, including the CanalView Project located in Dilmunia Island, Basateen residential villas, Jumana affordable housing project and Yasmeenat Saar villas located in Saar opposite to Saar Mall.

Mr Al Arrayed, who has taken the helm at Naseej just six months ago, said, “My aim is to strengthen Naseej’s brand position building on the company’s track record of delivering high-quality projects, including the successful completion of many PPPs project with the Housing and Urban Planning Ministry.”

Comprising a combination of villas and land plots for sale at competitive prices, Nasayim Arad is targeted at mid-income buyers and Naseej also expect a large number of applicants from the Housing and Urban Planning Ministry’s schemes beneficiaries to also be potential buyers.

Located in Arad, the seafront development overlooks Arad Fort and the spectacular bay, and is within walking distance of Seef Mall Muharraq as well as other main attractions located around the project.

Also in close proximity are the Bahrain International Airport, retail areas, hospitals, school and sports clubs.

“As part of the design and development of the Nasayim project, we plan to incorporate smart home technology into the homes. This will allow residents to make future enhancements to their homes that can reduce waste, water, energy, and cooling usage,” explained Mr Al Arrayed.

Work is well underway with Al Ansari Engineering Consultants contracted to design and implement the infrastructure works related to the villas.

The eighth project to be developed by Naseej in the kingdom is the Barbar housing development, located in Barbar-Budaiya within the Northern Governorate.

“Spread over an area of 150,000sqm, the project will also comprise of land plots and residential villas and is meant for the social and affordable housing scheme beneficiaries,” the official added.

In 2021, Naseej and its joint venture partner Ithmaar Holding Company signed a partnership agreement to develop the project,

According to Mr Al Arrayed, the Barbar development project is part of the company’s well-studied plans in selecting affordable housing projects in key areas in Bahrain where the demand exists.

Naseej is also planning to launch a new mixed-use development within its investment lands project that is strategically located near the main access of Amwaj Islands.

The project will cover an area of 125,000sqm and will have a larger portion allocated for residential villas and units. The development will also have a land sale components.

The area is home to several key developments and facilities, such as the International School of Choueifat, New Amwaj Cinema, and retail components.

It also has developed infrastructure and roads that provide easy access to Amwaj, Dilmunia Island, and Muharraq.

Expressing delight at the significant uptake in the sale and leasing of residential apartments in Naseej’s flagship project – CanalView in Dilmunia – Mr Al Arrayed said, “It is becoming a popular choice for families and professionals looking for a convenient place to live in Bahrain that combines modern living with a lifestyle of luxury.”

The luxury waterfront development offers stunning views of the grand canal, waterfall and main fountain. It features a number of amenities, including indoor and outdoor swimming pools, gym, multipurpose sports court, barbecue areas, and private gardens within the apartments as well. CanalView offers 246 luxury apartments that face the main canal and open sea and are available on a freehold basis to both citizens and expatriates.

“CanalView’s waterfront retail area has a ground floor promenade and upper floor terraces that extend along the canal for 1.6km. These outdoor spaces provide a large area for people to gather and relax, and they also connect CanalView to the Mall of Dilmunia, the new Nadeen School and other developments on the island,” said Mr Al Arrayed.

In a JV partnership, Naseej is also excited about the upcoming opening of the new Nadeen School at Dilmunia in September 2023, which is also within walking distance of The CanalView Project.

“We have seen good interest in the sale and leasing of CanalView apartments as a number of faculty members, staff and families of the school have moved to the island and chosen CanalView as their home of choice as they prefer to stay closer to the school and their children,” he said.

Set to open its doors for the new academic year in September 2023, the new school is expected to welcome over 1,000 students of both genders and will include all academic levels of education.

It has 44 classrooms and additional shared spaces to provide a high-quality and healthy learning environment for students and teachers.

The new state-of-the-art educational facility has been designed and built as a U-shaped building with open spaces, wide corridors and plenty of opportunities for natural sunlight to filter through for healthier and more sustainable learning standards.

The campus has a semi-Olympic indoor swimming pool with other joining pools, science and biology laboratories, a massive library, a health centre, art halls, a large canteen and an indoor physical educational gymnasium.

The school also features ‘outdoor classrooms’ for the cooler months in order to cultivate improved learning and teaching techniques in the effort to enhance student learning.

“Nadeen School will be a valuable addition to the island, providing residents and the wider community an essential service,” said Mr Al Arrayed.

 

Source: https://www.gdnonline.com/Details/1255108/Building-communities-that-build-Bahrain

 

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