Monday, January 23, 2017

Diyar Al Muharraq social housing project on track

Diyar Al Muharraq, one of the leading urban developers in Bahrain, said the work on Deerat Al Oyoun, its flagship social housing project coming up on a 1.2 million sq m area, was progressing well and on track for completion as per schedule.

The project is located in the North West side of Diyar Al Muharraq, a unique master planned city for the people of Bahrain offering range of housing options and quality lifestyle.

This location is considered to be an ideal residential area with integrated community service centers and recreational green park lands.

The first phase of Deerat Al Oyoun, which encompasses 133 units, was launched in mid-September last year and has received a tremendous response.

On the project's progress, the Bahraini developer said the construction of the first floor of all the residential villas within Deerat Al Oyoun had been completed, and that work is now being carried out on the infrastructural elements of the project.

Diyar Al Muharraq CEO Dr Maher Al Shaer said this was another milestone in its ever growing list of accomplishments.

"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 as it embodies the philosophy that we at Diyar Al Muharraq have instilled in our masterplan, one of building a complete city within a city that comprehensively and effectively provides for the people of the Kingdom," he noted.

The residential units that are being constructed within Deerat Al Oyoun will only be made available to Bahraini citizens who are already on the Government’s Housing Solutions waiting list, he added.

Under the Mazaya Social Housing Finance Scheme, which was launched in Diyar Al Muharraq under the patronage of Shaikh Khalid bin Abdullah Al Khalifa, Deputy Premier and chairman of the Ministerial Committee for Construction and Infrastructure, 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 subsidized financial monthly installments.

Hence, if the monthly installments exceed 25 per cent of the beneficiary’s monthly income, the Ministry of Housing will cover the remaining balance of the installment for the full duration of the finance loan.

"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 as we focus on working hand in hand with the Ministry of Housing to alleviate the pressure on the waiting lists for the Housing Solutions beneficiaries," remarked Dr Al Shaer.

"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," he stated.

"With the work nearing completion, we are in eager anticipation to officially introduce to the people of Bahrain the many facilities and amenities that Deerat Al Oyoun will have to offer,” he added.-TradeArabia News Service



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