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New affordable housing appeal.

BAHRAIN needs more affordable housing for middle and lower income families, says the developer of a new project in Bu Quwah.

Only the higher end of the market has been saturated, leaving plenty of opportunities in other areas, said Alargan International Real Estate Company chairman Khaled Al Mashaan.

He was speaking as he launched the Jayoun development alongside the firm's Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa yesterday.

The 37,803 square-metre site, located just off the Shaikh Isa bin Salman Highway, features 82 townhouses and a commercial and retail component, Jeyoun Al Qaryah.

The project is expected to be completed by mid-2012 at a total cost of BD16.9 million.

Mr Al Mashaan said the aim was to cater to the entire community.

"At Alargan, we have ensured that our development strategy not only focus on middle-income housing, but expand to encompass entire communities, which is what we have done in Jeyoun," he said.

"Jeyoun is a comprehensive development, combing several elements in one destination.

"It includes a residential component as well as Jeyoun Al Qaryah, the commercial part of the development which will be the first of its kind in the area."

When asked why the company would invest at a time when a number of developments were stuttering, Mr Al Mashaan said that while the high-end property market has been saturated, there is still a need for housing options for the middle to lower income bracket.

"It is seldom you will find this quality of building for this price," he claimed.

"The key for us is that we don't compromise on quality.

"Bahrain needs houses of this price range for the middle and lower income families.

"The problem in Bahrain at the moment is that the high-end market has been saturated but one of our main priorities is that we don't over-shoot our market.

"On the commercial side, we have looked around at Bu Quwah and the surrounding area and there is nothing else like this but it is something the community needs."

Each of Jayoun's 82 townhouses includes three bedrooms, two living rooms, a maid's room, a kitchen and two-and-a-half bathrooms.

The development also features a variety of residential layout options, designed to accommodate different Bahraini family lifestyles and follows on from Alargan Bahrain's earlier project, Saar Gate.

Townhouse starting prices begin at BD71,000, with around 15 per cent already sold.

Copyright 2011 Gulf Daily News

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:Feb 1, 2011
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