Top Bahraini urban developer, Diyar Al Muharraq, announced launching its residential community project ‘Deerat Al Oyoun’, setting aside 1.2 million square meters on the south side of Diyar Al Muharraq for the residential units, Trade Arabia reported.
The launch comes after a BHD 276 million ($ 726 million) agreement was signed, by Diyar Al Muharraq and the Ministry of Housing, under which the ministry is committed to buying 3,100 residential units from the developer to be enrolled in the ministry’s social housing program.
The project will be equipped with integrated community service centres and green park spaces. The project’s location is ideal due to the proximity to schools, shopping malls, public beaches, walkways, cycle paths, recreational facilities, mosques, medical clinics, public transport and the Bahrain International Airport.
The project is expected to add 3,100 new units to Bahrain’s social housing capacity by the end of 2018.
“Our main aim is to solve and tackle the issue of housing in Bahrain by providing suitable and convenient housing solutions for Bahrainis,” Deputy Prime Minister and chairman of the Ministerial Committee for Construction and Infrastructure, Sheikh Khaled bin Abdulla Al Khalifa said.
‘Deerat Al Oyoun’ residential units will be put up for sale under the social housing program at a cost dictated the participating banks who granted the financing.
Bahraini citizens registered on the ministry’s waiting list who are eligible to purchase a residential unit in the project will be granted a financial assistance from the participating banks and the government, through subsidized monthly installments.