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BAHRAIN'S building boom appears to be continuing unabated as one developer had all remaining properties snapped up in a festive swoop.
Al Saraya Properties has announced that all the apartments in their Meena 7 project in Amwaj Islands have been sold, with the remaining 15 per cent of the development snapped by an unnamed Bahraini bank on December 25.
Hassan Hubail, marketing manager said, "We were not surprised by selling out so quickly but we are very happy," adding that the bank had obtained "a good price."
The $46 million Meena 7 project was a joint venture between Al Saraya Properties, which is now one of Bahrain's largest property developers specialising in land reclamation, and Kuwait Finance House.
The development is built on 22, 772 sq m to the south of Amwaj Islands' floating city and includes seven housing towers, containing 235 one, two and three-bedroom apartments.
The project also features swimming pools, health, club restaurants and shopping centres and the completion and handover of the housing units took place last month.
Amwaj Islands is a $1.5 billion (BD567,000) group of reclaimed man-made islands north of Muharraq covering an area of 30 million sq ft.
It is a mix of residential neighbourhoods featuring villas and high rise apartments, commercial districts, hotels, cafes, school and leisure resorts.
Amwaj is being completed in phases and the entire project is due to finish by 2010 and will have an estimated population of 30,000.
The prices of residential properties vary according to the type of accommodation.
In Saraya Al Bahr the prices of villas vary from BD200,000 to BD280,000 depending on the villa type and location. Meena 7 had a price range of BD49,000 for a one bedroom to BD129,000 for a three bedroom apartment.
