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Abu Dhabi Investment House (ADIH) launched its $32million (BD12 million) Al Areen Homes project in Bahrain at the weekend.
The development occupies an area of 20,000 square meters and is located in the southern part of the kingdom.
Al Areen Homes comes almost immediately after the successful sales of Sunset Hills - another project being developed by ADIH in the same Al Areen development.
The new venture is composed of 40 luxurious two-storey deluxe villas targeting those who are looking for a "unique investment opportunities and/or a place to live in a serene and quiet environment".
Each villa will be built on an approximate area of 450 sqm - where it will offer three or four bedrooms as well as other standard facilities such as a private swimming pool and a garden.
Within a short distance of the Al Areen Homes site is the Lost Paradise of Dilmun Water Park, the Equestrian Club, the award-winning Banyan Tree Hotel and Desert Spa, Al Areen wildlife sanctuary, Bahrain International Circuit, Al Jazayer Beach, as well as the University of Bahrain and many other multi-use projects currently under construction.
Rashad Y Janahi, board member and managing director of ADIH, said: "This unique luxurious project will provide the best in terms of facilities and high quality finish. Al Areen Homes is our second project in the Al Areen Development following the success of Sunset Hills and we have already approached the best in the field to work on it."
Al Areen Homes will be marketed and available for sale through the Abu Dhabi Investment House stand at the Property Arabia exhibition that begins today at the Bahrain International Exhibition and Conference Centre.
The company says that Al-Areen's villas will be a "distinctive mark" among the available residential real estates in terms of offering reasonable prices alongside international high-quality standards of construction.
ADIH and Sorooh Investment Company in Kuwait recently sold six towers on the neighbouring Sunset Hills development worth $23.5 million (BD8.7 million) to two different investors.
The two major sales followed the announcement that Sunset Hills had sold 100 per cent of its third phase.
Sunset Hills, a $100 million (BD38 million) project, is scheduled for completion next year. The development occupies a land size of 200,000 sqms.
When it is completed, Sunset Hills will house 300 real estate units, including deluxe villas, villas and luxury apartments. Multipurpose buildings and a club are also planned for the development.
Enabling works and site levelling have already been completed, where infrastructure work is already underway.
ADIH's other significant projects in Bahrain are Porta Reef which is composed of a trio of state-of-the-art 10-storey residential buildings offering two and three bedroom apartments as well as luxurious penthouses and The Lagoon, a commercial and retail property development located at Amwaj Islands.
The $90 million (BD 34 million) Porta Reef was the first freehold development underway at Reef Island. Piling and infrastructure work has already started under contract with international specialist company Dutch Foundation.
It also has a sea-front boardwalk as an "upscale alternative" to the traditional corniche and its courtyard gardens and children's playground situated between the three towers aim to provide clean, open space for family living.
The project has witnessed sales of over 60 per cent of its units during the first phases of its sales activities. The second phase will soon be announced.
In a short period, ADIH has managed to expand and grow its investment portfolio and projects across the globe including Abu Dhabi, Bahrain, Qatar, North Africa and India.
