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Ahad Holdings, developer of Le Reef, the $100 million real estate venture, hosted a successful launch for the prestigious freehold development at the Ritz-Carlton Hotel.
Company CEO Hamid Nishat, chairwoman Ameena Hamid Nishat and Abdul Kareem Bucheery, chief executive officer of Bank of Bahrain and Kuwait (BBK) inaugurated the event and unveiled the spectacular model of Le Reef to invited guests.
Mr Nishat said: "Ahad Holdings is venturing into the property development industry with Le Reef, an exquisite world-class development.
"The start of the construction on the project is a milestone for our company. Potential buyers and investors can witness the constructed phases of the development, which will create confidence in the project and secure end users and investors."
Mr Bucheery added: "We are delighted to be associated with Ahad Holdings to facilitate the project; the progress of construction has created a remarkable impact in the real estate sector."
Leading real-estate company, Landmark Bahrain, was assigned to deal with sales of Le Reef's freehold units at the launch when the ground, first and second floors of the East and West Towers were made available for sale.
Mohammed Younis Shafi, director of Landmark Bahrain, said: "Le Reef offers an attractive investment rationale and an opportunity to be a part of a world-class community. Attractive payment plans, buy back warranty, pre-approved mortgage finance from BBK and Bahrain Islamic Bank are among the benefits which can be enjoyed by potential buyers."
Le Reef is located directly by the sea on Reef Island, which is next to Bahrain Financial Harbour. It is in a gated community with abundant amenities. The development constitutes two low rise towers of 10-storeys each, with 142 residential apartments and two penthouses.
Other partners appointed by Ahad Holdings to support Le Reef's team include MSCEB as interior design consultant, Al Jazeera Engineering as civil consultant, and Al Sharooq Contracting Company as the main contractor with staff currently on site and construction works scheduled for completion by the end of 2010.
