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Anticipating a turnaround in the kingdom's real estate market, Bahrain-based real estate developer and investor Ahad Holdings closed a multi-million dollar acquisition of 17 Porta Reef apartments, the largest single bulk buy on the Reef Island development.
The units, which are spread among Porta Reef's three towers, will serve to bolster Ahad Holdings' expanding portfolio of luxury freehold property, which already includes the upscale Le Reef low-rise towers, also located on Reef Island, and other properties at Venice Promenade.
'This is an important strategic purchase for Ahad Holdings. Porta Reef's location within the vicinity of our own project makes it ideal for us as we will be able to market the two projects together,' said Ahad Holdings chief executive officer Hamid Nishat.
'Beyond that, this deal is also a show of confidence in Bahrain real estate, which is still healthy, relative to some other markets in the region,' he added.
'Reef Island is a visionary project which we believe will play a major role in the full recovery of Bahrain's property market. The size of this transaction has already created a stir, which we hope will awaken the market and inspire similar deals by other investors down the line.'
The 17 apartments, which together have a combined area of 3,800 square metres, are mainly comprised of three-bedroom units, but also include some two-bedroom apartments.
A key handing ceremony, attended by Nishat, Porta Reef head of sales Ahmed Habib and other guests, was held to mark the sale. Porta Reef, a project of Abu Dhabi Investment House, is currently handing over its units to buyers, who are beginning to furnish them.
'The fact that we have been able to sell all the units in Porta Reef indicates that there is still strong investor support for Bahrain real estate, especially high quality residential projects such as Porta Reef,' said Mr Habib.
Located on Manama's northern shore, Reef Island, a 579,000 sq/m man-made island consisting of several residential developments, is located between Bahrain Financial Harbour and the Seef District. It is made up of 39 residential buildings, with a total of 1,217 apartments, as well as 49 chalets, 65 villas, a five-star hotel and an Icon Tower.
