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Manara Developments aims to provide a range of affordable housing for low-to-mid-income Bahraini families over the next five years.
By 2015 the Bahrain-based company which manages, markets and sells developments, says it hopes to have constructed 3,845 units, made up of villas and apartments, in six residential projects across the island.
Manara Developments is currently in talks with the Ministry of Housing and Eskan Bank to place the projects, valued at around BD200 million, on their approved list.
Managing director Dr Hasan Al Bastaki, said: "Surveys have indicated that the demand for housing units for personal use is still rising in Bahrain."
Construction of Tubli Gardens has already begun which will feature 56 attached villas priced from BD85,000. Completion is expected in 2012.
According to Dr Al Bastaki, more than 50 per cent of the development has already been sold.
Janayin Al Hamala, located in Hamala, will feature 1,300 detached and semi-detached villas and 220 apartments. Wahat Al Muharraq, with 290 villas and 205 apartments, and The Bridge, with 240 apartments, will both be located in Muharraq.
Darari near Durrat Al Bahrain will feature 600 villas and 280 apartments and Kenaz Al Bahrain in Jeblat Hibshi will boast 54 villas and 220 apartments.
According to recent reports, Bahrain faces a shortage of affordable housing for the lower and middle income segments of the market unless developments materialise.
