MANAMA: El Mercado Village, the first residential project by First Bahrain is officially complete, the developer has announced.
El Mercado Village is a mixed-use gated community in Janabiya, offering 42 villas and townhouses integrated with an upscale neighbourhood market.
The El Mercado development in Block 575 is located just off Shaikh Isa Bin Salman Highway near the Saudi causeway.
More than 40 per cent of the homes are already sold and are now being handed over to buyers whose payments have been protected in escrow accounts governed by the Real Estate Regulatory Authority (RERA).
A ribbon-cutting ceremony held on site to mark the completion was attended by Northern Municipal Council chairman and Hamad Town councillor Mohammed Buhamood, First Bahrain chairman and acting chief executive Waleed Alkhaja and Promoseven Holdings chairman Akram Miknas.
Decorators, a part of Promoseven Holdings, was the general contractor on the project.
“The Northern Municipal encourages and supports the development of projects that serve the residents of the municipality. The El Mercado project is one of the most important developments that offer both residential solutions and commercial options in Janabiya,” said Mr Buhamood.
Mr Alkhaja said the homes are available for immediate occupancy and the first homeowner has already moved in.
“The mixed-use development, anchored by the adjacent El Mercado Mall, is quickly transforming into a vibrant community and an ideal place to call home,” he added.
“Re-establishing credibility in the real estate market, this project is the first RERA governed off-plan development to be completed and delivered since the implementation of the escrow account law.”