Manama: Rising buyer interest in a newly launched BD18 million ($48m) residential project signals continuing resilience of Bahrain’s real estate space, a top official of the project sales agent said yesterday.
Pegasus Real Estate NAIBahrain managing director Aziz Mithaiwala told the GDN that more than 500 prospective buyers have seen Seef Terraces show-apartments since the project was launched in May.
“Visitors have appreciated the high-quality homes and the many facilities packed into the freehold tower, all at an affordable price,” he said.
“The average price per square foot comes to BD80 for the project as a whole.
“Being able to see and feel the quality and finish of the project before buying is an unmatched experience for our customers.
“Prospective buyers we are talking to represent diverse nationalities looking for an urban lifestyle in the heart of the city – the upscale new Seef area in the vicinity of City Centre Bahrain,” added Mr Mithaiwala.
The 29-storey tower comprises 173 studio, one-, two- and three-bedroom apartments with large private terraces.
It is being developed by Dadabhai Group firm Dadabhai Noon Real Estate and targets the mid-range market in a neighbourhood that blends residential, commercial and leisure space.
Construction is well underway with the third floor slab already complete. The project is expected to be ready by the first quarter of 2018.
An Augmented Reality 3D animation app giving buyers a simulated look and feel of the tower, apartments and amenities is also being used for the first time in Bahrain to showcase Seef Terraces.
“The application is available for both iOS (Apple) and Android smart-phones and devices. Once you download the app, all you need to do is to scan the marker/code and the project comes alive with sounds and animation. You can zoom in and out to have a closer look at layouts, fit-outs and the many features the project has to offer,” he said.
According to Mr Mithaiwala, amenities at Seef Terraces will include tennis and squash courts, BBQ area, jogging track, cinema, multi-purpose hall, indoor basketball court, billiards room, table tennis and an outdoor landscaped play area for children.
“It will also have separate state-of-the-art gymnasia, steam, sauna and jacuzzi for women and men, a large infinity pool with lounge area and outdoor jacuzzi on the rooftop level,” he added.
Four floors of parking with over 185 spaces and 24/7 CCTV security are other key features.
Mr Mithaiwala announced that Pegasus is currently hosting a road-show at City Centre Bahrain’s central gallery with property experts on hand.
“We are showcasing our exclusively represented projects – Seef Terraces and Juffair Heights – with special price offers to mark Ramadan and Eid.
“With a few apartments up for grabs, the multi award-winning Juffair Heights project will be completed by the end of this month,” he added.
“After comprehensive checks, we will start handing over apartments in September,” he added.
Bahrain Real Estate Association chairman Nasser Al Ahli told BNA last month that real estate transactions in the country are expected to reach BD35m by the end of Ramadan.
He estimates the value of transactions would range from BD450m to BD480m during the first half of the year.
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