‘KFH-Bahrain’, Eskan sign agree­ment to build a 460-apart­ment de­vel­op­ment, Danaat Baitak

Kuwait Times - - BUSI­NESS -

Kuwait Fi­nance House Bahrain "KFHBahrain" signed an agree­ment with Eskan Prop­er­ties Com­pany BSC for the De­vel­op­ment Man­age­ment of Danaat Baytik apart­ment at Ish­biliya Vil­lage. Eskan Prop­er­ties Com­pany BSC (c) will be the de­vel­op­ment man­ager of the project. These apart­ment units will be mar­keted and sold to ben­e­fi­cia­ries of gov­ern­ment hous­ing ser­vices and specif­i­cally those who qual­ify for the Min­istry of Hous­ing's so­cial hous­ing fi­nanc­ing ser­vice "Mazaya".

The agree­ment was signed by Eskan Prop­er­ties Com­pany Chair­man and Eskan Bank Gen­eral Man­ager, Dr Khalid Ab­dulla and KFHBahrain Man­ag­ing Di­rec­tor and CEO, Ab­dul­ha­keem Al-Khayyat in the pres­ence of Ish­biliya Com­pany Board Mem­bers, Khalid AlMaarafi, Rashid Al-Khan and Sarah Al-Ab­basi, and the ex­ec­u­tive man­age­ment team of Eskan Prop­er­ties Com­pany. KFH-Bahrain will be the pri­mary de­vel­oper for the project, which will be oc­cu­py­ing 27,142 sqm and will be as­sign­ing Eskan Prop­er­ties Com­pany to man­age the de­vel­op­ment of the project. KFH-Bahrain will be also pro­vide spe­cial fi­nanc­ing pro­gram to the ben­e­fi­cia­ries."

Dr Ab­dulla said: "This project comes as part of ef­forts by Eskan Bank and its sub­sidiaries, with the firm sup­port of the Min­istry of Hous­ing, to pro­vide ef­fi­cient and suit­able hous­ing so­lu­tions for Bahraini fam­i­lies by uti­liz­ing the ex­per­tise and ca­pa­bil­i­ties of the pri­vate sec­tor and mak­ing them key part­ners. Hous­ing is, of course, among Bahrain's top pri­or­i­ties, as di­rected by the King­dom's lead­er­ship and Gov­ern­ment."

Al-Khayyat ex­pressed his ap­pre­ci­a­tion for the op­por­tu­nity to play a key role in the na­tional hous­ing de­vel­op­ment pro­gram: "KFH-Bahrain is happy to be con­tribut­ing its re­sources to so­cial hous­ing, which is among the King­dom's most ac­tive sec­tors, vi­tal for achiev­ing so­cial sta­bil­ity for Bahraini fam­i­lies. Hous­ing de­vel­op­ments such as this will, at the same time in­vig­o­rate the con­struc­tion and fi­nan­cial sec­tors, which are also two of the King­dom's key in­dus­tries."

The Ish­biliya apart­ment project con­sists of 18 five-story build­ings with a to­tal of 460 apart­ments and an area of 160sqm per apart­ment. Each apart­ment con­sists of three bed­rooms of var­i­ous de­signs, a maid's quar­ter, and two park­ing lots. Free su­per­vi­sory and main­te­nance ser­vices will be avail­able for two years for all the apart­ments. Work is ex­pected to start soon on the project's de­signs ahead of the launch of a cam­paign to mar­ket it to po­ten­tial own­ers in the up­com­ing months.

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