Amlak unveils new residential projects for Bahrain
Amlak has unveiled details of a selection of its upcoming Bahraini residential projects, including The Sixty Six in Umm Al Hassam, and Mirage Palms in Janabiya
Amlak has unveiled details of a selection of its upcoming projects for Bahrain.
The real estate investment firm, which is a wholly-owned subsidiary of Bahrain’s Social Insurance Organization (SIO), plans to develop numerous residential projects, including The Sixty Six and Mirage Palms.
Located in Umm Al Hassam, The Sixty Six is a six-storey residential building that will feature fully-furnished apartments. Mirage Palms, which is situated in Janabiya, is a residential compound that will comprise 30 luxury villas.
Mohammed Abdulelah Alkooheji, chief executive officer of Amlak, said that his team was also considering numerous other residential projects.
“Other projects currently under discussion are a housing project for mid-income families,” Alkooheji stated. “This project will be developed with strategic partners.
“Also, we are looking at redeveloping a residential project in the Seef District that comprises 190 apartments spread across 41 floors.”
Amlak acquired two buildings in 2016, which it said are providing annual yields of 9%. The company also stated that it achieved 70% growth during the past 12 months.
Abdulrahman Yusuf bin Yusuf Fakhro, chairman of Amlak, said: “Amlak has taken steady steps towards prosperity by developing its growing portfolio.
“All projects undertaken by Amlak will undergo feasibility studies in order to maintain a higher rate of return,” he added. “Our goal in the coming period is based on a two-fold approach: to maintain the value of our projects and search for new investment opportunities in the field of development, housing, and services across strategic areas in [Bahrain].”
In addition to its upcoming residential projects, Amlak announced plans to redevelop its existing retail developments in 2016. The firm will work to increase capacity across all 13 of the markets within its project portfolio, beginning with Souq Al Buhair in East Riffa.