#U/C-Saar: "BINAN SAAR" | Res

New Saar sanctuary

from gulf weekly


Real estate investment firm Abaad Real Estate Company is spearheading a new $47 million (BD17.7 million) housing development in Saar.

The project, called Binan Saar, will feature 57 residential units. It will be built in two phases that cover a land area of more than 27,000 sq m.

Phase one will consist of 35 villas, while phase two has 22 villas.

"Binan Saar is the name we chose for our project as Binan, in Arabic, means accuracy in performance and that is how we at Abaad conduct business in the real estate investment sector," said chief executive officer Ahmed Yusuf.

"We are confident that Binan Saar, with its solid foundation, will be a signature development with state-of-the-art finishing and world class amenities."

He added design layouts had been finalised and all permits had been granted by the relevant authorities.

The project has already been tendered and is estimated to be completed by late next year.

Abaad was established in the first quarter of last year with a paid-up capital of BD10 million.

It is a fully-integrated real estate investment, development and management company operating in accordance with Islamic Sharia principles.

http://gulfweekly.com/article.asp?Sn=5511&Article=19213

Abaad raises capital to $67 million

MANAMA: Bahraini property investment firm Abaad Real Estate has increased its paid-up capital to BD25 million ($66.9m).

"The increase in the paid-up capital could strengthen the company's competitive ability within the region and help Abaad in establishing its presence in the real estate market," said company chairman Shaikh Hisham bin A Rahman Al Khalifa.

Chief executive officer Ahmed Yusuf said since the beginning, we believed that the solid foundation we built along with the experienced team members are necessary to support future growth.

"We have plans to expand during this year and the coming years in different aspects by intensifying our existence in the local market in broadcasting to new markets."

The first development for Abaad in Bahrain is Binan Saar, the 57 residential units in Saar, at the cost of BD8.5m.

This project will be built in two phases covering a land area of more than 27,000 square metres.

Abaad was established in the first quarter of last year with a paid-up capital of BD10m and is a wholly-owned subsidiary of Bahrain Islamic Bank.

Abaad signs $13m Banan Saar accord

MANAMA: Real Estate Investment firm Abaad has awarded a BD4.8 million ($12.7m) contract to Al Gana Constructions to build phase one of Banan Saar Villas comprising 35 residential units.

"Banan Saar is one of the most distinguished housing projects, located in a prime, secure area" said Abaad Real Estate chief executive officer Ahmed Yusuf.

"Phase one of the project is spread over an area of 14,700 square metres, and a total built up area of 13,212 square metres."

"Having finalised design layouts and obtained final permits from the relevant authorities, the project has already started constructions and sales will begin next month. Construction is estimated for completion next year.

Banan Saar is being built in two phases covering a total land area of more than 27,000 square metres. Phase one will consist of 35 villas and phase two will consist of 22 villas.

Banan Saar sales launched







http://banansaar.com/

MANAMA: Bahrain-based real estate company Abaad started sales of its first residential project in Bahrain, Banan Saar Villas, yesterday.

The BD11 million ($29.2m) project was launched at a ceremony held at the Ritz Carlton Bahrain Hotel and Spa.

Abaad, established in the first quarter of last year with a paid-up capital of BD25m, is 100 per cent owned by Bahrain Islamic Bank.

"Banan Saar is a support to our achievements, and a proof of Abaad's commitment, quality and professionalism," said Abaad Real Estate Company chief executive officer Ahmed Yusuf.

"Banan will be the signature for all the residential projects Abaad will develop locally and internationally."

The residential project will be built in two phases covering a land area of more than 27,000 square metres, said Mr Yusuf.

"Phase one will consist of 35 villas, while phase two will consist of 22 villas, designed to offer a luxurious lifestyle surrounded by a harmonious and serene environment," he added.

"Phase one will cost BD11m and will be completed by the end of next year."

Three types of villas are being built, and their costs range from BD270,000 to BD460,000.

Al Ghana is the main contractor, while East Arabian Bureau is the consultant.

The third phase will include the construction of 90 villas in Sanad, said Mr Yusuf.