Amlak to launch big residential project in Bahrain
Amlak, the real estate investment unit of Bahrain-based Social Insurance Organization (SIO), is set to launch several key projects this year including its residential development 'The Sixty Six' in Umm Al Hassam area of the kingdom.
Announcing the projects, Amlak chairman Abdulrahman Yusuf bin Yusuf Fakhro, said the company has taken steady steps towards prosperity by developing its growing portfolio.
"We are excited to announce our upcoming projects which will include a residential project and a number of multi-purpose projects, in addition to rebuilding all existing local markets under our portfolio," noted Yusuf Fakhro.
"Our strategy stems on developing the real estate portfolio of the SIO by improving its performance in order to increase the revenue and create sustainable wealth. Our aim is to bridge real estate and market needs by investing in profitable development projects," said the top official.
"All projects undertaken by Amlak will undergo feasibility studies in order to maintain a higher rate of return," he added.
Yusuf Fakhro said Amlak has been implementing an acquisition strategy based on diversifying the company's real estate portfolio in order to boost its revenue.
The Bahraini firm acquired two buildings in 2016 that has successfully yielded nine per cent annually. Meanwhile, the company's acquisition plan has directly supported its financial performance which has witnessed a steady growth during the past year amounting to 70.
"Amlak's goal in the coming period is based on a two-fold approach - to maintain the value of its projects and search for new investment opportunities in the field of development, housing and services across strategic areas in the kingdom," remarked Yusuf Fakhro.
Commenting on future projects, CEO Mohammed Abdulelah Alkooheji, said: "The Sixty Six is a six-storey residential building located in Umm Al Hassam which includes fully-furnished apartments along with a well-equipped recreational floor."
Amlak has already signed up a Bahrain-based contractor to construct the project.
"We are currently studying the possibility of developing a project in Janabiya called "Mirage Palms". It will consist of a residential compound that includes 30 housing units divided into three groups of luxury villas, as well as a private pool and multi-use recreational area," he added.
Alkooheji said the other projects currently under discussion are a residential property for mid-income families.
"This project will be developed with strategic partners. Also, we are looking at developing a residential project in the Seef District that comprises 190 apartments spread across 41 floors," he added.
Amlak also unveiled plans to transform the existing markets under its portfolio into a modern mixed-used facility catering to the demand of the neighbourhood.
"Amlak owns 13 markets and has put together a strategic plan to either re-develop or maintain the markets in order to accommodate more tenants and add further services for the residents," said Alkooheji.
Souq Al Buhair is the first market to be redeveloped by Amlak. Strategically located in East Riffa, Souq Al Buhair is of close proximity to a number of commercial and residential areas along with educational and medical businesses.
The renovated souq will include 30 retail units and will be ready by mid-2017.