| 04 Sep 2010 |
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Ahad Holdings closes a multi-million dollar purchase of 17 Porta Reef units on Reef Island
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Anticipating a turnaround in the Kingdom's real estate market, prominent Bahrain-based real estate developer and investor Ahad Holdings closed a multi-million dollar acquisition of 17 Porta Reef apartments, the largest single bulk buy on the landmark Reef Island development.
The units, which are spread among Porta Reef's three towers, will serve to bolster Ahad Holdings' expanding portfolio of luxury free hold property, which already includes the upscale Le Reef low rise towers, also located on Reef Island, and other properties at Venice Promenade.
"This is an important strategic purchase for Ahad Holdings. Porta Reef's location within the vicinity of our own project makes it ideal for us as we will be able to market the two projects together. Beyond that, this deal is also a show of confidence in Bahrain real estate, which is still healthy relative to some other markets in the region," said Ahad Holdings Chief Executive Officer Hamid Nishat.
"Reef Island is a visionary project which we believe will play a major role in the full recovery of Bahrain's property market. The size of this transaction has already created a stir, which we hope will awaken the market and inspire similar deals by other investors down the line. Ahad Holdings hopes to contribute to this, with plans already underway to further expand our presence on Reef Island through other properties," Nishat continued.
The 17 apartments, which together have a combined area of 3,800 square metres, are mainly comprised of three-bedroom units, but also include some two-bedroom apartments.
A key handing ceremony, attended by Nishat, Porta Reef Head of Sales Ahmed Habib and other guests, was held to mark the landmark sale. Porta Reef, a project of Abu Dhabi Investment House, is currently handing over its units to their respective buyers, who are beginning to furnish them. A few residents have already moved in.
"The fact that we have been able to sell all the units in Porta Reef indicates that there is still strong investor support for Bahrain real estate, especially high quality residential projects such as Porta Reef," said Habib.
"This is a win-win deal for both our companies and a milestone for Reef Island as well. Porta Reef is able to sell off a large section of its units while at the same time enabling Ahad Holdings to immediately begin marketing a finished Reef Island property," he said.
Located on Manama's northern shore, Reef Island, a 579,000-square-metre man-made island consisting of several high end residential developments, is located between the prestigious Bahrain Financial Harbour and the Seef District, one of Bahrain's main business and tourist centres. It is made up of 39 residential buildings, with a total of 1,217 apartments, as well as 49 chalets, 65 villas, a five-star hotel and an Icon Tower.
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Ahad Holdings is a holding company for a group of commercial, industrial and services companies which specialize in purchase, sale, development and management of real estate. Ahad Holdings feels socially responsible to the task of enriching the lives of people in the Kingdom of Bahrain and is committed to bringing unique projects like Le Reef.
For a comprehensive experience of the Ahad Holdings way of lifestyle, visit the corporate website www.ahadholdings.com
For media enquiries, please contact:
Fawaz Shakralla
Tel: 00973-36211911.
© Press Release 2010
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