Diyar Al Muharraq, one of the leading urban developers in the Kingdom of Bahrain, announced that work is well underway on Deerat Al Oyoun, the company’s flagship social housing project, and is well ahead of its targeted date as per the project’s timeline.
Diyar Al Muharraq further stated that construction of the first floor of all the residential villas within Deerat Al Oyoun has been completed, and that work is now being carried out on the infrastructural elements of the project.
Elaborating on the significance of Deerat Al Oyoun, Chief Executive Officer of Diyar Al Muharraq, Dr. Maher Al Shaer said: “It is with immense pleasure that on behalf of Diyar Al Muharraq, I make this announcement as it represents another milestone in our ever growing list of accomplishments. This moment stands testament to the relentless commitment we direct towards the completion of this project and, consequently, highlights the prioritization of Deerat Al Oyoun as it embodies the philosophy that we at Diyar Al Muharraq have instilled in our masterplan, one of building a complete city within a city that comprehensively and effectively provides for the people of the Kingdom.”
The site dedicated to the Social Housing residential units is located in the North West side of Diyar Al Muharraq with a total land area of 1.2 million square meters. This location is considered to be an ideal residential area with integrated community service centers and recreational green park lands. The first phase of Deerat Al Oyoun, which encompasses 133 units, was launched on the 17th of September, 2016 and has received immense turnout.
The residential units that are being constructed within Deerat Al Oyoun will only be made available to Bahraini Citizens who are already on the Government’s Housing Solutions waiting list. Under the Mazaya Social Housing Finance Scheme, which was launched in Diyar Al Muharraq under the patronage of Shaikh Khalid bin Abdullah Al Khalifa, Deputy Premier and Chairman of the Ministerial Committee for Construction and Infrastructure, those citizens who have met all the qualifying conditions may purchase a residential unit through availing finance from one of the participating banks, while being supported by the government in the way of subsidized financial monthly installments. Hence, if the monthly installments exceed 25% of the beneficiary’s monthly income, the Ministry of Housing will cover the remaining balance of the installment for the full duration of the finance loan.
“This initiative is a result of a strategic alliance between the public and private sectors that will prove to be enormously beneficial to Bahraini Nationals as we focus on working hand in hand with the Ministry of Housing to alleviate the pressure on the waiting lists for the Housing Solutions beneficiaries. Deerat Al Oyoun marks the foundation of a prolonged era of further cooperation between the two sectors that will undoubtedly serve to assist the Housing Ministry in attracting more real estate development firms to expand their possible scope of work, increase the available Housing options and encourage more citizens to opt for this alternative to speed up the waiting process for those on the lists of Housing Services beneficiaries at the Ministry. With the work nearing completion, we are in eager anticipation to officially introduce to the people of the Kingdom of Bahrain the many facilities and amenities that Deerat Al Oyoun will have to offer,” Dr. Maher added.
Diyar Al Muharraq is a unique master planned city for the people of Bahrain offering range of housing options and quality lifestyle. Diyar Al Muharraq offers a cohesive mix of residential and commercial properties with a strong lineup of projects aimed at creating a long term and sophisticated township.