Media Center

18th Jun 2017

Eskan Properties Company and KFH Bahrain sign agreement to build a 460-apartment development, Danaat Baytik at Ishbiliya Village

 Eskan Properties Company BSC (c) signed an agreement with Kuwait Finance House (KFH-Bahrain) for the Development Management of Danaat Baytik apartment at Ishbiliya Village. Eskan Properties Company BSC (c) will be the development manager of the project. These apartment units will be marketed and sold to beneficiaries of government housing services and specifically those who qualify for the Ministry of Housing's social housing financing service "Mazaya".

The agreement was signed by Eskan Properties Company Chairman and Eskan Bank General Manager, Dr. Khalid Abdulla and KFH-Bahrain Managing Director and CEO, Abdulhakeem Al-Khayyat in the presence of Ishbiliya Company Board Members, Khalid Al Maarafi, Rashid AlKhan and Sarah Al Abbasi, and the executive management team of Eskan Properties Company, Eyad Obaid, Eskan Properties General Manager and S. Ahmed Al Sharaf.

KFH-Bahrain will be the primary developer for the project, which will be occupying 27,142 sqm Eskan Properties Company have been assigned to manage the development of the project. KFH-Bahrain will be also provide special financing programme to the beneficiaries."

Dr. Abdulla said: "This project comes as part of efforts by Eskan Bank and its subsidiaries, with the firm support of the Ministry of Housing, to provide efficient and suitable housing solutions for Bahraini families by utilising the expertise and capabilities of the private sector and making them key partners. Housing is, of course, among Bahrain's top priorities, as directed by the Kingdom's leadership and Government."

Mr. Al-Khayyat expressed his appreciation for the opportunity to play a key role in the national housing development programme: "KFH-Bahrain is happy to be contributing its resources to social housing, which is among the Kingdom's most active sectors, vital for achieving social stability for Bahraini families. Housing developments such as this will, at the same time invigorate the construction and financial sectors, which are also two of the Kingdom's key industries."

The Ishbiliya apartment project consists of 18 five-story buildings with a total of 460 apartments and an area of 160sqm per apartment. Each apartment consists of three bedrooms of various designs, a maid's quarter, and two parking lots. Free supervisory and maintenance services will be available for two years for all the apartments.

Work is expected to start soon on the project's designs ahead of the launch of a campaign to market it to potential owners in the upcoming months.