Naseej, a leading real estate development company in Bahrain, has signed an agreement with Ithmaar Holding to develop a BD40-million ($105 million) residential project in the country’s northern governorate area of Barbar.

The project, which will come up on a 150,000-sq-m area, will comprise a total of 400 units – 300 villas and 100 residential plots, thus covering the development of the suburb in its entirety.

It is mainly targeted at the beneficiaries of the Ministry of Housing’s Mazaya programme, said senior officials at the signing ceremony.

The agreement was signed by Ithmaar Holding CEO Ahmed Abdul Rahim and Naseej General Manager Ahmed Mohammed Al Hammadi at Ithmaar Holding’s headquarters in the Seef District in the presence of Naseej Managing Director Mohammed Khalil Al Sayed and Ithmaar Bank Deputy CEO Abdul Hakeem Al Mutawa.

Located in a quiet area in Budaiya, the project will enjoy easy access from main roads and Al Nakheel Highway, said Ithmaar.

On the key project, Al Sayed said: “This latest addition to our investment and development portfolio is Naseej’s sixth in the kingdom and its second in the northern governorate. We recognise the growing demand for this type of housing and hope to meet it with high quality design, construction, and finishing.”

This project is also in line with Naseej’s ongoing efforts to develop a larger number of residential units across the kingdom, and offer them to a wider segment of its customers, he stated.

“It follows the development of more than 2,600 housing units in Salman Town and Al Lawzi in cooperation with the Ministry of Housing at a cost of BD170 million,” he added.

According to Al Sayed, the Barbar project is also in line with Naseej’s strategy to seek out projects that are in high demand and with business viability.

“The company has considerable experience in developing housing units in the kingdom, including the completed Yasmeenat Saar, Basateen, a public-private partnership (PPP) project with the Ministry of Housing, Canal View at Dilmunia, and other projects falling under a range of housing categories,” he added.