Amlak, the real estate investment arm and a wholly-owned subsidiary of the Social Insurance Organization (SIO), held a press conference to announce the latest projects undertaken by the company.
“Amlak 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,” said Amlak’s Chairman, Mr Abdulrahman Yusuf bin Yusuf Fakhro. “Our strategy stems on developing the real estate portfolio of the Social Insurance Organization 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. All projects undertaken by Amlak will undergo feasibility studies in order to maintain a higher rate of return,” he said. “Our goal in the coming period is based on a two-fold approach; to maintain the value of our projects and search for new investment opportunities in the field of development, housing and services across strategic areas in the Kingdom,” said Mr Fakhro.
Amlak implements an acquisition strategy based on diversifying the company’s real estate portfolio in order to increase its revenue. The company acquired two buildings in 2016 that is successfully yielding 9% annually. Meanwhile, the company’s acquisition plan has directly supported the company’s financial performance which has witnessed a steady growth during the past year amounting to 70%.
Commenting on future projects, Amlak’s CEO, Mr. Mohammed Abdulelah Alkooheji, unveiled plans relating to a “The Sixty Six”, a six-story residential building located in Umm Al Hassam which includes fully-furnished apartments along with a well-equipped recreational floor, further stating that a Bahrain-based contractor has been appointed to develop and 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.
“Other projects currently under discussion are a housing project 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 of 190 apartments spread across 41 floors,” added Mr Alkooheji.
Plans were announced earlier this year by Amlak to transform the existing markets under its portfolio into a modern mixed-used facility catering to the demand of the neighborhood. Amlak owns thirteen markets and has put together a strategic plan to either re-develop or maintain the markets in order to accommodate for more tenants and further services catering to the daily requirements of the residents.
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.