Arabian Homes speaks to Hussain Kazerooni, Managing Director of Kazerooni Contracting Company, about his latest completed project, Kazerooni Heights 1 in Amwaj Islands
Completed earlier this year, Kazerooni Heights 1 in Amwaj Islands is a 20-storey building of 101 light-filled, luxury apartments. Arabian Homes spoke to Hussain Kazerooni about this development – the vision behind it, what sets it apart from other projects in Bahrain, and why, for the first time, he is targeting investors as well as end-users.
Does Kazerooni Heights 1 draw on any of your previous developments or lessons learned from earlier projects?
We have been in this business for over 45 years and in those years we have achieved an impressive reputation in the industry for quality and hard work. As such we are very careful with everything we do, as we don’t want to lose any part of our reputation because of one bad project. That is why we were meticulous with Kazerooni Heights 1, as we are for Kazerooni Heights 2, which is located behind it and will be connected at podium level. We actually used all our experiences from our previous developments, such as our Kazerooni villas projects in Saar and Kazerooni Mansions in Amwaj, to ensure the successes of Kazerooni Heights 1 and 2.
Who designed the development and what was the architectural vision driving the design?
It was designed by MSCEB, and seeing that it was located on one of the best islands in Bahrain, creating amazing views overlooking Amwaj Islands played an integral part in the design.
What do you consider are some of its best facilities?
We fitted the place as if we want to live in it, and as such we are quite proud of all aspects of this building. Everything that we have chosen is of high quality, from the temperature-controlled swimming pools on the rooftop to the state-of-the-art gymnasium with Technogym equipment. Similarly, all of the appliances and fittings throughout are of high quality internationally recognised brands, such as Bosch and Grohe.
What are the annual community maintenance fees?
We charge 500 fils per square metre per month for community maintenance and 330 fils per square metre per month for electricity. I believe they are comparable with other building fees.
What do you think marks out this project as particularly special as compared to other developments within Bahrain.
We never wanted to sell Kazerooni Heights 1 off-plan, which is why we didn’t start selling until its recent completion. The reasons were because we wanted to show buyers the quality, which is not only visible through the appliances and fittings mentioned earlier, but also through the structural finishes of the entire building. It was just as important for us to ensure high-quality and enduring internal fittings and materials, such as the waterproofing, pipes and cables etc, were used throughout the building. This is something that I strongly believe sets us apart from other developers.
We also have several financing options available, which I believe are unique in this market. Our investor offer allows the buyer to pay the purchase cost inclusive of service charges for seven years, and we then rent out their property for them and give them an annual guaranteed return of 8.25 percent. One of the attractions of this deal is security for the buyer because we hand over the title deeds plus post-dated cheques. I know and believe in my product and I wanted to prove it, so there are no hidden costs at all – we even bear the cost of furnishing these rentals.
Do you think Bahrain’s property market is strong enough to take many more residential developments?
It’s true that Bahrain has lots of properties coming up, but most are not high-end developments. We saw the opportunity for high-end apartments, and we put our name on the building because we are confident of its quality. Our name is our stamp and we don’t want our stamp to be associated with a bad project. As for the value, we believe it is not only a great real estate investment opportunity but also great value for money – some apartments in Bahrain which are being marketed as “luxury” are around BD1,400 per square metre, whereas ours are BD950–1000 per square metre. Also, our apartments are relatively big. Other developers’ one-bedroom flats are around 50, 60 or 70 square metres, whereas ours start from 88 square metres.
Who are you targeting as buyers for this development?
We are simply targeting everyone who wants to buy, not only local or GCC nationals. In our previous projects we have always targeted end-users, but for this project, we have the investor option I mentioned previously. There is also a lease-to-own offer, in which buyers put down 30 percent of the price, then pay BD750 per month for five years and settle the balance after that. We hope that offers like these, coupled with the affordability of the project, will help a broader range of people become homeowners.
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