KUWAIT: Al Mazaya Holding Company has announced that it has achieved an 80% occupancy rate in its Mazaya Logistics project in Bahrain Investment Wharf, which consists of industrial units ready for lease with contemporary, flexible designs at competitive prices. The project is designed to serve multiple purposes including warehouses, offices, industry and workshops.
Eng. Abdulla Al Sultan, Chief of Real Estate Project Management said: “The Mazaya Logistics project, which is a result of Al Mazaya Holding’s entrance into one of the most important investment sectors, namely the logistics sector, comes in line with its extensive experience in real estate development, including the residential, commercial, and medical sectors. Al Sultan pointed out that Al Mazaya Holding chose Bahrain to be the first destination for its Logistics project, with additional local, regional and international markets to follow, reflecting the company’s vision to introduce superior projects that build on its value in the real estate market.
He added that the company’s success in attaining such a high occupancy rate on this project has not come out of the blue. The feasibility studies carried out by Al Mazaya Holding prior to starting the construction of the project revealed that there is a great need in the Bahraini market for this type of project, guaranteeing its success. He emphasized that the Logistics project has become one of the most important income generating assets, promising attractive and long-term returns to the company. He pointed out that Al Mazaya Holding initiated the development of the project in May 2014 and systemically completed it seven months later in December 2014- a significant accomplishment considering the scale and aspirations of the project. This helped to outdo several rival projects due to fast completion and accurate execution. Al Sultan said that many major international and local firms have raced to book their lease units in the project. These companies are known for their years-long commercial activity, which boosts the value of the project.
In the same context, Al Sultan indicated that Al Mazaya Holding’s success in achieving this high occupancy rate is the result of the company’s high potential, well-studied marketing plans and quality product. This is in spite of the decline in oil prices, for logistics, transport and storage services. The company’s projects are usually managed by its property management team in a professional manner by providing infrastructure and security services, a modern communications network, maintenance, and cleaning, which is an added value of the company’s projects in general.
Al Sultan also pointed out that the Al Mazaya Logistics Project is one of the company’s latest projects within the Logistics Sector, specifically located in the Al Hadd area near Bahrain Airport on the highway leading to the Kingdom of Saudi Arabia. Al Mazaya Holding developed a piece of 27,505 square-metre land and divided it into industrial units with leasing spaces that exceed 15,250 square metres in the Bahrain Investment Warf-an integrated system divided into various sectors aimed at serving industrialists and investors alike. He also said that the project, characterized by flexible, secure, and well-maintained design concepts and quality infrastructure, consists of 42 industrial units divided into different areas ranging from 250 – 500 m², and includes areas that are suitable for a range of uses such as workshops, industrial activities and company offices.
