Diamond Plaza: Bahrain Property

 

 

SOLD OUT

 

Diamond Plaza:

We are delighted to announce the launch of the first phase of Diamond Plaza our first project in Bahrain.

Onyx House forms part of our Diamond Plaza Development, a 3-Tower residential development overlooking the Persian Gulf.

Situated within the Al Hoora District, close to Bahrain City centre in Manama, the studio, one, two and three bedroom apartments are ideal for both investors and owner occupiers alike.

Onyx House comprises of 290 stunning apartments and is only a part of a total of 1,020 apartments within the Diamond Plaza complex.

This luxury apartment residence tower will be managed by Bridgestreet Worlwide, a wholly owned subsiduary of Interstate Hotel & Resorts. This is the largest hotel management company in the United States and will redefine 5-star serviced apartment living here in Bahrain.

Within the development occupiers will benefit from a state of the art health spa and pool area, as well as having access to all of the retail outlets and restaurants that are situated on the ground floor. Each apartment also has its own covered parking space.

 

Contents:

• Key Features
• Investment Features
• Payment Schedule (inc finance options)
• Price & Availability
• Why Invest in Bahrain Property

Key Features Include:

• Full freehold ownership
• Stunning fully furnished studio, one, two and three bedroom apartments
• State of the art health spa and pool area
• Mix of retails and restaurants
• Located with easy access to the financial district
• Situated on a Peninsula with great views over the Persian Gulf
• Within easy access of the business district and airport
• 24 hour security
• 24 hour room service
• Fully managed by Bridgestreet Worldwide
• Non status finance available

Additional Investment Features Include:

• Initial 3 year 9% pa rental guarantee
• 30 day owner use per annum
• 20 year lease back
• Fully furnished

Apartment Specification:

• Living area flooring, granite tiled and wooden parkette.
• Balcony: Semi polished porcelain tiles
• Bathrooms: ceramic tiles
• Kitchen: Italian marble
• Kitchen Furnishing: European designed units having aluminium carcass & solid wood doors with granite work surfaces.
• Bedrooms: Built in wardrobes
• High speed internet access in all rooms.
• Telephone points in all rooms
• SMATV

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Investment Appeal
There is an annual 9% minimum rental guarantee or 60-40 rental split in favour of the owner, whichever is greater for the first three years. Thereafter, the rental splits will be on a 60-40 basis, but without a guarantee. Take a look at the Rental Yield Forecast below to see what this actually means in real terms.

The hotel group responsible for running the Kensington is known as Interstate hotels and resorts, America's largest independent hotel management company, one of it's subsidiaries is Bridgestreet worldwide, one of the largest corporate housing provider. With a wealth of experience and a world wide reservation system, they will ensure that the occupancy levels remain the highest possible.

 

Rental Yield Forecast

The table below illustrates three type of scenario based on occupancy levels generated by the hotel in Bahrain; 80% being the highest forecast and 70% being the lowest. Currently Bahraini is achieving 75% occupancy and the trend is set to continue for many years to come. The room rates have been provided by the developer as the average rate throughout the year and reflect a quite conservative view which should be easily achievable for this standard of hotel. By factoring this forecast data into the table it can be seen that at even the lowest expectation, rental yields still reach an impressive net value of 13%!.

Room	Investment	Purchase	Room	Occupancy	Total	Gross	Net	Purchase
Type	Scenario	Price	Rate	Level	Revenue	Return	Return	Yield
Studio	Best	£89,626	£72	80%	£19,420	£11,652	£10,487	12%
Studio	Average	£89,626	£72	75%	£18,207	£10,924	£9,795	11%
Studio	Worst	£89,626	£72	70%	£16,993	£10,196	£9,103	10%
1 Bed	Best	£106,764	£94	80%	£25,246	£15,148	£13,808	13%
1 Bed	Average	£106,764	£94	75%	£23,668	£14,201	£12,908	12%
1 Bed	Worst	£106,764	£94	70%	£22,091	£13,254	£12,009	11%
2 Bed	Best	£187,167	£174	80%	£46,609	£27,965	£25,984	14%
2 Bed	Average	£187,167	£174	75%	£43,696	£26,217	£24,324	13%
2 Bed	Worst	£187,167	£174	70%	£40,783	£24,470	£22,663	12%

** please note all information regarding rental yields are for illustration purposes only and cannot be guaranteed. The figures regarding room rates and occupancy levels are however very realistic as they are based on real figures being achieved in Bahrain over the last five years.

Notes:

• Room rate are the rates per night based on 5 star hotel rates in Dubai
• Occupancy Levels are currently running to 75% in Bahrain and likely to increase.
• Net Return is the Gross Return minus the Total Charges (see below)
• Purchase yield is the percentage yield based on the purchase price.

Total Charges:

Room	Investment	Purchase	Maintenance	Service	Utilities	Total
Type	Scenario	Price	Charge	Charge		Charges
Studio	Best	£89,626	£583	£291	£291	£1,165
Studio	Average	£89,626	£546	£273	£273	£1,092
Studio	Worst	£89,626	£510	£255	£255	£1,020
1 Bed	Best	£106,764	£757	£379	£379	£1,515
1 Bed	Average	£106,764	£710	£355	£355	£1,420
1 Bed	Worst	£106,764	£663	£331	£331	£1,325
2 Bed	Best	£187,167	£1,398	£699	£699	£2,797
2 Bed	Average	£187,167	£1,311	£655	£655	£2,622
2 Bed	Worst	£187,167	£1,223	£612	£612	£2,447

Notes:

• Maintenance is taken as 5% of the Total Revenue to be used to cover all damages that a unit maybe incurred during occupancy.
• Service is the service charge per annum used to cover the upkeep of the hotel (communal areas, gardens etc)
• Utilities are for electricity and water for the unit per annum.

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Payment Schedule:

Option 1:

50% Finance is available from the developer. If 50% can be paid in a lump sum up front, then no further payment is required until completion (finance before completion is interest free). At completion the mortgage will start at a rate of 7.95% over a 5 or 10 year period.

Option 2:

If the purchaser decides to follow the usual payment schedule laid out below and requires finance then this will be available once 50% has been paid (4th installment). The remaining payments will be interest only until completion at which point the mortgage will commence at a rate of 7.95% over a 5 or 10 year period.

 

DEPOSIT	10%	Payable within 7 days of signing Irrevocable Intent form
1st Installment	10%	Within 30 days of Irrevocable Intent form
2nd Installment	10%	Within 90 days of Irrevocable Intent form
3rd Installment	10%	On completion of podium
4th Installment	10%	On completion of 6th floor structure
5th Installment	15%	On completion of 12th floor structure
6th Installment	15%	On completion of structure
7th Installment	20%	On completion date

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Prices and availability:

• Studio apartments from 618,442AED (88,348 GBP)
• 1 bedroom apartments from 736,674AED (104,953 GBP)
• 2 bedroom apartments from 909,474AED (129,924 GBP)
• 3 bedroom apartments from 1,409,684 AED (201,383 GBP)

Please note: The prices provided above are accurate at the time of publication and are fixed in AED. The prices may change according time, availability and exchange rates, so please contact us for the latest details.

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Why Invest in Bahrain Property?:

Location:

• Bahrain is situated in the heart of the Arabian Gulf. Central staging post for trading routes between East and West
• Frequently attracts the GCC's most affluent nationals from KSA with highest GDP.
• Bahrain is the major trading port due to its ideal position of the island.
• Bahrain property provides prime sea views and residential construction boom is only just beginning.

Economy:

• Bahrain Government proactively encourage growth of foreign direct investment and private enterprise.
• Bahrain is the fastest growing economy in the Arab World (source; United Nations Economic and Social Commission for Western Asia- January 2006)
• Bahrain has the freest economy in the Middle East (source; Index of Economic Freedom. Wall street journal 2006)
• No taxation including personal income, wealth taxes, capital gains, death duty taxes and inheritance tax.
• Lower costs of living than GCC neighbours. Higher quality of life.
• Financial capital of the Middle East, Bahrain financial harbour.
• Bahrain has the most developed telecommunications in the GCC.
• Bahrain's legal system ensures that the rights of international investors are protected.
• Bahrain property is on the brink of a major development boom;

Market:

• Current hotel occupancy rates at 75% throughout Bahrain
• Average 4/5 star nightly room rate in 880AED.
• Major influx of middle class expatriate professionals seeking high quality rental accommodation.

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For further information including the latest availability and prices for this development please contact one of our sales team:

Contact us