SARAYA Al Bahar Property Development Company (Sarai) was established in 2008, as a Saudi company specialised in the acquisition and development of land.

Today, Sarai provides integrated solutions for the local and regional real estate sector, deriving its excellence from executing leading and major projects in the field of real estate investment in the Kingdom of Bahrain for more than 12 years.

“Our mission is to seek investment opportunities in Saudi Arabia, develop innovative and leading real estate projects in accordance with the highest quality standards and based on detailed strategic studies,” says Sarai chairman Saud Abdul Aziz Kanoo.

“Our focus is on providing high-quality, modern-designed and unique housing solutions in conformity with the original Arabic traditions and in accordance with the needs and requirements of the customers who play the most active role in making our business successful and flourishing,” he adds.

FIRST PROJECT
The company’s first project was Al Marsa Resort which is located on Half-Moon beach in the Eastern Province, in Saudi Arabia. Considered a paradise of luxury, it includes 594 beach villas surrounded by landscaped and picturesque coasts and 300 serviced apartments with a wide range of amenities that provide sophisticated and exceptional life style.

Features: No landfill to the beach was made. Instead, the company performed erosion technique to the area. The studies and designs were drawn up and prepared by the most reputed and international engineering companies to provide permanent stream-lining of the sea-water movements. Besides, necessary studies were made to the tide movement. The villa design was made in a manner to reflect Arab originality with a style full of luxury and serenity.

Al Marsa Resort includes many luxuries such as health clubs, high-class restaurants with complete privacy. There is also an integrated centre furnished with the most advanced equipment and conference halls that give integrated business environment. The resort also has built playgrounds for children as well as parks that provide entertainment, joy, and excitement. Among other services are hotel apartments with the highest world-class specification.

Saraya Al Bahar Property Development Company ... providing modern designed and unique housing solutions in conformity with Arabic traditions

NEW PROJECTS
Sarai is currently seeking to build on the successes it achieved during the past years. It is working now to complete the first phase of the 52-unit Marsa project, which is forecast to deliver units to customers by the end of this year and early next year. The company will also be launching the second phase of the Marsa project, which consists of 96 villas and that will be followed by the announcement of the Dragon Hotel project which will consist of 100 units with approximately 48 villas, representing the third phase of the Marsa project.

“This year, we will also launch Saray Villas in Taawun, a partnership project between Sarai and Masadir Real Estate Company. The project consists of up to 51 distinctive villas,” says Waleed Janudi, director of sales and marketing at Saray Real Estate Development.

The company is also going to launch Saray Commercial Tower this year. It will be a landmark, unique and a new step forward in the world of business services, providing a complete business environment that helps companies succeed in the eastern region. Soon after, the company will launch Saray Residential Tower which is dedicated to freehold apartments and overlooking the sea.

He stresses that the company is seeking to work with all professionalism to open other investment channels, pointing out that it has launched the marketing arm for property and marketing management.

The first property management project was Safa Complex 1 and 2, owned by Yusuf Bin Ahmed Kanoo Group. The project consists of 96 units plus sports clubs, swimming pools and entertainment facilities. He also points out that the company has signed a marketing contract for Hai Al Shati Villas in Dammam, owned to Arbah Capital and developed by Mada Alsharqiya, which consists of 44 villas and duplexes.

Talking about the new mortgage law, Janudi says it is an added-value and a step forward in the development of the real estate industry.

“The results will not be magical and will not show directly. They need three to five years to begin to appear and for the market to feel the size of its projects and customers who have benefited from it,” he adds, pointing out the law will be a contributor in the development of the sector with the help of the government through the royal orders launched by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, that brought about a qualitative leap in the real estate sector.

“We, at Saray Real Estate Development, are keen to put real and achievable projects that maintain the level of service and quality that everybody knows about the company, and address all customer segments and this takes a lot of time, effort and money,” says Janudi.

Sarai ... building on its past success

On the partnership with the public sector, he says: “Frankly, we seek to achieve this with all sectors as cooperation and alliance bring us to new horizons. We welcome this and express our full readiness to enter big partnerships that may benefit the country and all who live on its soil.”

Janudi adds that funding role is still weak and will not move forward unless it finds competition, indicating that the real estate industry needs faith, work and dedication in order to achieve its real value.

MAIN ACTIViTIES
Some of the main activities of the company are:

Real estate development: Provide opportunities for a distinct and successful real estate investment; preparation of feasibility studies; research, marketing and sales strategies and open investment funds in collaboration with specialised financial firms; find and put real estate projects through investment funds after preparation of studies and building strategic partnerships with companies and supervise the operations of subtraction, construction, marketing and sales of investment projects.

Project management: Application programmes and uses enterprise resources planning (ERP) system in the management of administrative, financial and technical areas. In addition, it uses global programmes in the planning of construction projects (primavera) along with the principles of value engineering in the implementation of all projects.

Property management: The company manages the property of the administrative buildings and commercial complexes, resorts and residential projects. It is also involved with the: the plans to ensure efficiency in the performance of designs for commercial purposes; preparation of reports and letters of merit and administrative expense accounts of real estate; facilities management and supervision in the provision of basic services to the property from maintenance and security protection, and others; the representation of landlords and tenants and provide the best solutions through technical consultations on human use and management of the property; the representation of buyers and sellers and make recommendations to them; and domestic and international marketing through strategic partnerships with companies and external property management for shopping and cross selling.

Real estate valuation and evaluation: The department of real estate follows the international evaluation criteria of valuation (IVS International Valuation Standards) and provides assessment reports of real estate according to sound scientific methods and commitment with (Uniform Standard for Professionals). The aim is to carry out evaluation of real estate development projects and clients in modern and professional way and in conformity to quality standards.

Logistical support to companies: Provide logistical support services for domestic and foreign companies by creating real estate (commercial – residential); provide service engineering consultancy including decor and interior design and provide supervision and service maintenance and operation.