The business quarterly performance, of RA is been good, continuing the trend of 2020, we are still working against the tide. However, the overall business performance in the first quarter is good, despite the economy is down and the market not doing very well.
The primary reason for a good quarter performance can be credited to aggressive pricing and understand the consumer behaviour and adapting to the behavioural changes accordingly, followed by reaching out to all target segments through marketing, launching referral programs and increasing our leasing team strength as well. All these factors have contributed to sustaining, as well as increase our business. While identifying niche target groups has helped us to maintain our occupancy.
The study and adaptation to consumer behavioural changes, has been so effective in the last year that they is a waiting list for 3 BR apartment in Fontana Towers.
The pandemic and closing of the Saudi causeway as resulted in the slowing down of the economic growth of the country, which directly impacted all industries and sectors alike. With Bahrain, being the preferred location for expats and Saudi’s, the restriction of entrance to the country, has resulted in a loss of investments. They weren’t any newer customers over the past year, and whoever was leasing very basically was moving from one property to another in search of better facilities and pricing.
With causeway opening and vaccination in full swing, we are anticipating that they would a boost to the economy, in turn helping the business. Also, we have a very big BAPCO project in the pipeline, so we are hoping the returning a lot of engineers, who left the country during the pandemic.
Also, another thing to be noted is currently the small apartments are not moving especially the 1BR in Fontana Towers and Fontana Gardens, however, the bigger apartments occupancy is better with good pricing, so we are anticipating this scenario would change in the coming quarter. Overall, we are hoping it to be a good quarter, with the positive things happening around.