“Nasmah west” freehold project piling commences
Bahrain-based Sakana Holistic Housing Solutions (a 50:50 joint venture between BBK and Shamil Bank), the innovative Islamic mortgage finance provider today announced that piling commenced recently in “Nasmah” West, a residential development in Juffair. This freehold project is being developed by RMK Projects, a division of R. M. Kooheji & Sons.
This 25-storey tower development will offer 124 apartments to Bahraini and GCC nationals, as well as expatriates – all at highly competitive rates. The project is expected to be completed by December 2010.
Mr. R. Lakshmanan, Chief Executive Officer of Sakana said: “Despite current market conditions, we believe that we have an extremely attractive proposition to offer to customers – quality apartments at affordable prices, reputed developer, backed by competitive mortgage financing up to 90% of property value and up to 30 years term. The successful launch of “Nasmah” Tower Sakana’s first venture under its property consultancy arm in partnership with RMK Projects prompted the development of “Nasmah West.”
Mr. Ishaq Rashid Al Kooheji, President and CEO of RMK Projects said: “Despite the uncertainty in the market; “Nasmah West”, located in the popular residential area of Juffair is a hot spot for customers to own freehold apartments either to live or to rent. The project provides housing solutions for the vast number of middle class customers who have been underserved in the market”.
“Nasmah West” will provide a welcome breath of fresh air, just as the name, “Nasmah” means in Arabic. The tower consists entirely of 2-bedroom apartments, each with a balcony and offering either city or seaside views. The building has a rooftop swimming pool, a fully-equipped fitness centre, squash court, party hall and a 24-hour security and facilities management services.
Sakana and RMK Projects are reviewing further projects for joint co-operation and development.
