Pearl, Reef in Platinum Tower deal
Manama, May 22, 2008
Pearl Real Estate Development Company has entered into an end-user financing agreement with Reef - Real Estate Finance Company for its second major project, Platinum Tower.
Under the agreement, Reef is to provide Sharia-compliant mortgage financing to clients of the BD25 million Platinum Tower development.
The Tower will house 128 offices across 29 floors and is located in the heart of the Seef District.
From a financing perspective, Reef will offer competitive real estate finance plans such as an Ijara lease to own contracts with tenures reaching up to 25 years and covering values up to BD350,000 ($928,579) per customer.
Reef provides prospective clients with dedicated advisers to guide them through the financial planning process, providing information and assistance that ensures the final financing option is one that meets clients' needs.
'Pearl lives by the mission of creating unique landmarks, but more vitally, by the desire to contribute to the growth and development of the real estate sector in Bahrain in a manner that enhances the lifestyles across the kingdom,' said Pearl Real Estate director Hatim Dadabhai.
'Platinum Tower comes in response to a growing demand for affordable yet quality-based office space. Our agreement with Reef, as one of the nation's premier real estate financing companies is a step towards providing end-users of Platinum Tower with access to financing that is characterised by speed of processing and quality of service.'
'In keeping with our mandate of providing choice, we are pleased to consider such a prestigious commercial development as an affiliated project,' said Reef chief executive officer Mahmood Al Koofi.
'Reef's Islamic financing will be offered to clients under competitive terms and conditions, and through a process that ensures buyers are assisted by Reef's dedicated team of finance advisers.'-TradeArabia News Service