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Reef, Grnata in Al Aqeela deal

Manama, June 23, 2008

Reef - Real Estate Finance Company and Grnata have announced their partnership with the developer of Al Aqeela Building.

Grnata, as the exclusive sales agent for the building, provided details on the new development.

Al Aqeela, in Sanad, is designed to accommodate the Bahraini and GCC first-time buyer in its design and pricing structure.

Each of the 14 apartments in the residential building has two bedrooms, and a spacious kitchen and living room area covering 82-108 sq m.

Al Aqeela houses dedicated parking for each apartment, security facilities and a shared meeting room for tenants.

"In addition to the quality of the building, the apartments have also been set at very reasonable prices in order to accommodate the expectations and financial capabilities of first-time buyers," said Grnata director Ahmed Haidar Darwish.

"We are pleased to extend this offer from a sales and marketing perspective because we believe it fills a gap in the market."

Reef has also set up an exclusive financing offer for clients of Al Aqeela, whereby buyers are provided a longer grace period and competitive rates.

"By providing a lengthier grace period, Reef is structuring its financing options in a way that allows the buyer to balance current rental obligations with their mortgage payments towards home ownership," said Reef retail and placement head Abdulaziz Al Ruwaihi.

"The idea is to ease the financial burden on the client as a first time buyer."

Construction has for Al Aqeela and is expected to be completed within 17 months.-TradeArabia News Service




Tags: Reef | partnership | Grnata | Al Aqeela |

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