Reef, Orchid Developers in tower deal
Manama, July 14, 2008
Reef – Real Estate Finance Company has signed a deal with Orchid Developers to develop two free-hold projects - Terraces of Juffair and Dream Tower 1, in Manama.
The company described the new deal as a milestone in its long standing partnership with Orchid Developers.
'As a financier of choice for these two developments, Reef is immediately able to provide packaged financing to clients interested in obtaining an apartment in either of the towers. Both towers are marked by a dedication to high quality living at reasonable prices,' said Reef CEO Mahmood Al Koofi.
'The 'Terraces of Juffair' is a 26 floor project which is uniquely marked for having outdoor courtyards for every two floors giving tenants the enjoyment of sky gardens. It has a host of facilities including a rooftop swimming pool, gym, and sauna,' he added.
Dream Tower, a 36 story building, is a mixed use facility with separate entrances for the residential and commercial zones, the latter of which is already sold out.
The residential tower features two bedroom apartments distinctively designed to span an entire floor, giving residents the ultimate access to luxury and privacy. The tower also has a swimming pool, gym, sauna and steam room, as well as a children’s playground.
Dr Bashar Ahmadi, owner of Dream Tower 1 and Terraces of Juffair, said, “As an end-user financier, Reef has differentiated itself in the market, and was accordingly our first choice for end-user financing.'
'Reef has in fact worked with us as an end-user financier on a number of our projects. Our inaugural tower, Mal Suites, in which Reef was the chosen financing company for clients, is today sold out, as are a number of our other developments.'
'We have already received similarly high responses for Terraces of Juffair and Dream Tower. In addition to their competitive finance terms, Reef provides our prospective clients with dedicated advisors to guide them through the financial planning process by giving information and assistance that ensures the final financing option is one that meets our clients’ needs.”
He said the construction on both projects has already begun with 'Terraces of Juffair' having reached the 12th floor and Dream Tower 1 at the 22nd floor.
The projects are exoected to be completed in last quarter of 2009.-TradeArabia News Service
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