Sakana inks Dar Al Ezz mortgage deal
Manama, July 24, 2010
Bahrain-based Sakana Holistic Housing Solutions has signed an agreement with Al Sarhan and Al Humaidan Real Estate Company, developer of Dar Al Ezz 1 Busaiteen to provide Islamic mortgage finance to its customers.
Dar Al Ezz 1 is a 14 storey tower located at Busaiteen offering 80 freehold apartments consisting of 40 single and double bedrooms each.
A leading Islamic mortgage finance provider, Sakana said the construction has already reached 10th floor and the building is expected to be handed over next year.
R Lakshmanan, CEO of Sakana said: “We are pleased to partner with this development which is in advanced stage of construction despite challenging market conditions for real estate sector. The project has excellent location and caters to affordable housing segment.”
Mohammed Al Sarhan, chairman and general manager of Al Sarhan & Al Humaidan Real Estate Company, said, "We are delighted to partner with Sakana for end user mortgage finance. We are pleased to have sold about 60% of the development in these market conditions."
Dar Al Ezz 1 Busaiteen will offer selection of facilities including 3 storey car park, separate swimming pool for adults and children, gymnasium and coffee shop.
The apartments come in standard size of 73.4 sqm for single bedroom and 115.3 sqm for double bedrooms. The building is located adjacent to King Hamad Hospital, Busaiteen, the statement added.-TradeArabia News Service