Manara, Eskan ink housing loan deal
Manama, May 22, 2011
Manara Developments has signed an agreement with Eskan Bank to provide loans to buy affordable houses in Tubli and Wahat Al Muharraq project in Qalali area of Bahrain.
The agreement was signed by Manama Developments managing director Dr Hasan Al Bastaki and Eskan Bank chief investment officer and deputy general manager Ebrahim Shehab and chief business officer and deputy general manager Keith Scott.
Under the agreement, citizens will be offered loans by the bank to buy housing units from the Tubli Gardens and Wahat Al Muharraq projects. Repayment options will be available according to the construction stages and as agreed by the three parties.
'This co-operation with Eskan Bank will offer the opportunity for a large segment of citizens to choose units from different designs and specifications to realise their dreams of owning their own decent houses,' he said.
'These units are designed to the highest construction standards and specifications which meet the lifestyle of Bahraini families at affordable prices which suit their financial resources through easy instalments.'
Dr Al Bastaki said this move is part of the company's policy to establish co-operation and partnership with the public and semi-government sector to effectively contribute to the housing and real estate development and provide suitable options to meet local demand for housing units in different areas of Bahrain.
'This agreement comes within the framework of the bank which sought to build an effective partnership with the private sector,' he said adding that the bank is always trying to provide housing finance solutions for the citizens.
Prices for these units will start from BD89,000 ($236,074) depending on the specifications ordered by customers.
Customers will also have the option of seeking additional finance from Bahrain Saudi Bank, which is an affiliate of Manara Developments, without the need for depositing more collateral by the depositor with Eskan Bank.
Tubli Gardens project is one of the company's first projects offered for sale in collaboration with a government finance provider, and targeted at middle-income people.
It is one of the projects which have shown success indicators since the commencement of construction work recently. An executive summary will be out soon to brief investors on the progress of the project.-TradeArabia News Service