Sakana Holistic Housing Solutions, Bahrain-based Islamic mortgage finance provider, said the $20 million “Nasmah” Tower residential development being developed by RMK Projects, a division of RM Kooheji & Sons, in Juffair will be completed this year.

Sakana Holistic Housing Solutions, a 50:50 joint venture between BBK and Shamil Bank, made its successful debut into property consultancy services with the launch of “Nasmah”.

This freehold project is With its current rate of progress it is estimated that the building construction will be finished by mid-year and the overall project completed and ready to hand over on time by the end this year, said a top official.

"The building construction of the first 11 stories of the development has been completed with block partitioning and plastering commencing in earnest, moving at a rate of 3 floors per month," explained R Lakshmanan, chief executive officer of Sakana.

Central air-conditioning has been delivered and stored on-site with 4 state-of-the-art elevator models arriving soon. All bath tiles and sanitary items have been ordered.

Within weeks of the sales launch in November 2007, apartments in “Nasmah” Tower were snapped up by investors demonstrating the competitiveness of Sakana’s pricing strategy, making “Nasmah” Tower an extremely attractive proposition.

“Following our tremendous response from local, regional and international investors in 2007, Nasmah Tower moves forward with momentum to reach its set move-in target date at the year end of 2009.”

“The successful sale of the apartments confirmed our market research highlighting consumers need for quality properties at value-for-money prices. Adding this to the peace of mind of being able to complete all the formalities and arrange mortgage finance under the same roof - you have a winning combination.”

Ishaq Rashid Al Kooheji, president and CEO of RM K Projects said: “On this occasion, I wish to thank all our valuable “Nasmah” customers for their support in keeping up with their payment obligations on time which is very important for the on-time completion and handover of the project.”

“The piling for “Nasmah West” another freehold project valued at $30 million which was announced late last year will commence shortly.”

“Nasmah” – which means “a breath of fresh air” in Arabic – is an affordable freehold apartment tower consisting of 120, 2-bedroom apartments, each with a balcony and offering either city or seaside views.

The building has a rooftop swimming pool, a fully-equipped fitness centre, squash court, party hall and other amenities.-TradeArabia News Service