| 26 Jun 2008 |
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Sakana inks deal with real estate developers
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In a landmark deal, Sakana Holistic Housing SolutionsSakana Holistic Housing Solutions
has signed a Memorandum of Understanding with the leading real estate developers, Pearl Development & Real Estate Co.Pearl Development & Real Estate Co. and Promobai Development & Real Estate Co. to become the preferred Islamic mortgage provider for two brand new luxury developments - one commercial, the second residential. The twin commercial-residential signing is a first for SakanaSakana
and the latest in a string of MoUs with leading developers that allow it to make purchasing property in Bahrain easier and simpler for Bahraini nationals, GCC nationals and expatriate buyers. Arun Kumar Praharaj, Group Finance Director, welcomed SakanaSakana
as a partner. "We are proud to collaborate with SakanaSakana on these landmark projects and also to participate in SakanaSakana's first twin signing. Crystal Heights and Platinum Towers are part of a new wave of modern, quality luxury developments in the Kingdom that are changing the Bahrain skyline and taking property development to new heights." R. Lakshmanan, CEO of SakanaSakana
, said: "SakanaSakana is known for breaking the traditional barriers of business to forge strong and lasting partner networks across all housing-related products and services. We are very pleased to develop on our existing relationship with the leading real estate developers and expand our portfolio of services with this new and significant agreement. We pride ourselves on being able to offer our customers opportunity, flexibility and convenience through these kinds of collaborative partnerships." He said SakanaSakana
has become a powerful catalyst in the Bahrain mortgage market through its unique, holistic approach and the simplicity and innovation of its unique range of Sharia'a-compliant products and services. As the endorsed provider of mortgage services for the Crystal Heights and Platinum Tower developments, SakanaSakana
is able to offer its customers more ways to take advantage of Bahrain's booming property market. Crystal Heights, a project by Promobai Development & Real Estate, will be a 27 floor, luxury residential development of 150 apartments and 1,400 square feet of retail area overlooking Juffair. With an all-glass facia and twisted cubes forming a distinctive component of its futuristic architecture, the premium freehold property aims to set new standards in luxury living by its completion date in 2010.
Platinum Tower, a project by Pearl Development & Real Estate Co.Pearl Development & Real Estate Co.
, will be a 29 level ultra modern freehold commercial development adjacent to the Ritz-Carlton Hotel in the prime Seef district. With 128 offices and six showrooms, the high-rise tower will also boast an executive health spa, swimming pool, Jacuzzi, sun deck, terrace and sophisticated business centre. It is also scheduled for completion in 2010. By K.V.S. Madhav
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