Sakana fulfils investor confidence as initial property venture makes rapid progress
Manama, 03 February 2008: The speed at which Sakana Holistic Housing Solutions sold out all apartments in the freehold, Juffair-based tower block "Nasmah", its first foray into property consultancy, is being matched by the speed of construction with on-site piling well underway. In addition, astute buyers kept up the pace assuring their purchases by timely payment of the first installment of 10% of property value - 100% were received within one month of the initial property reservation - making Sakana's most recent offering an astute and worthwhile choice for buyers.
Buyers snapped up the apartments within weeks of the sales launch, demonstrating the competitiveness of Sakana's pricing strategy which made "Nasmah" an extremely attractive proposition, especially considering Bahrain's thriving real estate market. The property value is expected to mirror the steadily increasing trend in property prices thus offering buyers the opportunity to build a solid nest egg for the future, or to use their "Nasmah" apartment as a stepping stone to fund other ventures, either by onward sale or as collateral. In fact, the secondary market sale of an apartment has already generated a gain of 160% for the initial buyer within a month.
Mr. R. Lakshmanan, CEO of Sakana, commented: "The success of "Nasmah" and the speed at which the venture has moved forward have confirmed our market research which told us that people are hungry for quality properties at value-for-money prices. Add to that the peace of mind of being able to complete all the formalities and arrange mortgage finance under the same roof and you have a winning combination."
Mr. Ishaq Al Kooheji, President and CEO of RMK Projects, said: "The project is forging ahead due to the 100% apartment sales achieved during the strategic sales campaign and the timely payment of first installment by the buyers. This incredibly successful first joint venture with Sakana has given us the confidence to look forward to a future where we will continue our mutually beneficial relationship."
"Nasmah" - which means "a breath of fresh air" in Arabic - is an affordable apartment tower consisting of 120 apartments with each flat having two bedrooms and a balcony with views of either city or seaside. The building has a rooftop swimming pool, fully-equipped fitness centre, squash court, party hall and other amenities. "Nasmah" is being developed by RMK Projects (a division of R M Kooheji & Sons) and is scheduled for handover by the end of 2009.
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About Sakana Holistic Housing Solutions
Sakana Holistic Housing Solutions BSC © extends a unique range of Sharia'a-compliant products and services that enable and ease the process of home ownership in the Kingdom of Bahrain. The company offers a unique mortgage financing model as well as access to a network of partners offering housing-related services such as architects and real estate companies.
Underpinned by values of spirituality, Sakana works in partnership with its customers and its value networks to create quality and innovative housing solutions that are customized to address specific and market needs.
Sakana is a 50:50 joint venture between BBK (formerly Bank of Bahrain and Kuwait) and Shamil Bank. The Board of Sakana Holistic Housing Solutions comprises five members with two representatives each from Shamil Bank and BBK and one independent director.
© Press Release 2008
