Rakeen signs mortgage financing agreement with Bank of Baroda for Bab Al Bahr project
Financing facility targets investors and end-users of the groundbreaking mixed-use project on Ras Al Khaimah's Al Marjan Island development
Rakeen, one of the region's most dynamic property developers and master planners, and the real estate development arm of the Ras Al Khaimah Government, has announced that it has expanded the mortgage financing facility of the Bab Al Bahr project after it recently signed an agreement with Bank of Baroda to offer mortgage financing to investors and property buyers of the groundbreaking development. Rakeen also announced that the company's Finance Department has set up a dedicated team to assist customers with the financing program.
Serving as the inaugural development and the gateway to Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah, Bab Al Bahr is a mixed-use development comprising six residential buildings, a mall and office tower, and a hotel. Upon completion, Bab Al Bahr offers end-users and investors a choice of 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments.
Anil Arora, Senior Director – Finance of Rakeen said: "Bab Al Bahr is an outstanding development that will help boost the living standards and enhance the value of Ras Al Khaimah as a major destination for business and home living. Construction is in full swing and progressing according to plan. We strongly believe that this project will be a major attraction among investors and end-users, thus we are very happy to further extend the mortgage financing facility of the project through our partnership with Bank of Baroda. This new agreement will enable us to provide even better services to our customers and serves as a new milestone for the project, which will further drive Bab Al Bahr's business prospects and boost investor confidence."
Ghassan Youssef, Managing Director of Rakeen added: “This partnership with Bank of Baroda is an important step in line with our company's vision. We consider and treat our clients as partners, which is why we continuously provide them with invaluable support.”
Rakeen's new mortgage financing agreement with Bank of Baroda for the Bab Al Bahr project is in addition to an existing financing partnership with Union National Bank. Rakeen also revealed that the new mortgage financing deal is part of its strategy to increase access points for investors and property buyers to avail of the excellent offerings of the Bab Al Bahr development.
Rakeen has disclosed that construction of Bab Al Bahr is in full swing with the first six residential buildings (a total of 1,200,000 sq ft) scheduled for completion in mid 2010. Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play area, and hotel and club privileges.
Reclamation work on Al Marjan Island was recently completed, effectively expanding Ras Al Khaimah's coastline by an additional 21 kilometres. The pioneering development, which extends some 4.5 kilometres into the sea, will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.
Al Marjan Island is one of the upscale development projects undertaken by Rakeen, whose portfolio also includes the RAK Offshore City, Gateway City, RAK Convention Centre, Banyan Tree Resort and Dana Island.
© 2009 Al Bawaba (www.albawaba.com)
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