Sabban Property Investments (SPI) has entered into a partnership with Commercialbank to introduce a new mortgage scheme in Qatar to enhance the sales of the prestigious Sabban Towers on Porto Arabia, the main marina of The Pearl-Qatar. SPI and Commercialbank have announced that they will jointly host a seminar for the general public on Tuesday, 20th June, 2006 at The Sheraton Hotel, Doha, to elaborate on this mortgage scheme and highlight developments within Qatar’s property market with specific reference to the Sabban Towers and the latest joint offering from SPI and Commercialbank.
The innovative mortgage scheme, which is exclusive to Sabban Towers, has an attractive payment structure that will enable customers to own their apartment in the Sabban Towers, with minimum financial outlay. Customers are required to pay a 10 per cent deposit to reserve the apartment. There are no other payments until January 2007, when the buyer will be required to make interest only payments on the 20 per cent advance made by the bank. On completion of the project, the customer pays a final 10 per cent, when the bank offers a first charge mortgage of up to 80 per cent of the purchase price. After completion of the apartment the customer begins making capital and interest repayments. The Sabban Towers are on schedule for their targeted completion date of first quarter of 2008.
John Browne MBE, Managing Director of Sabban Property Investments, said, “The Sabban Towers will undoubtedly be one of the most exclusive residential towers in Qatar, with its stunning design and ultra-luxurious facilities. The main idea behind partnering with Commercialbank is to make sure that as many people as possible have an opportunity to own an apartment in Sabban Towers through customer-friendly finance schemes.”
“As one of the foremost property developers in the country, we are proud to tie-up with a leading Qatari bank to offer this attractive mortgage scheme for our customers, which is the first of its kind to be introduced in Qatar. We are certain that this offer will guarantee the availability of apartments among a cross section of customers in the country,” he added.
Steve Flint, Head of Property Business, Commercialbank said, “We are pleased to be associated with a prestigious project such as Sabban Towers, which has already generated substantial interest from investors all over the world. Partnering with Sabban Property Investments, a premier property developer, with the distinction of being one of the first developers to build on The Pearl-Qatar, is indeed an opportunity for us to expand our client portfolio in the country. This new mortgage plan has been devised, bearing in mind the specific requirements of customers, to give them a chance to own a home that will epitomize luxury and class.”
The Sabban Towers, designed in European-Mediterranean architecture, is unique as all three towers will be built on one podium leading to significant economies of scale and the ability to offer better facilities. The total plot area for all three towers is 19,692 square meters, including 6,115 square meters for recreational activity. Sabban Towers provide prestigious residential apartments and luxury penthouses, with picturesque views of the sea and marina. The amenities of the towers include swimming pool, Jacuzzi, child day care, function rooms, squash and multi-sport courts, spas, gyms and landscaped garden areas.
The mortgage seminar will be held at The Sheraton Hotel in Doha on Tuesday 20th June, 2006 from 6pm, and is open to the general public. Speakers at the event will include John Browne MBE, Managing Director of Sabban Property Investments and Steven Flint, Head of Property Business for Commercialbank. Several dignitaries including Turki Al Sabban, Director of Sabban Property Investments and Abdulla Al Raisi, Head of Government Relations, Commercialbank, will also attend this specialised seminar.
Representatives from Lifestyle Homes & Properties, the first and foremost real estate marketing and sales consultancy in Qatar, who are exclusively marketing the Sabban Towers, will be present at the event to provide all the required information to attendees and potential investors.