Sabban Property Investments (SPI), in association with Commercialbank, yesterday, (Tuesday, June 20, 2006), hosted a seminar for the general public to provide details of their innovative new mortgage scheme in Qatar, designed to provide easy and affordable finance for customers of the prestigious Sabban Towers on Porto Arabia, the main marina of The Pearl-Qatar. The exclusive seminar was held at The Sheraton Hotel, Doha, where senior SPI and Commercialbank executives explained all aspects of the mortgage scheme.
The new 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 burden. Customers are required to pay 10 per cent to reserve their apartment, with no other payments until January 2007, when the buyer will only be required to pay interest on 20 per cent of property value paid by the bank. On completion of the project, the customer pays another 10 per cent, while the bank pays the 60 per cent balance. It is only after the completion of the project that the customer begins making payments towards the capital and interest. The Sabban Towers are on schedule for their targeted completion date of first quarter of 2008.
Speaking at the seminar, John Browne MBE, Managing Director of Sabban Property Investments, said, “We are already witnessing an overwhelming response to our newly launched innovative mortgage scheme that will enable a cross-section of customers to own an apartment at the exclusive Sabban Towers, which has been designed to provide customers a unique lifestyle at a reasonable price. This seminar enables potential customers to enquire about all the requirements, terms and conditions of this scheme to assist them in making their investment decision. Property buyers today are increasingly discernible, insisting on superior quality and the best value for money. Easy availability of attractive finance schemes has become a central factor in influencing customer decisions on property purchases.”
Steve Flint, Head of Property Business, Commercialbank, said, “Commercialbank introduced the first-ever mortgage product in Qatar in 2000 and remains the market leader. Always looking for innovative ways to stimulate the property market that will also benefit the customer, we are keen to break new ground when the opportunity arises. When SPI sought our advice for a new mortgage scheme for the Sabban Towers, we drew on our experience to come up with this low deposit product. This highly focused seminar gives us an opportunity to discuss all aspects of the scheme with potential investors and we are confident that the launch of this new mortgage scheme will make it considerably easier for investors to own an apartment in Sabban Towers.”
During the seminar held at The Sheraton Hotel, which was hosted jointly by SPI and Commercialbank, representatives of Commercialbank explained key details of the mortgage scheme to the attendees. Participants were also briefed on the unique selling points of Sabban Towers by representatives of SPI and Lifestyle Homes, the exclusive promoters of Sabban Towers. Senior SPI executives also highlighted developments within Qatar’s property market with specific reference to Sabban Towers.
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. 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.
Lifestyle Homes & Properties is the first and foremost real estate marketing and sales consultancy in Qatar. Established by the UAE-based alshamel Properties Investment & Development (PID) for the management of property sales in Doha, Lifestyle Homes & Properties offers a range of services to its customers that encompass consultancy, real estate agency and leasing services.
