Sabban Property Investments has announced an exclusive mortgage scheme to provide housing finance on easy and affordable terms to prospective buyers of the prestigious Sabban Towers property on Porto Arabia, the main marina of The Pearl-Qatar development. Formulated jointly with Commercialbank, one of Qatar’s highly reputed banks, the scheme provides an exclusive installment repayment structure enabling end-buyers to acquire an apartment in the Sabban Towers with minimum financial outlay.
The Sabban Towers project being developed on Porto Arabia by Sabban Property Investments, is on track for completion as per schedule in the first quarter of 2008. Under the scheme, Commercialbank will offer finance of up to 80 per cent of the property value. Customers can book their apartment with a 5% deposit and no other installments are due for 6 months, at which time a further 5% is payable. Subject to approval of a Commercialbank mortgage loan, the bank will fund 20% of the purchase price during the construction period. On completion of the apartment, a final 10% cash injection is payable by the customer. Also at this point, Commercialbank will offer a first charge mortgage of up to 80 per cent of the purchase price, again subject to individual status.
Customers will be required only to pay interest on the 20% paid by the bank during construction, after which both capital and interest payments commence on the entire loan amount.
John Browne MBE, Managing Director, Sabban Property Investments said, “Sabban Property Investments aims to be at the forefront of innovation in the real estate sector and as a developer we have always focused on all aspects of our business and looked for opportunities to add value to our customers. Sabban Property Investments are delighted to announce this first of its kind financing scheme in collaboration with Commercialbank, offering our customers the broadest range of support and facilitating the purchase of their dream homes in our projects.”
“Commercialbank is always keen to develop strong relationships with real estate developers. in support of the nation's economic growth plans. Sabban Property Investments is among such companies and we have faith in their commitment to continue with their significant achievements,” said Steve Flint, Head of Property Business, Commercialbank. “The burgeoning growth of the real estate market in Qatar has led to an unprecedented demand for innovative home finance products and our offerings through customized products and services will provide tangible benefits to customers. There is no doubt that this relationship will enable further development of real estate finance operations and positively support community growth as well as the needs of customers," he added.
The Sabban Towers, designed to reflect the Euro-Mediterranean style of architecture, is a unique project where all three towers are envisaged to be built on a single podium, resulting in significant economies of scale and better facilities. The project is spaciously laid out occupying a total area of 19,692 square metres, with 6,115 square metres of outdoor area reserved for recreational living. The prestigious residential apartments and luxury penthouses at the Sabban Towers afford picturesque views of the Arabian Gulf and Porto Arabia marina and amenities include swimming pool, Jacuzzi, child day care centre, recreation rooms and multi-sports courts, spas, gyms and landscaped garden areas.
“The Sabban Towers, with their stunning design and ultra-luxurious facilities, will offer one of the most exclusive residential addresses in Qatar. In keeping with our stature as a leading developer, Sabban Property Investments remains focused on all aspects of business and looks for opportunities to maximize value for our customers. Commercialbank, as a premier financial institute will contribute significantly to growing our customer base by providing flexible financing options and efficient services," concluded Browne.
© 2007 Al Bawaba (www.albawaba.com)
