Sakana’s Twin Deal with Dadabhai Group Sakana preferred mortgage provider for new commercial and residential developments

Published June 26th, 2008 - 09:29 GMT

In a landmark deal, Sakana Holistic Housing Solutions has signed a Memorandum of Understanding with the leading real estate developers, Pearl Development & Real Estate Co. WLL and Promobai Development & Real Estate Co. WLL, to become the preferred Islamic mortgage provider for two brand new luxury developments -- one commercial, the second residential.

The twin commercial-residential signing is a first for Sakana and the latest in a string of MoUs with leading developers that allow it to make purchasing property in Bahrain easier and simpler for Bahraini nationals, GCC nationals and expatriate buyers.

Sakana has become a powerful catalyst in the Bahrain mortgage market through its unique, holistic approach and the simplicity and innovation of its unique range of Sharia’a-compliant products and services.

As the endorsed provider of mortgage services for the Crystal Heights and Platinum Tower developments, Sakana is able to offer its customers more ways to take advantage of Bahrain’s booming property market. Crystal Heights, a project by Promobai Development & Real Estate, will be a 27 floor, luxury residential development of 150 apartments and 1,400 square feet of retail area overlooking Juffair.  With an all-glass facia and twisted cubes forming a distinctive component of its futuristic architecture, the premium freehold property aims to set new standards in luxury living by its completion date in 2010.

Platinum Tower, a project by Pearl Development & Real Estate Co. WLL, will be a 29 level ultra modern freehold commercial development adjacent to the Ritz-Carlton Hotel in the prime Seef district. With 128 offices and six showrooms, the high-rise tower will also boast an executive health spa, swimming pool, Jacuzzi, sun deck, terrace and sophisticated business centre. It is also scheduled for completion in 2010.

Mr. Arun Kumar Praharaj, Group Finance Director, welcomed Sakana as a partner.  “We are proud to collaborate with Sakana on these landmark projects and also to participate in Sakana’s first twin signing. Crystal Heights and Platinum Towers are part of a new wave of modern, quality luxury developments in the Kingdom that are changing the Bahrain skyline and taking property development to new heights.”

Mr. R. Lakshmanan, CEO of Sakana, added: “Sakana is known for breaking the traditional barriers of business to forge strong and lasting partner networks across all housing-related products and services. We are very pleased to develop on our existing relationship with the leading real estate developers and expand our portfolio of services with this new and significant agreement. We pride ourselves on being able to offer our customers opportunity, flexibility and convenience through these kinds of collaborative partnerships”.

About Sakana Holistic Housing Solutions
Sakana Holistic Housing Solutions commenced operations in December 2006 as a dedicated mortgage finance provider in Bahrain, offering a comprehensive range of Sharia’a-compliant mortgage products. Sakana’s holistic approach is paving the way for significant change in the Kingdom’s mortgage market by making Islamic finance easier to understand and acceptable to  customers, as well as making it available to an ever-wider group of customers.

The company demonstrated significant growth in its first year of business and has broadened its holistic focus by adding property consulting and property development to its portfolio.

Sakana is a finance company regulated by the Central Bank of Bahrain and is a 50:50 joint venture between BBK and Shamil Bank.



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