'Nasmah' freehold tower - record sales by Sakana

During a recent privileged launch, initial buyers reserved over 85% of the apartments in "Nasmah" - which means a breath of fresh air Arabic - a freehold, high-rise residential building in Juffair. The value of property reserved is in excess of $16mn.

Sakana's customer advisers were on hand at the event to provide full details of the apartments and attractive mortgage finance packages available to the first group of buyers interested in the latest service offered by the innovative mortgage provider. With apartments starting from BD50,000, prices are set at a level which will allow many people to enter the property market while providing quality accommodation with all the facilities expected from a mid-range apartment.

Mr. R. Lakshmanan, CEO of Sakana, commented:

"We have done our homework by tying up with the right partner, and this latest addition to our portfolio of services shows that an all-inclusive approach to real estate is what the market wants. Sakana is making it easy for people to navigate their way through home buying process as well as offering value for money properties and mortgage finance products with up to 90% finance over a maximum term of 30 years."

Mr. Ishaq Al Kooheji, President and CEO of RMK Projects said: "The market response to Nasmah - a venture where we joined forces with Sakana - was excellent and is a reflection of Bahrain's current property boom. We believe that, together, we have set a record in freehold sales in Bahrain by selling 100 out of 118 of the apartments released for sale at the launch. We are in discussions with Sakana to launch projects in excess of $150m over the next five years."

With views overlooking the city and seaside, Nasmah is an affordable apartment tower consisting of 120 apartments with each flat having two bedrooms and a balcony. The building also has a rooftop swimming pool, fully-equipped fitness centre, squash court, party hall and other amenities. Nasmah is developed by RMK Projects (a division of R M Kooheji & Sons) and is scheduled for handover by the end of 2009.

Sakana will shortly be offering the remaining apartments on general release.