Sakana and RMK Projects in deal to launch Nasmah West

The freehold project is valued at approximately $30m and is being developed by RMK projects, a division of R. M. Kooheji & Sons. This is the second venture entered into by the two companies.

The 25-storey tower will offer 124 apartments to Bahraini and GCC nationals, as well as expatriates - all at highly competitive rates. The project is expected to be completed by December 2010.

Sakana will offer a dual package of benefits: its dedicated sales team will market the apartments at 'Nasmah West', and its trained customer advisors will be on hand to explain the full details of Sakana's many attractive Islamic mortgage finance options.

Mr. R. Lakshmanan, CEO of Sakana, commented: 'The response to 'Nasmah Tower' - our first foray into property consultancy - from local, regional and international investors was tremendous. This time around, with 'Nasmah West' we are confident of meeting the continuous and growing demand for affordable apartments, while at the same time ensuring quality construction in our choice of RMK as our partner for the second time running.'

Mr. Ishaq Rashid Al Kooheji, President and CEO of R. M. Kooheji Group: said:

'Our incredibly successful first joint venture with Sakana on 'Nasmah Tower' provided the impetus to embark on this latest venture. Our skill, knowledge and extensive experience in real estate development have been the drivers of our success in delivering quality projects on time. Our goal is to continue this trend to complete and deliver this project as scheduled and with similar success.'

'Nasmah West' will provide a welcome breath of fresh air, just as the name, 'Nasmah' means in Arabic. The tower consists entirely of 2-bedroom apartments, each with a balcony and offering either city or seaside views. The building has a rooftop swimming pool, a fully-equipped fitness centre, squash court, party hall and a 24-hour security and facilities management services.