Complex Made Simple

Bank Sohar and AQAR sign agreement for Rimal II Housing Project

Bank Sohar, together with its Islamic banking window – Sohar Islamic, signed a MoU with Al Khonji Real Estate & Development for financing the purchase of residential units at the upcoming Rimal II Residential Housing Project in Wilayat Bousher.

The agreement signing ceremony between Bank Sohar and Aqar was conducted at the Bank Sohar Headquarters in MBD. Representing Bank Sohar at the event was Mr. Rashad Ali Abdullah Al Musafir, Acting CEO of the Bank, together with executive and senior management from both Bank Sohar and Sohar Islamic. Aqar was represented by Mr. Mohamed bin Abdullah Al Khonji, Chairman and CEO of Al Khonji Real Estate & Development, and other senior members of the management team.

Commenting on the signing of the MoU, Mr. Rashad Ali Al Musafir said, “Bank Sohar always strives to bring a host of value added banking products and services to our customers. Through the signing of the MoU we will be providing prospective Rimal II apartment buyers with the provision for low-interest home loans. Not only will we be able to provide them with the financing they require to own their own homes, we will also be able to ensure customers enjoy a hassle free experience and speedy processing times.”

In accordance with the specially developed financing arrangement, Bank Sohar provide preferential Housing Loans to Omani Citizens looking to purchase Rimal II apartments. They may avail of a housing loan facility from any Bank Sohar branch during the construction period using the Bank’s Al Bait Al Mumayaz Home Solutions. The housing loan will be provided at a special interest rate, financing up to 80% of the property value and payable over a maximum period of 20 years. Bank Sohar will also offer these customers up front insurance coverage option for both life and property and will also offer them Bank Sohar’s Platinum, Gold or Classic Visa credit cards, based on salary eligibility, with 1st year free of charge.

In addition, those looking for Islamic finance can also do so through Sohar Islamic as part of the MoU.

Sohar Islamic offers a comprehensive home finance program that not only offers a range of options to suit customers’ specific needs, but is also boasts the highest levels of Shari’ah compliancy.

Commenting on the partnership,Mr. Mohamed bin Abdullah al Khonji said, “When we first announced the sale of Rimal I apartments, as many as 70 per cent of the properties were sold within the first two weeks; many of which were financed through Bank Sohar as a result of our pervious partnership. Our successful relationship with the Bank for the first project coupled with their undeniable commitment towards improving the quality of living of Omanis, made them the obvious choice as one of the Banking partners for our Rimal II project.”

‘AQAR’,which is the Arabic word for real estate, was created in 2010 as the new name and identity of one of Muscat’s longest established real estate companies, Al Khonji Real Estate & Development L.L.C. The brand is backed by years of experience in property development, architecture and the implementation of various projects such as the Qurum Terrace, Qurum Hills, Al Wadi Complex and many more.

The name ‘Rimal’ meaning sand dune in Arabic, refers to the location of the original Rimal project, next to the famous Bousher sand dunes and due to be completed in the first quarter of 2015.

The RimalII Project will be located next to Rimal I over an area of 43,000 sq m. The Project consists of 148 apartments with a range of one, two and three bedroom single story homes with largest of the apartments stretching over 201 sq m and with some even featuring their own plunge pools.

The ultra-modern residential complex which will include a world-class shopping mall and is set to be completed in 2018,will also provide its residents with high end leisure facilities including a play area for children, private gyms, separate swimming pools for children and adults, a shopping mall and three levels of underground parking. In addition, Better Homes Oman has been appointed as the official real estate agent responsible for the sales and marketing of the Rimal Project.

The Better Homes Oman team has strong knowledge and understanding of the local real estate market and this has enabled them to provide AQAR with valuable insights in terms of what buyers are now looking for.

“AQAR has a proven track record of providing quality real estate projects in the country and it gives us immense pleasure to associate with their ultra-modern Rimal Residential Project once again,” added Mr. Rashad Ali Al Musafir.