“The sector is getting stabilize with demand of property is coming back to normal across the country and even some areas like Muharraq the prices were sustained,” Sakana’s Chief Executive Officer R Lakshmanan in an interview said.
Lakshmanan, on the sidelines of the launch of the BD2 million phase of the Sakana Busaiteen Housing project, he said that the realty sector in Bahrain and overall the region also felt the heat of the recent unrest in the MENA.
Earlier, Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider announced the completion of the Phase 1 of “Sakana Busaiteen” housing project comprising of five three-storey buildings are completed.
The project comprises in total 10 three-storey buildings. Sakana Busaiteen is built based on the contemporary family needs and requirements in the form of comfort, accessibility and financing but cherish the joys of living in close proximity of the extended family.
Reyadh Yousif Sater, Sakana’s Chairman, who cut the ribbon to commemorate successful completion of the project, said Sakana has reported good six months and expect full year results even better.
“We have seen a good results in the first half and along with our peer companies hope to see the similar results towards the end of the year. At this stage we can’t really predict that how the market will behave but given the trends from the past six months there is optimism about the 2011,” he added.
“We are pleased to complete our first property development targeted towards the Bahraini market that takes into consideration local cultural preference. We take this opportunity to thank Government authorities for providing relevant approvals, Project Contractor R P Construction, Project Consultant Akbari Architects and sub-contractors for completing the project successfully,” Reyadh Yousif Sater said.
Customers have the option of either purchasing an entire building or individual apartments. Sakana has partnered with several leading home furniture and appliance suppliers and interior decorators to furnish a mock up building and customers will be offered three distinct choices at competitive prices from “Q Home Décor”, “Home Centre” and “Freedom Furniture” along with along with Emax for home appliances.
“We have successfully accomplished yet another objective of providing holistic housing solutions. Apart from providing several options to customers for furnishing, we are providing mortgage financing up to 90% value of the property for term up to 30 years. We have also put together an exclusive mortgage finance package with rate starting as low as 6.75% per annum and discounted arrangement fees. We thank all our business partners for being part of this success,” Sakana’s Chief Executive Officer R Lakshmanan, added.
At ‘Sakana Busaiteen’ each building is comprised of individual self-contained 3 bed room apartments, with shared common facilities. All the buildings are individually created to incorporate touches of traditional architecture in their luxurious contemporary design. The compound will offer a selection of facilities for each three-storey house, dedicated car park, lift, swimming pool and garden area. The location offers an easy commute to Manama, as well as Muharraq’s commercial centre.
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, as well as making it available to an ever-wider group of customers.
The company demonstrated significant growth since inception and has broadened its holistic focus by adding property consulting and property development to its portfolio.
Sakana is a finance company with paid up capital of BD20 million, regulated by the Central Bank of Bahrain. Sakana started as 50:50 JV between BBK and Shamil Bank.