Pearl Real Estate Development Company, a consortium of investors from Bahrain, the Kingdom of Saudi Arabia and the UAE, has announced that it has entered into an agreement with Bank of Bahrain and Kuwait (BBK) to provide mortgage loan facilities to buyers in the USD 250 million Abraj Al Lulu development in the Kingdom of Bahrain.
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| Mr. Mohammed Dadabhai, Chairman of Pearl Real Estate Development Company shaking hands with Mr. Jamal Hijris, Assistant General Manager, Retail Banking Division, BBK, on the occasion, at the Abraj Al Lulu sales centre in Bahrain. |
Abraj Al Lulu is Bahrain's largest private sector freehold residential project and BBK will be the lead financers for the entire project. BBK has already opened a representative office at the sales center of Abraj Al Lulu to facilitate the mortgage loan facility.
Commenting on the significance of the agreement, Mr. Mohammed Dadabhai, Chairman of Pearl Real Estate Development Company, said: "Our partnership with BBK, a leading regional bank, for mortgage loans will enable investors to avail world-class home financing. The agreement is also in line with our aim of enhancing financing options for property acquisitions in the Kingdom of Bahrain."
Under the terms of the agreement, Bahrainis, other GCC nationals and expatriates would be offered BBK's innovative home financing product. The mortgage loan product has been structured in such a way that the credentials to acquire a loan have relatively new features such as low salary requirements and highly competitive interest rates, translating in smaller EMIs.
Elaborating on the partnership with Abraj Al Lulu Mr. Jamal Hijris, Assistant General Manager, Retail Banking Division, BBK, said: "BBK's partnership with Abraj Al Lulu is a strategy to provide our customers with the best in lifestyle and convenience. Our newly introduced mortgage loan offering is a step in this direction. We have also opened a new exclusive representative office at the Abraj Al Lulu sales centre which is adequately equipped to facilitate customer requests and enquiries.'
Since its launch, 40 per cent of the apartments in the Abraj Al Lulu project have already been sold out. Prices range from USD 170,000 USD 800,000. It is scheduled to be completed by December 2007.
