“The Bahrain real estate market continued to witness fall in capital values as demand dwindled and over supply remained in most sectors,” said Reyadh Sater Chairman of Sakana while announcing the results of the company.
“Going forward, the business plan for the period 2011-2015 has been finalized and submitted to the shareholders. We believe that long term outlook for residential property and mortgage market is positive and the real estate market will continue to be driven in the short to medium term by end user demand in the low and middle income housing segment,” Sater added.
The results have been reviewed and ratified by the board of directors during a meeting Sakana Holistic Housing Solutions, the Islamic mortgage provider based in Bahrain.
The company said that in 2010 profitability for the year before impairment allowance was BD 0.63 million against BD 0.85 million for 2009. After one-off book provisions, the net loss was BD 1.63 million.
“We achieved another milestone with successful completion and handing over of “Nasmah” 25 storey tower which consist of 122 apartments targeted at affordable housing market for Bahrainis and non-Bahrainis. We also commenced construction of “Sakana Busaiteen” heritage residences for the contemporary family which is progressing on track and scheduled for handover in 2011. We continued to play our catalyst role by carrying out knowledge sharing initiatives which includes organizing the 1st GCC Mortgage Summit which was well attended by participants from the region,” he added.
“We also continued to improve the infrastructure of the company by implementing Document Management System, enhancing policies and procedures and continuous training of employees. We take pride in employing Bahraini nationals who constitute 84% of our team strength and male to female ratio of 60:40. Overall, we are well positioned to seize opportunities that may arise in the future,” he said.
