Manara Developments has signed an agreement with Eskan Bank to provide opportunities for citizens benefiting from housing loans to purchase their own affordable houses from Tubli Gardens project in Tubli and Wahat Al Muharraq project in Qalali launched by the Company.
The agreement was signed by Dr. Hasan Al-Bastaki, Managing Director, on Manama Developments’ side, while on Eskan Bank’s side it was signed by Ebrahim Shehab, Chief Investment Officer and Deputy General Manager and Keith Scott, Chief Business Officer and Deputy General Manager.
Under the agreement, citizens benefiting from housing loans and those obtaining commercial loans from the Bank can buy housing units from Manara Developments’ two projects. Repayment options by installments will be available according to the construction stages and as agreed by the three parties.
“This co-operation with Eskan Bank, which is a leading bank in providing housing and real estate loans, will offer the opportunity for a large segment of citizens from Eskan Bank’s customers to benefit from the option of choosing units from different designs and specifications to realize their dreams of owning their own decent houses,” said Dr. Hasan Al-Bastaki, Managing Director of Manara Developments.
“These units are designed up to the highest construction standards and specifications which meet the lifestyle and way of life of Bahraini families at affordable prices which suit their financial resources through easy installments.”
Dr. Al-Bastaki said this co-operation is part of the Company’s policy to establish co-operation and partnership with the public and semi-government sector to effectively contribute to the housing and real estate development and provide suitable options to meet local demand for housing units in different areas of Bahrain as part of Manara Developments’ motto “All Considered.”
“This agreement comes within the framework of the Bank sought to build an effective partnership with the private sector”, “adding that the bank is always trying to provide housing finance solutions for the citizens,” said Ebrahim Shehab, Chief Investment Officer and Deputy General Manager.
Prices for these units will start from BD 89,000 depending on the specifications ordered by customers which suit their financing plans. Customers will also have the option of seeking additional finance from Bahrain Saudi Bank, which is an affiliate of Manara Developments, without the need for depositing more collateral by the depositor with Eskan Bank for this extra finance.
The partnership with Eskan Bank is part of Manara Developments policy of co-operation with government organizations which have a wide base of customers to ensure an effective contribution to urban and housing development projects in the Kingdom of Bahrain. This is in view of its vast experience in developing houses with specifications suitable to the social nature of Bahraini families and affordable to citizens through soft loans and easy repayment terms according to clients’ requirements.