MANAMA: Dadabhai Properties, a division of the Dadabhai Group, has entered into a strategic partnership with Al Baraka Islamic Bank through which the bank will provide mortgage finance to buyers of apartments in the Seef Terraces freehold project.
The 29-storey Seef Terraces tower comprises 173 apartments – ranging from studios to three-bedrooms – targeted at the mid-range market in an upscale neighbourhood that blends residential, commercial and leisure space.
The agreement was signed by Al Baraka Islamic Bank board member and chief executive Mohamed Al Mutaweh and Dadabhai Group managing director Shabeer Dadabhai in the presence of officials from both sides at the Al Baraka Islamic Bank headquarters, Bahrain Bay.
Under the deal, prospective buyers are entitled to a maximum finance amount of BD500,000 at competitive rates and tenure of 25 years including the grace period.
Mr Al Mutaweh said: “This strategic collaboration will enable buyers of residential units in Seef Terraces to avail of financing schemes from Al Baraka for facilitating their purchase.”
“The bank will provide eligible buyers including Bahrainis, GCC nationals, and expatriates with flexible re-payment structures at competitive rates.”
Mr Dadabhai said, “With this joining of hands, the completed award-winning Seef Terraces project will become more accessible to home buyers and investors”.
According to him, the project that houses more than 15 facilities and amenities has been designed and built to offer comfort, convenience, and a luxurious family lifestyle, all at a value price in the Seef District.
The project was completed last December, four months ahead of schedule, and only 19 months after development began in May 2016.
“Our motto has always been delivering on our promises and I’m happy to announce that we started handing over homes to buyers this February way ahead of the committed delivery date,” Mr Dadabhai added.
Seef Terraces has been well-received across the region with 70 per cent of the apartments sold already.
“Long-term residents of Bahrain are realising the benefit of buying rather than renting into such a lifestyle-oriented project through the convenient mortgage facility, as the amount they pay for their rent is almost the same that they would pay towards owning their own home,” said Mr Dadabhai.