BizBahrain April 2016

Highlights | Real Estate
Tala Island 60% stake
Sold
Bahrain-listed investment firm,
Inovest, announced on Wednesday
that it sold its entire 60% stake Tala
Island project to Ossis Property
Developers Company for US$7.7
million, which will now retain complete
ownership of Tala Island. The decision
to exit the project comes after Inovest
achieved its objectives by successfully
completing the development in 2007,
selling 100% of its residences, and
managing its facilities and operations
till date. Tala Island, an exclusive US$
120 million cosmopolitan community
development located at the heart of
Amwaj Islands and covering an area of
110,000 square meters, was developed by
Inovest’s real estate and development
arm, Tameer in collaboration with Ossis,
in 2005 and was completed in 2007.
The divestment proceeds have been
anticipated in the Group’s first quarter
2016 financial results and are part of the
Group’s strategy towards the sale and
exit of legacy investments. Mr. Murad
Al Ramadan, CEO of Inovest noted that
the transaction crystallizes the value
contribution of Tameer within the real
estate investment and development
community and strengthens the
Group’s financial position. Mr. Jameel
Al Matrook, Managing Director of Ossis,
affirmed their pleasure at the mutually
beneficial joint venture. The sale is
considered an indicator of general real
estate market improvement and the
return of investor confidence.
Strategic partnership
heralds good news for
customers
Leading real estate and development
company, Naseej BSC (c) signed an
agreement with BBK; Bahrain’s pioneer
in retail and commercial banking
services to extend key services and
added benefits to Naseej customers.
BBK will offer value to Naseej’s
customers on mortgage finance
facilities, personal loans as well as
insurance coverage.
Naseej BSC (c) offers a range of real
estate products to property purchasers
both in Bahrain and the GCC. Under
Ahmed Al Hammadi, GM, Naseej (left) with
Mohamed Malik, GM, Retail Banking, BBK
the terms of this latest partnership,
customers of Naseej will benefit from
a range of banking services offered by
BBK and its subsidiaries at competitive
prices. Features of this pack include
attractive rates on mortgages
facilities, personal loans, life and home
insurance cover policies all of which
will be offered directly by BBK.
Mr. Ahmed Al Hammadi, General
Manager, Naseej and Mr. Mohamed
Malik, General Manager of Retail
Banking, BBK spoke in appreciation
of the strategic partnership which
would herald a new era of service
excellence to our customers. Naseej
will have a member of staff based at
BBK’s Financial Mall in Budaiya that
will work alongside a BBK employee to
serve customers with their real estate
requirements.
RMK launches new
residential tower
Bahrain’s RMK Projects, a division of
RM Kooheji & Sons, has launched
its latest development, a freehold
residential tower in Juffair area of the
kingdom. The 26-storey tower offers
two-, three-bedroom apartments and
two-bedroom duplex apartments with
parking spaces and amenities.
The $30-million Nasmah Star is
the company’s third project in the
Nasmah line of affordable residential
projects, said RMK Projects CEO Ishaq
Kooheji, at the official launch last
month. Committed to the vision “where
elegance meets affordablity”, the
Nasmah line offers affordable housing
solutions without compromising on the
quality of materials and fittings used,
stated Kooheji.
Located in the heart of Juffair, the
property is within walking distance of
major supermarkets and the vibrant
Juffair ‘food street’, with easy access
to major highways. All apartments
offer excellent city or sea views,
addeed Kooheji. The tower offers 137
freehold residential units, ranging
from BD49,000 to BD60,000. Residents
will benefit from conveniences like
three parking levels and a host of
modern recreational amenities such
as fully equipped gym, swimming pool,
steam room and sauna, and a pool
table. It was also stated that RMK has
reached an agreement with Khaleeji
Commercial Bank for mortgage
financing and that more banks are
expected to join soon.
68 May 2016