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A vote of TRUST.

MANAMA: Real estate developer RMK sees the launch of its $30 million Nasmah West Tower in Juffair as a vote of confidence in the Bahrain real estate sector.

And with 70 per cent of the flats already sold, RMK president and chief executive Ishaq Al Kooheji believes this success should be a stimulus to more developers in the kingdom to put their trust in the market and move ahead with new projects.

"The timing is right for property development in Bahrain," said Mr Al Kooheji.

"There have been major projects launched in the market in the past six months but things are looking good now with the cost of materials falling and people looking for a home for investing money.

"We are not looking at the opportunity for making big profits fast but people are looking for a safe place to place money where they can protect their capital and the real estate market in Bahrain is certainly such a place at the moment."

"With Nasmah West we are not only launching a project offering affordable apartments, we are showing our confidence in the Bahrain real estate market and challenging other developers to have confidence," he continued.

"In terms of the global economy I understand that developers here have to be cautious, but that does not mean they have to be chicken. We have already sold 70pc of this development which is as good as out first development which sold out in one week.

The Nasmah West development, which is being marketed by Sakana Holistic Housing Solutions, is a 25-storey tower in Juffair consisting of two-bedroom luxury apartments.

"This is a development that offers luxury at affordable prices," said Sakana chief executive officer R Lakshmanan.

"We are acting as agents for the development and will be involved in marketing as well as offering mortgage finance to prospective buyers."

"There is still a lot of demand for affordable housing that can offer a bit of luxury in Bahrain," added Mr Al Kooheji.

"There is a huge market for middle class housing an now is the time for other developers to show their faith in the market and address this demand," he said.

Copyright 2008 Gulf Daily News

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Oct 19, 2008
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