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Fontana Tower in Bahrain handed over, seeks buyers

Novel mortgage finance plan to lure buyers from the GCC

A general view of Manama in Bahrain. A developer is offering novel mortgage financing to attract buyers to a newly-handed over, 400 apartment tower.
A general view of Manama in Bahrain. A developer is offering novel mortgage financing to attract buyers to a newly-handed over, 400 apartment tower.

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Bahrain-based Sakana Holistic Housing Solutions, an Islamic mortgage finance provider, has signed a MoU with the developer of Fontana Towers, Juffair to provide Sharia'a-compliant home finance to end users.

The agreement paves the way for Bahrainis and non-Bahrainis to own a luxury home in Fontana Towers, a residential freehold tower consisting of 400 apartments and penthouses.

Sakana will offer home finance packages up to 90% of property value, with finance terms up to 30 years, and maximum finance restricted to $928,000.

Sakana will provide home financing to customers of all nationalities residing in Bahrain, the GCC and outside the GCC, subject to terms and conditions.

R. Lakshmanan, CEO of Sakana, said: "We are pleased to partner with Fontana Towers, which has set a new benchmark for property development in the Kingdom of Bahrain.

Abdulghaffar Al Kooheji, partner of The Developers WLL, said: "Sakana is the ideal partner to provide our valued customers with mortgage finance options, and we are glad to conclude this arrangement now, as the Fontana Tower is ready for handover.

"Despite tough market conditions, we have successfully completed this high-quality residential freehold development without comprising on its facilities."

Fontana Towers features studios, one-, two- and three-bedroom apartments and exclusive penthouses in four interconnected skyscrapers.

Features include exclusive male and female fully equipped gym, indoor pool for females and children's water park, communal outdoor swimming pool with sundeck, health club, courts for tennis, basketball, squash, indoor games room, kids play area, mini-theatre, private café, multi-purpose halls, fully equipped business centre and convenience stores.

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