Business Reporter
DOHA: Commercialbank has joined hands with Sabban Property Investments (SPI) on a mortgage scheme to boost the sale of apartments in the prestigious Sabban Towers on Porto Arabia, the main marina of The Pearl-Qatar.
The “innovative” mortgage scheme, which is exclusive to Sabban Towers, has an “attractive” payment structure that will enable customers to own their apartment in the Sabban Towers, with minimum financial outlay.
Making a presentation during a seminar co-hosted by Commercialbank and SPI at the Sheraton last night, Commercialbank head of property business Steve Flint and SPI managing director John Browne said customers are required to pay only a 10% of the total price of the apartment upfront to reserve the apartment.
There are no other payments until January 2007, when the buyer will be required to make “interest only payments” on the 20% advance made by the bank. On completion of the project, the customer pays a final 10%, when the bank offers a first charge mortgage of up to 80% of the purchase price.
After the completion of the apartment, the customer begins making capital and interest repayments. The Sabban Towers are on schedule for completion in the first quarter of 2008.
“Customer pays 10% as reservation deposit with no further payments until January 2007, while 20% will be financed by the bank and the buyer pays interest only,” Flint said. “We are pleased to be associated with a prestigious project such as Sabban Towers, which has already generated substantial interest from investors all over the world. Partnering with Sabban Property Investments, a premier property developer, with the distinction of being one of the first developers to build on The Pearl-Qatar, is indeed an opportunity for us to expand our client portfolio in the country. This new mortgage plan has been devised, bearing in mind the specific requirements of customers, to give them a chance to own a home that will epitomise luxury and class,” he said.
He said Commercialbank introduced the first-ever mortgage product in Qatar in 2000 and remained the market leader. Always looking for innovative ways to stimulate the property market that will also benefit the customer, Commercialbank is keen to break new ground when the opportunity arises.
“When SPI sought our advice for a new mortgage scheme for the Sabban Towers, we drew on our experience to come up with this low deposit product,” Flint said.
Browne said, “The Sabban Towers will undoubtedly be one of the most exclusive residential towers in Qatar, with its stunning design and ultra-luxurious facilities. The main idea behind partnering with Commercialbank is to make sure that as many people as possible have an opportunity to own an apartment in the Sabban Towers through customer-friendly finance schemes.”
He said as one of the foremost property developers in the country, Sabban was proud to tie-up with a leading Qatari bank to offer this attractive mortgage scheme for its customers.
“We are already witnessing an overwhelming response to our newly launched innovative mortgage scheme that will enable a cross-section of customers to own an apartment in the exclusive Sabban Towers, which has been designed to provide customers a unique lifestyle at a reasonable price. This seminar enables potential customers to inquire about all the requirements, terms and conditions of this scheme to assist them in making their investment decision.
A Sabban release said the Sabban Towers, designed in European-Mediterranean architecture, is unique as all three towers will be built on one podium leading to significant economies of scale and the ability to offer better facilities. The total plot area for all three towers is 19,692sq m, including 6,115sq m for recreational activity.
Sabban Towers offers residential apartments and luxury penthouses, with picturesque views of the sea and marina. The amenities include swimming pool, jacuzzi, child day care, function rooms, squash and multi-sport courts, spas, gyms and landscaped garden areas.
Turki al-Sabban, Sabban Property Investments director and Abdulla al-Raisi, Commercialbank head of government relations also spoke at the seminar.
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