Leading developer Eagle Hills Diyar said it has entered into a strategic deal with Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in Bahrain.

As per the agreement, KHCB will provide flexible payment structures at competitive rates for those wishing to purchase any of the residential units under the umbrella of Marassi Al Bahrain - Marassi Residences, Marassi Shores, Marassi Boulevard and The Address Residences.

It was signed by Dr Maher Al Shaer, the managing director of Eagle Hills Diyar, and Sattam Sulaiman Algosaibi, the chief executive of KHCB, at key ceremony held at Marassi Al Bahrain's sales centre.

Under this deal, KHCB clients and residents will be able to purchase their dream homes without straining their budget through a range of real estate financing solutions offered by the bank under the ‘Mazaya’ Social Housing Scheme, said a statement from the company.

In order to provide clients with a smooth and convenient experience when obtaining real estate financing, the bank has assigned a special unit to receive and complete applications.

It also appointed a relations manager to each residential project in order to reduce approval periods and provide a smooth banking experience for valued clients, the statement added.

Dr Al Shaer said: "We are pleased to sign this agreement with KHCB as part of our efforts to provide unique offers to those looking to buy in the Marassi Al Bahrain project. This partnership is a strategic step through which we aim to attract more customers interested in purchasing residential units in Marassi Residences, Marassi Shores, Marassi Boulevard and The Address Residences."

"We anticipate a continuous provision of affordable financing solutions and convenient payment structures that are consistent with international standards and practices, enabling everyone to own the house of their dreams with ease," he noted.

Algosaibi said this agreement will help KHCB's clients find the finest options that meet their expectations for residence or investment, within flexible financing structures and competitive profit margins, compliant with the provisions and principles of Islamic Shari’a.

Under the flexible payment offer, buyers would be able to pay as low as 5 per cent upfront with no additional payments until handover.

Eagle Hills Diyar has launched five residential projects open to buyers in Marassi Al Bahrain to date: Marassi Residences, Marassi Shores, Address Residences Vida Residences and Marassi Boulevard.

Since their introduction to the market, they have generated great interest from local, regional and international investors and end users. The projects are characterised by many attractive features such as modern designs, low rise buildings, spectacular views, luxury facilities, a unique location, sea fronts and a two-km-long sandy beach.

They are all within proximity to the international Address Hotel chains, Vida, and Marassi Galleria — expected to become the main shopping and entertainment destination of the Kingdom of Bahrain.

Marassi Al Bahrain covers an area of 875,000 sq m. This unique urban project includes residential units with sea views, hospitality and leisure facilities, and retail outlets.

Its capacity upon completion will amount to 22,000 people, with 6,000 residential units and an area of 250,000 sq m allotted to commercial activity, making it an important addition to the country's real estate landscape and a major contributor to the national economy.-TradeArabia News Service