Golden Gate inks deal with KHCB on Escrow Account

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Golden Gate, the first real estate project of its kind in the Kingdom of Bahrain, has signed a partnership agreement with Khaleeji Commercial Bank for offering escrow account management services to Golden Gate’s investors in their new project that aims to become the tallest residential towers in the country, consisting of two towers with 746 luxurious apartments.

Through this agreement, Golden Gate Developers, Kooheji and Indian real estate companies Ajmera Realty and Mayfair Housing, will open escrow accounts for investors to help regulate the relations and service agreements with property owners that meet the global advanced practices in real estate development.

“We are proud to partner in offering escrow services to our investors, in line with the new law that aims to protect property owners’ rights and assist in minimizing any associated risk in full compliance with the laws of the Kingdom of Bahrain, CBB, the Real Estate Development Corporation and all regulatory authorities. We are keen to support national efforts to propel Bahrain into the spotlight, making the kingdom an exemplar of excellence in the real estate industry.” remarked Mr. Kooheji after signing the deal.

Ajmera Realty managing director Mr. Manoj Ajmera, said: “The escrow service will attract more Indian investors to Bahrain, along with Bahraini and GCC investors. Golden Gate project is the “jewel of the crown” for our Group, which has accumulated over 100 years of experience in the real estate sector and a project portfolio of 40 million square feet of commercial and residential space in India.”

For his part, CEO of KHCB Mr. Sattam Sulaiman Algosaibi welcomed Kooheji and Indian real estate companies Ajmera Realty and Mayfair Housing to join the list of strategic partners of the bank as one of the leading real estate developers.

“The Bank is keen to support the growth of real estate projects in the Kingdom of Bahrain and to provide the appropriate financing for those wishing to own their residential units. The signing of this agreement aims to enhance the measures for buyers and investors. We are working with a group of local developers to create these accounts, which undoubtedly contributes to increased confidence in the real estate development market in the Kingdom of Bahrain. ” Mr. Algosaibi added.

The Golden Gate property will be situated in the heart of Bahrain Bay, one of the most desirable locations for residential and commercial developments in the country, with amenities and transport links easily accessible for the residents.

Golden Gate will be spread over a sprawling 140,000 sqm area providing striking views of the waterfront and iconic Bahraini landmarks, distinguishing itself from other developments and buildings in the area.

Their modernistic interpretation of traditional architecture is Golden Gate aims to become the tallest residential towers in the country, consisting of two towers with 45 and 53 stories and a total of 746 luxurious apartments, starting at BD45,000 ($118,481).

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