Naseej BSC (c) signs Escrow Account partnership with KHBC for its CanalView project

July 2017

Manama, Kingdom of Bahrain: Naseej BSC (c) signed an agreement yesterday with Khaleeji Commercial Bank (KHCB Bahrain) to establish an escrow account for its Canal View project in Dilmunia.

The establishment of the escrow account for the real estate project, Canalview comes in accordance with Law 28 of 2014 and the Central Bank of Bahrain’s Resolution 20 of 2016. Under the new legislation, developers are required to establish an escrow account with a local bank for each real estate development project intended to be sold off-plan. The approach is a more secure way of handling funds where all amounts raised are deposited into the escrow account for the purpose of the project and its development.

Present at the signing ceremony were Naseej’s General Manager Mr. Ahmed Al Hammadi, and KHCB’s Acting Chief Executive Officer Mr. Tawfiq Mohammed Bastaki, along with other senior officials from both parties.

In a statement made by Mr. Ahmed Al Hammadi where he said,: "We are pleased to announce our partnership with KHCB Bahrain and the establishment of the escrow account for our latest project CanalView in Dilmunia. The establishments of this account is in accordance with the law on the real estate development of the Kingdom of Bahrain, which is acts as the first preventive measure to safeguard the project and its respective buyers and investors as a whole. This is to ensure that investors and buyers of CanalView units are protected by making use of the funds for the development of the real estate in which they are invested only. "

Located on the most dramatic stretches of Dilmunia, this is canalside living at its finest. In the heart of Dilmunia, the residences at CanalView are set in beautifully landscaped gardens, next to a sweeping canal promenade. Residents can also enjoy the benefits of an exclusive private club, incorporating a range of sporting and entertainment facilities. Dilmunia canal living does not get more sophisticated than this.

WELCOME TO A NEW VIEW

The spectacular 1.6 km canal with dual pedestrian access is also practical in structure and provides ideal spaces for retail and F&B amenities. CanalView is also a uniquely designed complex that features a breathtaking public park across the canal's footbridge. Other iconic installations include distinctive water features such as the waterfall footpath and fountain system.

For resident-owners, investing with CanalView offers much more than the brick and mortar space that is defined by the boundary of a single apartment, it provides unlimited access to a lifestyle of luxury.

LOCATION

CanalView is located in Dilmunia Island in Muharraq and has been developed over an area of 13,068 sqm. The luxurious property is walking distance from Dilmunia Mall, located in proximity to Bahrain's main arterial roads, social infrastructure and the main airport.

LIFESTYLE

CanalView's lifestyle features fountains as well as a main water feature. An indoor pool, an outdoor pool, gym facilities, multisport court and club / lounge facilities all set within the complex. Adding to the amenities, CanalView offers rooftop garden shaded space, kitchen bar-b-que facilities and 17 unique apartments with private garden space.

For more information on CanalView, kindly visit www.canalview.bh or contact +973 16 51 11 11.