MANAMA: Naseej has signed an escrow account agreement with Khaleeji Commercial Bank (KHCB), under which the bank will be the real estate development agent for the CanalView project on the island of Dilmunia off Muharraq.
The escrow account model agreement is in accordance with Law No 28 of 2014 and the Central Bank of Bahrain’s Resolution No 20 of 2016, which protects buyers and all stakeholders in development projects by ensuring that the utilisation of funds raised be solely for the developments in which they have invested.
The agreement was signed by Naseej general manager Ahmed Al Hammadi and KHCB acting chief executive Tawfiq Mohammed Bastaki in the presence of senior officials from both sides.
The CanalView project will be developed on an area of 13,068 sqm.
The freehold mixed-use development features a main podium with a number of multi-storey buildings, 250 residential apartments, retail spaces, restaurants and cafés, shops and service outlets, all of which will be built overlooking the canal basin, and will feature a waterfall, offering views of the coast surrounded by green spaces and landscaped gardens.