31 July 2007
First phase of BD 250m project will be ready by April 2008
The BD250-million Riffa Views project has attracted unprecedented interest from the investors from Saudi Arabia and other GCC countries as out of 902 villas the developers have already sold 440 units, a senior official at the Riffa Views said yesterday.
Yaser A Abdul Malik, board member of Riffa Views Company, said there has been immense demand among Bahrainis as well as investors from across the region.
"The company will hand over the villas to the first batch of tenants by April next year and the entire project will be completed by the end of 2009."
Yasser, who also signed $82 million loan facility agreement with National Bank of Bahrain (NBB), said that the funding would be used primarily to finance the construction of the remaining phase of the Riffa Views project, which is to set the standard for luxury residential developments in the Kingdom of Bahrain.
Yasser added: "As a Bahrain-based organisation, Riffa Views is happy to work with NBB and consider this a key partnership in the overall progression of the project. Both organisations share a united goal, and are committed to the long-term sustainable development of Bahrain as a premier tourism, lifestyle and sporting destination."
Abdul Razak Al Hassan Al Qassim, general manager of NBB who signed the agreement on behlf of the bank said: "NBB has always been leading economic development in the Kingdom of Bahrain. NBB's corporate banking team, along with the team from Arcapita, has played a major role in the fruition of this deal. The association with the prestigious Riffa Views project highlights NBB's ability to provide custom-made solutions for its customers and reflects NBB's position as the Kingdom's leading commercial bank."
He added: "This agreement marks the diversified innovative capabilities of NBB towards implementing the bank's long-term goal of being a major player across the economic sectors in the region." "With the tremendous surge in real estate developments in the Kingdom, NBB has embarked on an ambitious growth initiative to address the requirements in this sector. This deal with Riffa Views demonstrates NBB's ability to facilitate real estate and housing projects in the Kingdom."
Riffa Views is a joint venture between Arcapita and Bahrain International Golf Course Company (BIGCC), created for developing and selling luxurious townhouses and villas.
The development is comprised of three distinctive Signature Estates (The Oasis Estate, The Lagoon Estate and The Park Estate) and offers a unique opportunity to both locals and expatriates to be part of a luxurious lifestyle unrivalled anywhere else in Bahrain. The project has attracted huge interest from the local and international community and has sold over 440 units to date.
First phase of BD 250m project will be ready by April 2008
The BD250-million Riffa Views project has attracted unprecedented interest from the investors from Saudi Arabia and other GCC countries as out of 902 villas the developers have already sold 440 units, a senior official at the Riffa Views said yesterday.
Yaser A Abdul Malik, board member of Riffa Views Company, said there has been immense demand among Bahrainis as well as investors from across the region.
"The company will hand over the villas to the first batch of tenants by April next year and the entire project will be completed by the end of 2009."
Yasser, who also signed $82 million loan facility agreement with National Bank of Bahrain (NBB), said that the funding would be used primarily to finance the construction of the remaining phase of the Riffa Views project, which is to set the standard for luxury residential developments in the Kingdom of Bahrain.
Yasser added: "As a Bahrain-based organisation, Riffa Views is happy to work with NBB and consider this a key partnership in the overall progression of the project. Both organisations share a united goal, and are committed to the long-term sustainable development of Bahrain as a premier tourism, lifestyle and sporting destination."
Abdul Razak Al Hassan Al Qassim, general manager of NBB who signed the agreement on behlf of the bank said: "NBB has always been leading economic development in the Kingdom of Bahrain. NBB's corporate banking team, along with the team from Arcapita, has played a major role in the fruition of this deal. The association with the prestigious Riffa Views project highlights NBB's ability to provide custom-made solutions for its customers and reflects NBB's position as the Kingdom's leading commercial bank."
He added: "This agreement marks the diversified innovative capabilities of NBB towards implementing the bank's long-term goal of being a major player across the economic sectors in the region." "With the tremendous surge in real estate developments in the Kingdom, NBB has embarked on an ambitious growth initiative to address the requirements in this sector. This deal with Riffa Views demonstrates NBB's ability to facilitate real estate and housing projects in the Kingdom."
Riffa Views is a joint venture between Arcapita and Bahrain International Golf Course Company (BIGCC), created for developing and selling luxurious townhouses and villas.
The development is comprised of three distinctive Signature Estates (The Oasis Estate, The Lagoon Estate and The Park Estate) and offers a unique opportunity to both locals and expatriates to be part of a luxurious lifestyle unrivalled anywhere else in Bahrain. The project has attracted huge interest from the local and international community and has sold over 440 units to date.
By Mahmood Rafique
Bahrain Tribune 2007
