Bahrain-based Cityview Real Estate Development Company said it has completed the company’s Cityview residential tower located in the Seef District.
The project, which had been put on hold in 2011, was completed with the help of one of its key shareholders, Ithmaar Bank, which provided the necessary financing.
Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market, owns 51 per cent stake in Cityview development through its subsidiary.
Cityview tower comprises a total of 88 apartments offering amenities such as a gym, health club, and swimming pool dedicated to the residents.
On the project completion, Cityview chairman Abdulhakeem Al Mutawa said: "This achievement is the result of many entities and people from various technical and financial teams working closely together and creating powerful synergies."
"These include governmental entities, Ithmaar Development Company (IDC), which represents Ithmaar Group, Dheya Tawfiqi Engineering Consultancy Bureau (DTEB) as the project consultant, Poullaides Construction Company (PCC) as the main project contractor and Ithmaar Bank’s Home Finance team,” he stated.
Al Mutawa said the successful completion of this project was a unique feat in Bahrain.
"It is an achievement that was made possible by Ithmaar Bank’s determination to see the project through, and a demonstration of the potential that can be realised when everyone pulls in the same direction," stated the official.
"As a result, of all the tremendous efforts of all involved, the project consultant DTEB was able to issue the Certificate of Practical Completion to the Contractor on April 30. This marked the end of construction works on site and the start of the final snagging, testing and commissioning phase which has since also been completed," added Al Mutawa.
On the handover procedure, the chairman said: "We have individually invited all the buyers for an official inspection of their apartments so the contractor rectifies any observations they might have."
“The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” stated Al Mutawa.
“In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive VFM (a wholly owned subsidiary of Ithmaar Holding), the appointed facility management team who will be welcoming the first residents,” he added.-TradeArabia News Service
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