Cityview residential project in Bahrain completed

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MANAMA: A stalled residential project in Seef District has finally been completed after Ithmaar Bank, one of the shareholders, provided the necessary financing.

The developer, Cityview Real Estate Development Company, yesterday said this made Cityview the “only project of its kind in Bahrain to be resolved internally, without external intervention”.

Known as Landmark Cityview earlier, the tower comprising 88 apartments commenced in 2009 but was stalled in 2011 due to “circumstances beyond the developer’s control”.

Work on the project resumed in November 2016 following a series of meetings between contractors and financiers.

Ithmaar Bank is a wholly-owned subsidiary of Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market. It owns 51 per cent stake in Cityview through a subsidiary.

“I am pleased to announce that construction of the Cityview building is now complete,” said Cityview Real Estate Development Company chairman Abdulhakeem Al Mutawa in a statement yesterday.

“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 contractor and Ithmaar Bank’s home finance team,” he said.

DTEB issued the certificate of practical completion to the contractor on April 30 this year, marking the end of construction works on site and the start of the final snagging, testing and commissioning phase.

Mr Al Mutawa said as part of the handover procedure, existing buyers were invited for an official inspection of their apartments and to ask the contractor for possible rectifications.

“The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” said Mr Al Mutawa.

“In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive (a wholly-owned subsidiary of Ithmaar Holding), the appointed facility management firm, which will be welcoming the first residents,” he said.

Amenities offered to residents include a gym, health club and swimming pool.

Following a royal decree, the Committee for the Settlement of Stalled Real Estate Projects was set up in January 2015, tasked with resolving delays at a number of private property developments.

Six stalled projects including Cityview were referred to it then and only three – Amwaj Gateway, Sunset Hills and Marina West – remain unresolved.

avinash@gdn.com.bh

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