Construction has restarted on the half-built Villamar mixed-use project in the Bahrain Financial Harbour in Manama, following the signing of restructuring agreements by the developer.
Gulf Holding Company (GHC) has signed restructuring agreements with support from Al Rajhi Bank (original majority financiers of the project), GFH (the project’s new financiers) and Al Hamad Construction (the project’s contractor).
Hisham Alrayes, chairman of GHC, said: “We’re delighted to announce that remobilisation and development of Villamar have begun. This is a strategic project, and we are proud to be working with world-class partners to now advance quickly towards completion.”
First announced in 2006, the Villamar project was scheduled for completion in 2009, but faced several delays, and work on the three half-built twisting towers had been stalled for more than five years. However, the developers now expect to complete the project within 24 months.
Villamar will feature more than 800 residences and luxury hotel rooms with numerous other facilities including a spa, swimming pools, recreational and commercial amenities.