Cityview Real Estate Development Company announces completion of tower after key shareholder provides necessary financing for project
Cityview Real Estate Development Company, a Bahrain-based developer, has said that work on its Cityview residential tower is now complete following years of delays and postponement.
Having been put on hold in 2011, the project has been completed with the help of one of the developer’s key shareholders, Ithmaar Bank, which provided the necessary financing for the project, which is located in the Seef District of Manama.
Ithmaar Holding, an investment firm that is listed on the Bahrain bourse, Bousra Kuwait and Dubai Financial Market, has a 51% stake in the Cityview development through its subsidiary. The tower itself consists of 88 apartments and offers residents amenities such as a gym, health club and a swimming pool.
“This achievement is the result of many entities and people from various technical and financial teams working closely together and creating powerful synergies,” said Abdulhakeem Al Mutawa, chairman of Cityview, about the project completion.
“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 added that completion of the 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.”
“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,” Al Mutawa stated.
“We have individually invited all the buyers for an official inspection of their apartments so the contractor rectifies any observations they might have,” the chairman said about the handover procedure.
“The building is now fully operational with all utilities functional after having received all municipal and authority approvals.
“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.