The mixed-use development was initially scheduled to complete in 2010
Gulf Holding Company (GHC), the developers of the long-delayed $650 million Villamar project in Bahrain, has signed a financial restructuring agreement that is forecast to see construction work complete in two years.
The agreements were signed with Al Rajhi Bank, the original financiers of the project; GFH, the new financiers; and project contractors Al Hamad Contracting Company. Under the agreement, remobilization has started on the mixed-use residential project in the Bahrain Financial Harbour, according to a press statement.
“Lights on the Villamar building have been seen in operation and cranes have moved on site in order to advance development. It is expected that the project will now be completed in approximately 24 months,” the statement said.
The Villamar project – which will feature over 800 residential units – was initially scheduled to complete in the first quarter of 2010. The project is reportedly worth $650 million and comprises of three three towers housing a hotel, serviced apartments and residential units.
The Sharjah-based Al Hamad Contracting Company was awarded a $380 million contract in 2007 to build the development, which will offer facilities such as a health club and spa, swimming pools, and a sea-front boardwalk featuring retail and dining facilities.
“With the signing of this agreement, we’re delighted to announce that remobilization and development of Villamar have begun,” said Hisham Alrayes, Chairman of Gulf Holding Company. “This is a strategic project, located in the heart of Bahrain, and we are proud to be working with world-class partners to now advance quickly towards completion.”