Riffa Views project has been on hold following concerns over the feasibility of the entire project
- Final phases of Riffa Views to press ahead
- Project will see 212 villas completed as part of final phases
Bahrains Arcapita Bank is set to press ahead with the incomplete phases of its Riffa Views project in Manama.
There are 212 incomplete villas with 61 currently being worked on by Cyprus Poullaides Construction Company, which was awarded the contract in March this year.
A spokesperson from Arcapita told MEED that the remaining villas will be tendered through two contracts with an award expected in the first quarter of 2016.
Poullaides has worked on earlier phases of the project and in 2010 completed the construction of 354 villas which made up the Oasis area of the scheme.
In 2012 Greek firm Terna also completed work on 400 villas, part of the Lagoons segment.
The $700m project, which is being developed in joint venture with Bahrain International Golf Course Company, was restarted following a government initiative to press ahead with stalled real estate developments.
The projects financier is the local National Bank of Bahrain.
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