• Work stalled in 2011 due to cashflow issues with the developer
  • Project now scheduled for completion in 2017

Sharjah-based Al-Hamad Construction & Development Company has restarted work on the Villamar real estate project (pictured) in the central business district of Manama.

The owner, Kuwait’s Gulf Holding Company has signed a debt restructuring deal, allowing work to resume on the $650m project.

Local Gulf Finance House (GFH) has taken over as the main financer from Saudi Arabia’s Al-Rajhi Bank.

The 32,000-square-metre project involves three twisting tower blocks between 137-220 metres and a three-storey apartment building. It will comprise 800 residential units, both villas and apartments, luxury hotel rooms, retail space and a sea-front boardwalk.

Work originally began in 2007 but stalled in 2011 due to cashflow issues for the developer. The project is now scheduled for completion in mid-2017.

Bahrain’s construction sector has performed well recently, growing by 7.5 per cent during the first quarter of 2015. This is thanks to governmental support for the real estate market.

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