- 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, Kuwaits 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 Arabias 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.
Bahrains 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.