Deal signed to kick start delayed residential, commercial project in Bahrain Financial Harbour
Gulf Holding Company, the owners of Bahrain's delayed Villamar residential and commercial project said on Sunday it has signed a deal with Mace to restart construction work.
The UK-based consultancy will manage the construction and delivery of the Villamar project, which was launched in 2007, and is expected to resume construction soon.
The project suffered delays due to the financial crisis which affected numerous other development projects around the region, and which were further exacerbated by the political unrest Bahrain saw at the beginning of 2011, Gulf Holding Company said in a statement.
"The newly appointed project manager will appraise the current status of the project and prepare a new project development plan in order to recommence construction work as soon as possible," the statement added.
It said a business plan will be finalised and contract documents prepared and amended in order for the works to begin.
Mace will be providing full management services from the beginning of the restarted development process through to design, construction and the final handover and after care services.
Matthew Austin, general manager of Gulf Holding Company, said: "We are looking forward to the success of this project and the fruitful cooperation with Mace as our new project managers. With this agreement in place, we are now able to progress with the development of the project, with construction set to begin within the coming few months.
"We are also currently in discussions with an operator of first class hotels to provide an exciting brand to the whole development," he added.
Andrew Johnson of Mace said: "We are very excited about this partnership with Gulf Holding and are looking forward to starting work on Villamar immediately."
Villamar is the first integrated residential complex within the Bahrain Financial Harbour, offering a mix of serviced apartments, hotel rooms and residential accommodation within three twisting towers.
Sales have begun with Tower B, making the programming of these works a priority. Construction of the development stands at approximately 50 percent completed.