By Neil Halligan
Plan worked out to complete and handover the last 212 units in the development
A $797 million residential and leisure project in Bahrain has been removed from the Gulf state's list of stalled development schemes after the kingdom’s Ministerial Committee for Construction and Infrastructure reached an agreement with management to complete the development.
Riffa Views, a $797 million (BHD 300 million) project which includes a residential bloc comprising 1,056 villas, a Colin Montgomery-designed championship golf course, a school, sport academies, retail shops and restaurants, was one of several stalled projects the Bahrain government took an active role in to overseeing to ensure its completion earlier this year.
Based on a plan worked out last March, and a tangible commitment of Riffa Views management to complete the project, the ministerial committee removed the development from its list of stalled schemes, according to a report on Bahrain News Agency.
The committee, chaired by Bahrain’s Deputy Premier, Sheikh Khalid, said that the management would start completing the stalled work under the first phase of the plan so it could hand over the remaining 212 units to buyers.
The Deputy Premier expressed his delight at the settlement of the stalled project in a satisfactory way that preserved the rights of buyers and investors.
He said the committee hoped to settle other stalled property development projects, including Villamar and Landmark City View.
Riffa Views, which spans 2.7 square kms, had originally planned to start delivery of its 1,056 villas by the end of 2008, but the completion date was been pushed back to the end of 2008 and early 2010.
In June this year, Riffa Views announced that it had signed a construction contract with Poullaides Construction Company to complete the development of 61 villas and townhouses in the Parks Estate at Riffa Views development. This was part of the workout plan agreed in February between Riffa Views, the National Bank of Bahrain and Riffa Views creditors to pave the way for the completion of the remaining 212 units.
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