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$52m housing project in Bahrain ‘back on track’

Manama, May 5, 2013

Construction work on a BD20 million ($52.3 million) housing development on Bahrain, which has fallen more than three years behind schedule, is now back on track, a report said.

The Oryx Hills project, near the Al Areen Resort and Spa, started in 2008, but was hindered by a shortage of funds and other problems, according to the report in the Gulf Daily News, our sister publication.

Sources said the development was now back on track following the intervention of Khaleeji Commercial Bank and people should be able to move into their dream homes before the end of the summer.

Billed as residential community offering tranquillity and serenity, Oryx Hills was supposed to have welcomed its first residents at the beginning of 2010.

It features luxury villas, ranging from 400 to 650 sq m, seeking to combine contemporary designs with strong elements of traditional Arabian architecture.

Natural materials have been extensively used in the construction of the properties, which sit within a lush landscaped environment.

It is understood the properties have been ready for several months, but tenants could not move in due to a lack of water and electricity.

The project is part of the $2 billion Al Areen development project and is being developed by the Al Areen Holding Company.

However, no one from the firm or the Khaleeji Commercial Bank could be reached for comment.

"We are now obviously thrilled at the latest developments," said Al Hilal Publishing and Marketing Group managing director Ronnie Middleton, who bought a home in the development.

"We have been waiting for far too long to get possession of our villas and move in. Over the years, we have seen the property having been downgraded from what we were told it would be and several things have changed.

"But, even then, we are now optimistic things have finally begun to move and we should be in our new homes by the end of the summer,” he added.

Mathias Tourism managing director Richard Mathias also welcomed news that tenants could be able to move in soon.

Investments

"I hope they keep their word this time. For too long, we have had a lot of promises that have not been kept," said the homeowner.

He said buyers had made huge investments in the development because they wanted to stay in a luxury development away from the noise, hustle and bustle of the city.

"It was a major disappointment year after year to see we were not able to move in even after the villas were ready," said Mathias.

He also stated, although electricity supplies had supposedly been connected, it was unclear whether the villas would have running water. – TradeArabia News Service




Tags: Bahrain | Khaleeji Commercial Bank | housing project |

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