Gulf Holding Company, the owners of a major multi-use complex, and Al Hamad Construction and Development have signed an agreement towards resuming the construction work on a commercial complex with a target to complete in 18 months.

“We are resuming work soon after delays that took place in the development of the Villamar due to the financial crisis. The crisis sent shock waves around the world and affected countless projects everywhere," said Hisham Alrayes, chairman of Gulf Holding Company.

“While it has been a challenge to continue the development from sales proceeds, we have restructured the project to extend short term liabilities and bring new funding partners on board.”

“Accordingly, we are pleased today to have Al Hamad as a continued partner completing the construction against part ownership in the Villamar towers. Al Hamad is expected to resume work on site once a new project manager is appointed within the next coming few weeks,” he added.

Nasha'at Sahawneh, chairman of Al Hamad Construction and Development Company, said, “We are excited to have reached this agreement with Gulf Holding and look forward to beginning work on the Villamar as soon as possible.”

“Villamar is with no doubt the most prime project in the heart of the Kingdom of Bahrain which combines all hospitality, residential, offices and commercial complex all at one sea front location. We believe in the project and our commitment for completing it is demonstrated by us taking ownership in the project itself,” he concluded.

Started in 2007 and built on a man-made island, “Villamar @ the Harbour” is the first integrated residential complex within the Bahrain Financial Harbour Development.

Villamar aims to introduce a new lifestyle and business concept to the region, offering a mix of serviced apartments, hotel rooms and a mix of residential accommodation within three elegant twisting towers.

The current status of the construction is 70 per cent completed. The estimated value for the entire completed project is in the order of $650 million, according to a statement. – TradeArabia News Service