Property buyers who invested in a stalled multi-million-dinar residential project on Bahrain's west coast could finally move into their new homes by the end of next year, a report said.

Plans are under way to revive the Marina West project near Budaiya, where work has been at a standstill for more than five years, reported the Gulf Daily News (GDN), our sister publication.

According to a new proposal by the Bahrain Real Estate Association (BREA), the project will be divided into 11 parts with different banks set to help arrange the rescheduling of loans and other mortgage options.

BREA honorary president Shaikh Abdulrahman bin Ali Al Khalifa confirmed that the banks involved would approve the loan rescheduling if the project was divided into parts, our sister paper Akhbar Al Khaleej reported last week.

This means that loan facilities can now be extended to fund the completion of the project's 10 residential towers, offering more than 1,000 apartments, and an 11th tower planned as a five-star hotel.

'We had a series of meetings with Marina West officials, including its chief executive Mahmood Janahi, who are keen for work to resume as soon as possible,' Bahrain Chamber of Commerce and Industry's (BCCI) real estate sector committee member Nasser Ali Al Ahly told the GDN.

The meeting followed the referral of the Marina West and Amwaj Gateway projects by the Ministerial Committee for Construction and Infrastructure to a judicial committee, Al Ahly said.

Justice, Islamic Affairs and Endowments Minister Shaikh Khalid bin Ali Al Khalifa issued a statement last week explaining that the judicial committee to address stalled projects was comprised of three judges and two industry experts.

He said it would work on solutions that are in the interests of both the investors and buyers.

The committee's decisions are final and can only be overturned by the Cassation Court, Shaikh Khalid said, adding that any lawsuits previously brought before the courts that rightly fall under the jurisdiction of his committee should be temporarily suspended pending the committee's verdict.

Al Ahly said that the judicial committee, under the Supreme Judicial Council, was the sole authority to decide on what action would be taken in regards to stalled projects.

'It is up to the committee to take legal action against the developers, if required, or deal with compensation for investors,' he said.

'However, we feel based on the BREA proposal, more banks will be ready to provide loans for the Marina West project if it is divided into 11 parts.'

Priority will be given to the hundreds of investors who have already sunk their savings into the project, according to the BCCI official.

'Based on our understanding of the meetings, the developers said they wanted to first start work by completing three of the 11 residential towers.'

These three towers contain the 'majority' of apartments bought by off-plan investors,  Al Ahly said.

'If things go as planned, we expect work to first start on these three buildings in the coming months, with completion likely by next year,' he said.

'Work on the remaining residential towers should be completed in the next two years, according to the plans being discussed.'

The official added that once complete, the total value of the Marina West development would be more than $750 million (BD280 milion).

Bahraini Waleed Hashim, 31, who paid BD48,000 ($126,000) for a two-bedroom apartment at Marina West, said he was happy to hear of the new developments.

'This shows that once the government decides it has to do something, then you can consider the job done,' he said.

'I am happy that they are discussing dividing up the project, but I would like to first see the developers assessing the stalled towers that have been sat unfinished for so many years.'

Meanwhile, fellow buyer Argentine Axel Hofman, 52, said it was indeed 'good news'.

'I believe that dividing up the property is necessary in order to make it easier to find new investors and solutions,' he said. – TradeArabia News Service