Manama: Cityview Real Estate Development Company (Cityview), a Bahrain-based real estate development company, has confirmed the successful completion of the Company’s landmark project.
The Cityview project, a residential tower in the Seef District across the road from Dana Mall, was put on hold in 2011 due to circumstances beyond anyone’s control. The announcement of the Project’s completion makes it the only project of its kind in Bahrain to be resolved internally, without external intervention after Ithmaar Bank, one of the shareholders, provided the necessary financing. Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait, and Dubai Financial Market, owns through its subsidiary 51 percent shareholding in Cityview.
“I am pleased to announce that construction of the Cityview building is now successfully completed,” said Cityview Chairman, Abdulhakeem Al-Mutawa. “This achievement is the result of many entities and people from various technical and financial teams working closely together and creating powerful synergies. These include governmental entities, Ithmaar Development Company (IDC), which represents Ithmaar Group, Dheya Tawfiqi Engineering Consultancy Bureau W.L.L. (DTEB) as the Project Consultant, Poullaides Construction Company (PCC) as the main contractor of the Project and Ithmaar Bank’s Home Finance team,” he said.
“The successful completion of this project is a unique achievement in Bahrain,” said Al Mutawa. “It is an achievement that was made possible by Ithmaar Bank’s determination to see the project through, and a demonstration of the potential that can be realised when everyone pulls in the same direction,” he said.
“As a result, of all the tremendous efforts of all involved, the Project Consultant, Dheya Tawfiqi Engineering Consultancy Bureau W.L.L. (DTEB), was able to issue the Certificate of Practical Completion to the Contractor on 30th April 2018. This marked the end of construction works on site and the start of the final Snagging, Testing and Commissioning phase which has since also been completed,” said Al-Mutawa. “Meanwhile, as part of the handover procedure, we individually invited existing buyers for an official inspection of their apartments so the contractor rectifies any observations they might have,” he said.
“The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” said Al-Mutawa. “In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive V.F.M (a wholly owned subsidiary of Ithmaar Holding), the appointed facility management team who will be welcoming the first residents,” he said.
The Cityview building comprises a total of 88 apartments offering amenities such as a gym, health club, and swimming pool dedicated to the residents.
Al-Mutawa thanked the buyers of the project’s apartments for their support during the previous period, which ended with completing construction works of the building.
Al-Mutawa also thanked the Deputy Prime Minister and Chairman of the Ministerial Committee for Urbanisation and Infrastructure, His Excellency Shaikh Khalid bin Abdulla Al Khalifa, for his continuous efforts and support for helping drive the Project towards its completion.
