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Cityview starts delivery of Bahrain tower units

MANAMA, October 23, 2018

Bahrain-based Cityview Real Estate Development Company has begun the official handover of units at its Cityview residential tower in the Seef District of the kingdom.

The Cityview building comprises 88 apartments offering amenities such as a gym, health club, and swimming pool dedicated to the residents.

The project, which was put on hold in 2011, is 51 per cent owned by Ithmaar Holding, an investment firm listed on the Bahrain Bourse, Boursa Kuwait and Dubai Financial Market, through one of its subsidiaries.

Announcing its formal inauguration, Cityview chairman Abdulhakeem Al Mutawa, said he was pleased that, despite several complex challenges, the project was successfully completed in August and was now being handed over to its residents.

The Cityview tower's completion makes it the only project of its kind in Bahrain whose problem was resolved internally after Ithmaar Bank, one of the shareholders, provided the necessary financing.

Present at the inauguration ceremony were representatives of Ithmaar Bank and Cityview as well as Ithmaar Development Company (IDC), which represents Ithmaar Group, Dheya Tawfiqi Engineering Consultancy Bureau (DTEB) as the project consultant, Poullaides Construction Company (PCC) as the main contractor and Ithmaar Bank’s Home Finance team.

While announcing the project's completion in August, Al Mutawa had said the achievement, which remains unique in Bahrain, 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.

“The building is now fully operational with all utilities functional after having received all municipal and authority approvals,” said an excited Al Mutawa.

“In fact, with the de-snagging works completed, and the testing and commissioning successful, we are handing over the building to Olive VFM (a wholly owned subsidiary of Ithmaar Holding), the appointed facility management team who will be welcoming the first residents,” he added.-TradeArabia News Service




Tags: Ithmaar Holding | Cityview |

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