A total of 140 title deeds belonging to Riffa Views homeowners have been released by the National Bank of Bahrain (NBB).

It announced the decision yesterday (April 1), saying that it and other creditors had reached an agreement in February to complete the 212 remaining villas at the housing development, said a report in the Gulf Daily News (GDN), our sister publication.

Titles to 140 properties were withheld by NBB after the land they were built on was offered up in 2011 as additional security for a loan taken by Riffa Views in 2007.

Riffa Views defaulted on the loan in 2012 and NBB refused to hand over the deeds to home buyers until the debt was cleared.

“We are very pleased to have reached this important milestone of the workout plan, which demonstrates NBB's proactive approach in collaboration with all parties involved to reach an agreement that maximises recoveries for stakeholders and supports the real estate sector in Bahrain, as well as alleviating risks to homeowners,” said NBB chief executive and director Abdul Razak Al Qassim.

“We believe that we are all working towards a common goal of completing this prestigious project.”

The 212 remaining villas are expected to be completed over the next two years by projects construction companies Poullaides Construction Company, Cyprus Cybarco Tabet JV and Cyprus Building and Road Construction Company. Money raised from the sale of remaining villas will go towards the project's various creditors, NBB said.

Initially envisaged as a combined golfing and residential community featuring more than 1,000 villas set around an 18-hole championship golf course designed by Colin Montgomery, Riffa Views hosts the Royal Golf Club, the Royal Country Club, Riffa Views International School (RVIS), the RVIS Tennis Academy, the RVIS Football Academy, three mosques and Riffa Palms for retail and restaurants. - TradeArabia News Service