COMMUNITY NEWS
Cityview construction successfully completed
Aug 14, 2018 1:16 PM
Cityview Real Estate Development Company (Cityview), a Bahrain-based real estate development company, announced today that it has successfully completed the Company’s Cityview building.
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 the 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.