COMMUNITY NEWS
Cityview project formally inaugurated, apartment handover begins
Oct 23, 2018 1:36 PM
Cityview Real Estate Development Company (Cityview), a Bahrain-based real estate development company, announced today (ed note: 23/10/18) the formal inauguration of the Company’s Cityview building and said it had started handover apartments to their owners.
Speaking at the inauguration ceremony, Cityview Chairman,
Abdulhakeem Al Mutawa, said he is pleased that, despite the many complex challenges,
the project was successfully completed.
The Cityview project, a residential tower in the Seef
District near Dana Mall, was put on hold in 2011 due to circumstances beyond
anyone’s control. 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.
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 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.
When announcing the completion of the Cityview project 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 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.