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FINANCIAL NEWS
Bahrain’s Gulf Holding to restart Villamar project
09 Apr 2012
(MENAFN) Bahrain’s Gulf Holding Company inked a deal with UK-based consultancy Mace to resume the delayed Villamar residential and commercial project, Arabian Business reported.
Under the deal, Mace will be providing full management services from the beginning of the restarted development process through to design, construction and the final handover and after care services.
Currently, the construction of the development stands at approximately 50 percent completed.
Gulf Holding Company said that the project, which was launched in 2007, was delayed following due to the financial crisis which affected numerous other development projects across the region, and later affected by the political unrest at the beginning of 2011.
The company also said that a business plan will be finalized and contract documents prepared and amended in order for the works to begin.
Villamar is the first integrated residential complex within the Bahrain Financial Harbour, offering a mix of serviced apartments, hotel rooms and residential accommodation within three twisting towers.
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