$700m Villamar development is back on fast track

villamar-signing-ceremony

Manama: The contract signing has put the USD 700 million Villamar @ The Harbour back on fast track of development. Villamar is the Kingdom of Bahrain’s most advanced and exclusive residential complex spread over 35,900 square meters at the landmark Bahrain Financial Harbour (BFH).

HE Shaikh Hisham bin Abdulrahman Al Khalifa, Governor of the Capital Governorate, praised the announcement made by GHC for signing the final sukuk restructuring agreement for the Villamar project, considering the project as a new addition and an important milestone added to Manama, capital of the Kingdom of Bahrain. He also noted the importance of the real estate sector and its direct impact on economic development, and attraction of capital. HE also praised the efforts exerted by the government of the Kingdom of Bahrain to provide a secure investment environment for investors, thus enhancing the position of Bahrain in the real estate sector.

The above statement was made by HE during a ceremony held by GHC, the developer of Vilamar project, to announce the signing of a final Sukuk restructuring agreement with Rajhi Bank (the project financer) and GFH Financial Group (the project sponsor), to officially mark the re-launch of the project in the Bahrain Financial Harbour. The Ceremony was held under the patronage of HE Sh. Hisham Bin Abdulrahman Al Khalifa, Governor of the Capital Governorate, in the presence of representatives from Rajhi Bank, GFH Financial Group, Al Hamad Contracting Company, Bahrain Property Development Association, and various other government and private sector representatives as well as members of the media.

This agreement follows considerable progress on the project by GHC over the course of the past year including key milestones related to important legal and technical assessments and studies in addition to the reactivation of the site, which has been handed over to the project contractor. Also, notable has been the start of construction works under the supervision of a Consultants Panel that has been established and which comprises of a number of reputable and distinguished international and local consultants.

“We are extremely pleased to have now put in place the financial foundations for the development of Villamar @ The Harbour. With the successful rescheduling of all debts and payments, an important pre-cursor to the advancement of work has now been achieved and the promise that we made to our investors for the revival of the project kept. With this milestone now behind us, we expect the smooth and steady development of the project on plan and budget and for the benefit of all stakeholders. As we take this important step forward we would like to extend our appreciation for the support provided by HE Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister and his ongoing efforts to support the project and HE Shaikh Hisham bin Abdul Rahman Al Khalifa for supporting this event,” Hisham Alrayes, Chairman of GHC, said.

“Today we announce the latest milestone in the progress that we continue to make in our landmark Villamar @ The Harbour project. To date, significant progress has been made onsite, supported by the efforts of more than 400 workers, a number that will grow significantly as we further advance. We believe that the revival of the project will enable the Company to maximise the project’s value and potential and effectively reward its shareholders for their patience over the past several years and the challenges that have been faced. We are especially proud to announce this progress alongside the upcoming commencement of the Kingdom’s National Day celebrations, which underscore the Kingdom’s ongoing economic and social progress and leadership,” Majed Al-Khan, Executive Board Member of GHC, added.

The revival of Villamar @ The Harbour comes as part of GHC’s commitment to further supporting growth and expansion of Bahrain’s real estate sector and signifies a new era for GHC and the real estate market in the Kingdom overall. The relaunch of Vilamar project is part of GHC’s commitment towards achieving more support, growth and expansion in the real estate sector in the Kingdom of Bahrain, as it represents a new era for the company and the real estate market in the Kingdom as a whole.

Villamar @ The Harbour is one of the flagship projects of GHC and an integral part of the Company’s portfolio of projects. Valued at USD 700 million Villamar @ The Harbour is the Kingdom of Bahrain’s most advanced and exclusive residential complex spread over 35,900 square meters at the landmark Bahrain Financial Harbour (BFH). Being built on an island in the heart of the business district of Manama, the capital of Bahrain, and directly along the waterfront of the BFH, Villamar @The Harbour includes five main elements. This includes the Twisting Towers, Lifestyle Apartments, Terraced Villas, Terraced Podium and Sky Villas. Featuring state-of-the-art engineering and architectural designs, Villamar @The Harbour will consist of one to five-bedroom apartments and other key facilities such as a super penthouse, health club and spa, swimming pools, manicured gardens and several recreational spaces. Additionally, the boardwalk will be a major public attraction, featuring indoor and outdoor cafes, restaurants and boutique retail spaces with shaded and air-cooled walkways, water features, a sizable on-site car park and landscaped plazas.

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