{"id":1071,"date":"2017-05-24T11:44:46","date_gmt":"2017-05-24T11:44:46","guid":{"rendered":"https:\/\/www.weetas.com\/insights\/?p=1071"},"modified":"2017-05-24T11:44:46","modified_gmt":"2017-05-24T11:44:46","slug":"1071","status":"publish","type":"post","link":"https:\/\/www.weetas.com\/insights\/en\/1071.html","title":{"rendered":"Here is all you need to know about the current status of stalled real estate projects in Bahrain"},"content":{"rendered":"

At the height of the\u00a0global economic crisis in 2009<\/strong>, the\u00a0Kingdom of Bahrain witnessed a downturn<\/strong> in the real estate market, which has created a lot of stalled real estate projects<\/strong> in many areas in Bahrain.<\/p>\n

Over the past couple of years, the government has been putting a great effort to solve that issue and revive<\/strong> stalled real estate projects.<\/p>\n

On 6 December 2014<\/strong> the Legislative Decree No. 66<\/strong> of 2014 came to settle the stalled real estate projects problem.<\/p>\n

Since then, many projects saw the light of day and resurrected once again, whereas many are still waiting their turn to get settled and move on.<\/p>\n

Here we give you a list of the stalled real estate projects that got revived and the ones that are standing still with no progress whatsoever.<\/p>\n

A- Revived stalled projects<\/u><\/strong><\/h5>\n

1- Juffair Views<\/strong><\/p>\n

\"Juffair<\/p>\n

Located in the northern Juffair area<\/strong>, Juffair Views is a partly completed residential building that was sold at a public auction to the Indian hospitality firm, Ramee Group for 9.48 million dollars<\/strong>.<\/p>\n

The project was launched in 2006<\/strong> and got stalled in 2009<\/strong> at the time of the global economic crisis.<\/p>\n

It is worth mentioning that the project is almost 70%<\/strong> complete.<\/p>\n

Ramee Group’s intention is to redesign the whole project<\/strong> which will be a luxurious hotel apartment development that comprises of 120 suites<\/strong>, restaurants, spa, health club<\/strong> and outdoor swimming pool.<\/p>\n

Juffair views construction works are expected to start sometime next year where it will be fully completed and operated by the end of 2020<\/strong>.<\/p>\n

2- Villamar<\/strong><\/p>\n

\"Villamar\"<\/p>\n

Three twisted towers<\/strong> with 54, 43 and 52 storeys respectively, Villamar project is another stalled project set to re-launch again.<\/p>\n

Villamar is located on its own island within the Bahrain Financial Harbour<\/strong>.<\/p>\n

The project launched in 2006, however, it faced a series of delays in 2009, 2011 and 2012.<\/p>\n

However, Villamar’s developer Gulf Holding Company has restructured a final Sukuk with financier Al Rajhi Bank<\/strong> and sponsors the GFH Financial Group to restart working on the project once again.<\/p>\n

A world class development<\/strong>, the project includes floating sky villas<\/strong> as well as the terraced podium housing that features 437 apartments, 52 villas and 16 penthouses.<\/p>\n

That’s not all as the project also encompasses a health club, spa, swimming pool, restaurants and cafes.<\/p>\n

3-Landmark Cityview Tower<\/strong><\/p>\n

\"Landmark<\/p>\n

Following a five-year delay<\/strong>, construction works on Landmark Cityview tower were resumed in the last quarter of 2016.<\/p>\n

The project is expected to be completed by September 2017<\/strong>.<\/p>\n

Landmark Cityview Tower was launched on 2009<\/strong> and got delayed in 2011<\/strong>.<\/p>\n

It is worth noting that the project is a joint venture<\/strong> between Ithmaar Bank and Ebrahim Abdulaal Al Fahad Group.<\/p>\n

Located in Seef district<\/strong>, the project comprises of five-storeys commercial towers and an additional 20 floors that include residential units of one, two and three bedrooms.<\/p>\n

B- Pending stalled projects<\/u><\/strong><\/h5>\n

4- Marina West project<\/strong><\/p>\n

\"Marina<\/p>\n

With a value of 700 million dollars<\/strong>, Marina West is located on Bahrain’s West Coast<\/strong>.<\/p>\n

The project was initially launched in 2007<\/strong> and was scheduled for completion in 2010<\/strong>.<\/p>\n

The project is now is in the bidding process where Bahrain\u2019s Committee for Stalled Real Estate Projects is in the process of reviewing eligible developers<\/strong> to complete the construction works.<\/p>\n

Marina West is considered the largest stalled real estate project<\/strong> in the Kingdom of Bahrain.<\/p>\n

The mixed-used<\/strong> project comprises of 10 residential towers<\/strong> that feature apartments, duplexes, simplexes, penthouse suites.<\/p>\n

An eleventh tower is also expected to be constructed and will feature a five-star hotel.<\/p>\n

Marina West is one project that provides high-rise residential towers with a wide array of amenities such as health club, retail outlets, swimming pools, private beach, tennis courts and more.<\/p>\n

5- Amwaj Gateway<\/strong><\/p>\n

\"Amwaj<\/p>\n

Originally due in 2010<\/strong>, Amwaj Gateway is the second stalled project<\/strong> to be put in a public auction after Juffair Views.<\/p>\n

Amwai Gateway is a mixed-used<\/strong> project located near Amwaj Island entrance.<\/p>\n

The project comprises of retail and commercial units, seaside houses, two condominiums and a hotel.<\/p>\n

It is worth mentioning that the Bahrain\u2019s Committee for Stalled Real Estate Projects has rejected the two offers by Mina Investment Company and UXB unanimously.<\/p>\n

6- Sunset Hills project<\/strong><\/p>\n

\"Sunset<\/p>\n

A part of Al <\/strong>Areen development,\u00a0<\/strong>Sunset Hills is one other stalled project that is currently being reviewed by a special ministerial committee.<\/p>\n

Sunset Hills was launched in 2007<\/strong> and was scheduled for completion in 2009<\/strong>.<\/p>\n

It is worth mentioning that the project occupies over 40,000 square meters<\/strong> in Al Areen development.<\/p>\n

The multi-million-dinar<\/strong> project is located on the edge of the desert at Sakhir<\/strong>, Bahrain.<\/p>\n

The mixed-used<\/strong> project comprises of villas, townhouses, apartments and a retail outlet.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the height of the\u00a0global economic crisis in 2009, the\u00a0Kingdom of Bahrain witnessed a downturn in the real estate market, which has created a lot of stalled real estate projects in many areas in Bahrain. Over the past couple of years, the government has been putting a great effort to solve that issue and revive … Continue reading Here is all you need to know about the current status of stalled real estate projects in Bahrain<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":1105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1071"}],"collection":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/comments?post=1071"}],"version-history":[{"count":6,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1071\/revisions"}],"predecessor-version":[{"id":1120,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/posts\/1071\/revisions\/1120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media\/1105"}],"wp:attachment":[{"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/media?parent=1071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/categories?post=1071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.weetas.com\/insights\/wp-json\/wp\/v2\/tags?post=1071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}