Mubasher: Gulf Holding Co. (GHC), developer of the Villamar project, has signed restructuring agreements with support from Al Rajhi Bank (original majority financier of the project), GFH (the project’s new financier) and Al Hamad Construction (the project’s contractor(.
Based on the terms of the agreements, remobilisation has started on the mixed-use, residential project located in the Bahrain Financial Harbour.
"With the signing of this agreement, we’re delighted to announce that remobilisation and development of Villamar have begun. This is a strategic project, located in the heart of Bahrain, and we are proud to be working with world-class partners to now advance quickly towards completion" said Hisham Alrayes, chairman of Gulf Holding.
The project is to construct over 800 residential units from luxury penthouses and Sky and Terrace Villas to apartments and luxury hotel rooms integrated with numerous other facilities including health club and other recreational and commercial amenities.