Riffa Views Delivers Over 72 per cent of its Villas

670 villas completed of which 555 have been handed over to homeowners.

Riffa Views, Bahrain’s premium golf residential development, has handed over 555 villas which represents over 72 percent of its sales.

Riffa Views welcomed this week homeowner Mohamed Al Sayed as resident number 555. Commenting on the occasion, Mr. Al Sayed said, “I am extremely pleased with the positive momentum that Riffa Views has maintained throughout the year with many of the lifestyle elements turning into reality. There is a great sense of community spirit fostered by the hundreds of families who now live in Riffa Views and I am looking forward to moving with my wife in to our new home”.

Commenting on the ongoing handover of homes, Riffa Views Managing Director, Yasser Abdulrahman Al Raee said: “I am delighted to welcome Mr. and Mrs. Al Sayed to Riffa Views. Following the implementation of the revised villa construction programme, which commenced in December last year, handover of homes to homeowners has remained consistent, and with the increased interest from the rental market, the Development is seeing a rise in resident numbers, month on month. This supports the notion that Riffa Views’ unique offering continues to be recognized locally.

In addition, the Development’s recent win at this year’s Bloomberg Arabian International Property Awards, where it was selected as Best Golf Residential Development, is further proof that the project remains a front runner in the regional and international arenas as well.”

Work in the Development continues to progress ensuring that key lifestyle elements are accomplished. Completion of the first community garden – Oasis Garden – was achieved earlier this year, with the second community Garden located in Park Estate scheduled to be finished within the following weeks.

In addition, the groundbreaking for the Retail Complex, which will be situated by the Oasis Estate, is set to take place within the following months. The complex will incorporate a supermarket along with diverse service facilities and coffee shops that will cater to the needs of the residents and nearby communities.

Riffa Views welcomes its 300th Homeowner

Today, Riffa Views, Bahrain’s premium golf residential development, announced a new development milestone with the delivery of 300 villas.

Although the economic environment remains challenging for developers, Riffa Views, has been successful in ensuring that progress continues at the project. As a result, over 400 villas have now been completed and handed over to Riffa Views, and of these, 300 have been handed over to homeowners. A further 100 villas are scheduled to be handed over during the summer months. Currently, there are over 30 contractors and sub-contractors working on the site.

Commenting on the handover of the 300th villa to Mr. and Mrs. Al Ghanim, Yasser Abdulrahman Al-Raee, Managing Director of Riffa Views said: “We recognize that the situation continues to be challenging, but 2010 has seen the beginnings of a recovery. The accomplishment of today’s milestone is evidence that construction and villa handover continues to progress at Riffa Views and of our absolute commitment to deliver the project as envisaged.”

Mr. & Mrs. Al Ghanim, the 300th homeowner to receive keys to his property said: “This is a very happy day for the whole family and we are all excited to be moving into our new home.  When we first made the decision to purchase a house, Riffa Views was the obvious choice for us, as it offered high quality and the promise of a welcoming and safe community, as well as a premium location, beautiful surroundings, superb facilities, and a state-of-the-art school which our daughter will join next year.  Having a reputable school within the community was a significant draw. We were looking for our dream home, and I am very pleased to say we have found it here in Riffa Views.”
In the interest of meeting the needs of homeowners, the current development strategy has been amended to concentrate resources for the completion of the villas that have been sold. In addition, resources will also be directed to finishing the remaining infrastructure works. Further efforts will be directed to the acceleration of lifestyle elements such as landscaping, which will take place progressively.

Earlier this month it was announced that in the best interest of the project and the homeowners, the agreement between Riffa Views and G.P. Zachariades Overseas Ltd. (GPZ), one of the contractors responsible for the construction of some of the villas in Lagoons Estate, would be dissolved. “We are taking all necessary steps to mitigate any potential delay caused by this situation. As an immediate alternative, Riffa Views is offering homeowners the option to relocate to any of the unsold villas that are ready for immediate or future occupation, either in Lagoons or in the other two Estates. Notwithstanding the situation with the Lagoons’ contractor, construction and villa delivery in Oasis and Park Estates continues to progress as scheduled.” Mr. Al-Raee ended.

Riffa Views signs new agreement for villa delivery in Lagoons Estate

Riffa Views announced today that it has signed a revised agreement with contractor G. P. Zachariades (GPZ) relating to the completion and delivery of villas within the Lagoons Estate. The revised agreement with GPZ follows the recent commitment of contractor PCC-Terna to a villa delivery programme in the Oasis Estate.

The Lagoons Estate within Riffa Views comprises 323 villas, and although handover has begun, it has suffered delays, as a result of materials shortages and the pressure of the global economic crisis. The new agreement outlines the schedule of delivery for the remaining villas with a completion expectation set for the end of 2010. Under the terms of the new agreement the number of villas completed and handed over from GPZ to Riffa Views will progressively increase over the following months until completion.

Ihab Khalil, Riffa Views Development Director, commented: “The positive resolution achieved with GPZ will give us detailed information on villa completion and delivery that we will be able to communicate to the homeowners. We trust this will help to alleviate the distress the delays have caused to them and we will work hard to ensure that the process up until handover is as smooth and efficient as we can make it.”

Russell A. Ferguson, Operations Manager, G.P. Zachariades commented: “On behalf of Stefanos Zachariades, owner and Managing Director of GPZ, I convey that we are pleased to have achieved a positive outcome that will benefit the Lagoons homeowners. We are fully committed to continuing working closely with Riffa Views towards the successful completion and handover of the Lagoons villas.”

In addition to the focus on villa completion and handover at Riffa Views, landscaping works are steadily progressing at the same time. The entrance of the Lagoons and Oasis Estates are now both fully landscaped, as is the Royal Golf Club. The infrastructure is 90 per cent complete and 99 per cent of the preliminary road network is built, facilitating the access for residents to their villas and from one area to another within the development.

About GPZ
G. P. Zachariades Ltd. was established in Bahrain in 1976, and has an established track record as leading contractor for many reputed projects in the Kingdom of Bahrain.

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