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Riffa Views starts selling Parks villas

- 5 December 2015 -
Riffa Views starts selling Parks villas Riffa Views Managing Director, Yasser Abdulrahman Al Raee expressed thanks and appreciation to the National Bank of Bahrain (NBB) for its strong support of project completion efforts in the best interest of all stakeholders. Al Raee also lauded the outstanding efforts of the NBB’s CEO and Director Abdul Razak Al Qassim who extended all possible facilities to secure this agreement. On this occasion, members of the committee in charge of implementing Riffa Views project completion plan, thanked H.E. Sheikh Khalid bin Abdullah Al Khalifa, Deputy Prime Minister, Chairman of the Ministerial Committee for Construction and Infrastructure for his understanding and support of the plan put forward by Riffa Views and other stakeholders. They also praised the Ministerial Committee for its prompt approval of the implementation of the plan to ensure the completion of the final phase of this vital project which promotes Bahrain’s real estate sector and bolsters confidence.
Al Raee announced the “completion of all preparations by all parties involved in the final phase of Riffa Views residential community project in the Southern Governorate, and the launch of villa sales at Parks District, which is considered one of the most prestigious districts, not only in Riffa Views, but also in the Southern Governorate as a whole, given its outstanding amenities and features which far exceed what is provided in other projects”. Al Raee also pointed out that Riffa Views has received offers for the purchase of a number of the Parks District villas, a number of which were concluded by Riffa Views Sales Department.
“The plan which was drawn by Riffa Views, in coordination with NBB and other stakeholders, provides for partial repayment to creditors over the coming period, and reflects the active participation by NBB, as the sole secured creditor, and the self funding contributed by contractors in charge of completion of a total of 212 villas at the Parks District, namely Poulliades Construction Company (61 villas), Projects Construction Company (78 villas) and Cyprus Cybarco Tabet JV (73 villas), under the supervision of consulting engineers Adel Ahmadi Associates,” he added. 
Al Qassim expressed NBB’s satisfaction with the steps taken by Riffa Views to complete the construction of project villas, and stated that “NBB is committed to provide support and mitigate risks to the owners of this vital project, which represents a model for all similar real estate projects in Bahrain”. 
He also added that “although NBB is the sole secured creditor, it expended all effort to ensure the implementation of this plan in order to complete the project, obtain repayment of its facilities, as well as enable other creditors to recover a significant part of their debts”. 
Riffa Views is the first gated residential community in the Kingdom of Bahrain, comprised of 1,056 villas, built around a golf course. It combines many essential elements for success including its strategic location, vast landscaped areas and service, retail, recreational and entertainment facilities, such as the Royal Golf Club, the Royal Country Club, Riffa Views International School, JC’s Tennis Academy, Riffa Views Football Academy and Riffa Palms shopping mall which houses retail outlets and a number of restaurants.


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