Riffa Views begins construction on The Lagoons Estate

The contract was awarded to GPZ-Sembawang, a joint venture between local contractor GPZ and Singaporean engineering and construction giant Sembawang. The Lagoons Estate will comprise 258 two and three bedroom townhouses along with four and five bedroom luxury villas, which will be completed by mid-2009.

Construction on the first of Riffa Views Estates, The Oasis, began in March 2007, and with The Lagoons now under construction, more than two thirds of the residences within Bahrain's premier residential golf development are under way for completion.

Mr. Richard Browning, CEO of Riffa Views Signature Estates, broke ground of The Lagoons Estate, and commented:

"Today's milestone represents a great achievement in the overall progress of Riffa Views. We selected GPZ-Sembawang based on their local knowledge combined with international expertise, to ensure world-class quality and on time completion and delivery to our residents. With The Lagoons and The Oasis Estates both under construction, the countdown has begun for residents to enjoy the Riffa Views lifestyle."

In comparison with The Oasis Estate, which combines the splendor of the tranquil desert with the calming cool of shaded and green areas, the contemporary architectural style of The Lagoons' homes is completely unique for Bahrain, since the Estate is set within a tropical landscape. The Lagoons is located between The Park and The Oasis Estates, and incorporates tumbling rock falls, meandering lakes and stunning water features.

Mr. James Hadden, Sembawang Director, commented: "The joint venture between GPZ and Sembawang was created in order to share local knowledge and international resources, and we are positive Riffa Views will benefit from this partnership. We are proud to be associated with a pioneering and unique project of this scale in Bahrain, and are confident we will deliver quality service to allow home owners to move in as scheduled."

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. GPZ formed a joint venture with South East Asian engineering giant, Sembawang E&C, which then led to their recent appointment to undertake construction on the Riffa Views' Lagoons Estate.

Work on the Riffa Views residential development is on schedule, with the first of 972 villas ready for delivery to their new owners by mid-2008. The US$ 625 million project is due for overall completion by mid-2009. Riffa Views features three prestigious Signature Estates - The Oasis, The Lagoons and The Park - all beautifully landscaped around the 18-hole Colin Montgomerie Signature golf course. Modern amenities are set to enhance living standards; these include a 9-hole executive golf course, a golf academy, a country club with a tennis facility in association with Boris Becker, a shopping mall, a luxury hotel and an international school. All these features combine to create one of the most sought-after property locations in the region, if not the world.