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Residence Sharq

Owner Al Ma'awdah Group (Al Ma'awdah Est. for Construction Materials)
Estimated Value US$ 25,000,000
Sector Infrastructure
Sub Sector Residential Development
Country Bahrain
City Dilmunia
Capacity 282 units Feasibility Start Date Q1-2016
Status Engineering & Procurement Project End Date Q2-2021
Owner Al Ma'awdah Group (Al Ma'awdah Est. for Construction Materials)
Estimated Value US$ 25,000,000
Sector Infrastructure
Sub Sector Residential Development
City Dilmunia
Country Bahrain
Capacity 282 units
Feasibility Start Date Q1-2016
Status Engineering & Procurement
Project End Date Q2-2021


Project Overview


Background

Al Ma'awdah Group is developing the multi-million-dollar Residence Sharq project at the $1.6 billion masterplanned health island development called Dilmunia. The seafront project will consist of 282 units.


Scope of Work

Scope of work includes the following:

  • 282 homes
  • One, two, three and four bedroom apartments
  • Townhouses
  • Sky villas
  • Standalone homes perched on the roofs of the townhouse blocks
  • Low-rise multi-level complex
  • Common and women only gyms
  • Landscaped garden
  • Private cinema
  • 500 metre running track
  • Children's playground
  • Water playground
  • Two infinity swimming pools



Finance

Al Ma'awdah Group, which is a subsidiary of Al Talae Real Estate Development, is financing the construction of this project.

In January 2017, Al Salam Bank Bahrain signed an agreement with Al Ma'awdah Group for an escrow account. The escrow account model agreeemnt is in accordance with Law No. 28 of 2014 and the Central Bank of Bahrain's Resolution No. 20 of 2016, which protects buyers and all stake holders by ensuring that the utilization of funds raised will be used solely for the developments in which they have invested.


Related Companies



Feed/Design

Pre Qualified

Unanime Architects
Office 35, Bldg 331, Rd 5909, 359, Manama, Bahrain
Tel: +973 1725 0822

Short Listed

Unanime Architects

EPC

Pre Qualified

Almoayyed Contracting Group W.L.L.
Flat 11, Building 496, Road 84, Sheikh Salman Highway, Block 407, Khamis
Tel: +973 1740 4949, +973 1740 0407
Email: contracting@almoayyedcg.com
Web: www.almoayyedcg.com
Charilaos Apostolides
Building 1252, Road 5136, Block 951, Askar, Kingdom of Bahrain
Tel: +973 1783 0190, +973 1783 0191
Web: www.chapobahrain.com
Cyprus Building and Road Construction Company (CYBROC) (CYBARCO)
10 Tefkrou Anthia Street, Dali Industrial Zone, 1511
Tel: +357 22 741 300
Email: info@cybarco.com
Web: www.cybarco.com, www.cybroc.com
Fundament SPC
Manama, Kingdom of Bahrain
Tel: +973 1736 9322
Email: info@fundamentspc.com
Web: www.fundamentspc.com
GEK Terna
85, MESOGEION AVENUE, ATHENS 115 26, GREECE
Tel: +30 210 696 8000
Email: info@gekterna.com
Web: www.gekterna.com
KMC Holding
Building No:1480, Safat 13090
Tel: +965 2 2255 9555
Email: info@kmcholding.com
Web: www.kmcholding.com
Kooheji Contractors
Building 459A, 117 Rd No 117, Tubli
Tel: +973 1778 6500
Web: www.kcbahrain.com
Poullaides Construction Company

Email: pccqat@pcc.com.qa
Web: www.poullaides.com

Financier

Pre Qualified

Al Salam Bank Bahrain
MS Centre, Building 22, Avenue 58, Al Seef District 436, Kingdom of Bahrain
Tel: +973 17 560 000, +973 17 00 55 00
Web: www.alsalambahrain.com

Short Listed

Al Salam Bank Bahrain

Sub-contractor

Pre Qualified

Impact Real Estate House Bahrain
Road 2809, Building number 662,, Block 428, oposite to the Future Bank, Manama, Bahrain
Tel: +973 17 535 111, +973 39 555 028
Email: info@impact-estate.com
Web: www.impact-estate.com

Related Contacts


Al Ma'awdah Group (Al Ma'awdah Est. for Construction Materials)

Name: Jassim Al Ma'awdah
Designation: Executive Director
Telephone:+973 1740 0386
Name: Alex Oommen
Designation: Commercial Manager
Telephone:+973 1740 0386
Name: Ahmed Hassan
Designation: Project Co-ordinator
Telephone:+973 1740 0386
Name: B. Uday
Designation: Sales Engineer
Telephone:+973 1740 0386

Al Salam Bank Bahrain

Name: Anwar Murad
Designation: Banking Chief Executive
Telephone:+973 17 560 000

Unanime Architects

Name: Benoit Vadani
Designation: Development Manager
Telephone:+973 1725 0822


Updates

Jun 2018

Kooheji Contractors has been selected as the main construction contractor.

Apr 2018

Bids are still under evaluation. The contract is expected to be awarded in June.

Jan 2018

Bids have been submitted by the following companies:

  • Almoayyed Contracting Group W.L.L.
  • Charilaos Apostolides
  • Cyprus Building and Road Construction Company (CYBROC) (CYBARCO)
  • Fundament SPC
  • GEK Terna
  • KMC Holding
  • Kooheji Contractors
  • Poullaides Construction Company
Sep 2017

Tenders for the main construction contract has been issued. The bid submission deadline is in December.

May 2017

The client is awaiting building permit approvals from the municipality. Tender for the main construction contract will be issued once the approvals are granted.

Mar 2017

Design works have been completed.

Feb 2017

Design works are expected to be completed by the end of this month. This will be followed by the issue of tenders for the main construction contract.

Dec 2016

Excavation and foundation works are currently underway.

Oct 2016

Local firm Impact Real Estate House has been appointed as the sales and marketing agent which will look after the project launch, marketing and post-sale activities.

Jun 2016

Unanime Architects have been awarded the design consultancy contract.

Mar 2016

An in-house feasibility study is being carried out for estimating the construction of a 282-unit residential development in Dilmunia.


Location