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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
Owner
|
Al Ma'awdah Group (Al Ma'awdah Est. for Construction Materials) Sh. Salman Road, Khamis, Bahrain Tel: +973 1740 0386 Email: [email protected] Web: www.almawdah.com |
Feed/Design
Pre Qualified
|
Unanime Architects Office 35, Bldg 331, Rd 5909, 359, Manama, Bahrain Tel: +973 1725 0822 |
Short Listed
|
Unanime Architects |
Awarded
|
Unanime Architects |
EPC
Pre Qualified
Short Listed
Awarded
|
Kooheji Contractors |
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 |
Awarded
|
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: [email protected] Web: www.impact-estate.com |
Short Listed
|
Impact Real Estate House Bahrain |
Awarded
|
Impact Real Estate House Bahrain |
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:
|
| 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. |