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Marassi Shores Residences

Owner Diyar Al Muharraq WLL
Eagle Hills
Estimated Value US$ 300,000,000
Sector Infrastructure
Sub Sector Residential Development
Country Bahrain
City Muharraq
Capacity Built-up area 875,000 sqm Feasibility Start Date Q2-2015
Status Engineering & Procurement Project End Date Q3-2019
Owner Diyar Al Muharraq WLL
Eagle Hills
Estimated Value US$ 300,000,000
Sector Infrastructure
Sub Sector Residential Development
City Muharraq
Country Bahrain
Capacity Built-up area 875,000 sqm
Feasibility Start Date Q2-2015
Status Engineering & Procurement
Project End Date Q3-2019


Project Overview


Background

Bahrain based Diyar Al Muharraq and Abu Dhabi based Eagle Hills has formed a partnership to build a residential development called “Marassi Al Bahrain” that will be located along the south-western corner of the Diyar al Muharraq mega-development in Muharraq, Bahrain.

The current project "Marassi Shores Residences" is a U-shaped property with superior amenities, surrounding a private leisure complex and directly adjacent to the retail promenade and beach. It has a waterfront location with a direct access to the 2-km-long Marassi beach, and will offer high quality residences in Bahrain. 

The U-shaped building surrounds a podium with stunning sea views, housing a collection of 287 studio, one, two and three-bedroom apartments, along with penthouses, across 11-storeys.


Scope of Work

The Marassi Shores Residences will offer around 287 studio, one, two, three and four-bedroom apartments in mid-rise complexes, along with penthouses, clubbed across 11-storeys, with waterfront views. Residents will also have access to a private landscaped area within the residential towers and amenities such as health clubs, swimming pool, kids play area etc.


Finance

Diyar Al Muharraq is responsible for financing the development with the assistance of local banks. 

In September 2016, Bahrain based Al Salam Bank has signed a partnership agreement to form a real estate development escrow account model for the urban waterfront project. The arrangement is made in accordance with new legislation under which developers are required to establish an escrow account with a local bank for each real estate development project intended to be sold-off plan. This will ensure protection for stakeholders, especially end-buyers, by utilizing funds only for the development they have invested in.


Additional Notes

Upon completion, Marassi Al Bahrain will be home to 15,000 residents with a total of 4,500 residences and a total retail space of 250,000 sqm.

The residences will offer buyers a smart option with the beach and premier facilities right on their doorstep, making it a home people will be truly proud to own.


Related Companies


Owner

Diyar Al Muharraq WLL
Bahrain World Trade Center Building, 6th Floor, King Faisal Highway Street, Sea Front Area
Tel: +973 7715 5555
Email: info@diyar.bh
Web: www.diyar.bh
Eagle Hills
12th Floor, Capital Gate
Tel: +971 2497 9999
Email: info@eaglehills.com
Web: www.eaglehills.com

Feed/Design

Pre Qualified

Grimshaw Architects
57 Clerkenwell Road, London, United Kingdom
Tel: +4420 7291 4141
Email: info@grimshaw-architects.com
Web: www.grimshaw-architects.com

Short Listed

Grimshaw Architects

PMC

EPC

Pre Qualified

Dadabhai Construction
Building No. 192, Road 907, Block 309, Behind Andalus Garden, Manama, Kingdom of Bahrain
Tel: +973 1725 5209
Email: info@dadabhaiconstruction.com
Web: www.dadabhaiconstruction.com

Short Listed

Dadabhai Construction

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

Related Contacts


Al Salam Bank Bahrain

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

Dadabhai Construction

Name: Daniel Hammond
Designation: Chairman
Telephone:+973 1725 5209

Dar Al Handasah (Shair and Partners)

Name: Ahmed EL Emary
Designation: Landscape Architect
Telephone:+971 501 487 060
Email Address: ahmed.el-emary@dargroup.com
Name: Ahmad Waked
Designation: Project Manager
Telephone:+965 2226 5633
Name: Adel Chedid
Designation: Project Manager
Telephone:+966 12 557 1857
Name: Marie Gill
Designation: Project Incharge
Telephone:+973 17 533 582
Name: Syed Najjar
Designation: Project Manager
Telephone:+973 17 533 582
Email Address: manama@dar.com
Name: Maher Bekdache
Designation: Project Manager
Telephone:+973 1753 3582
Email Address: maher.bekdache@dar.com

Diyar Al Muharraq WLL

Name: Khaled Fakhro
Designation: Project Engineer
Email Address: k.fakhroo@diyar.bh
Name: Mohammed Shahid
Designation: Project Manager
Telephone:+973 7755 6693
Name: Paul Buist
Designation: Commercial Manager
Telephone:+973 7700 0327
Email Address: paul.buist@hajgulf.com.bh
Name: Jon Porritt
Designation: Project Director
Telephone:+973 3504 4105
Email Address: jon.porritt@hajgulf.com.bh
Name: Anne Chanco
Designation: Project Secretary
Telephone:+973 7700 0327
Name: Mustafa Abu Shagra
Designation: Sales Specialist
Telephone:+973 7755 6621, +973 7755 6666, +973 3999 3986
Email Address: m.AbuShagra@diyar.bh
Name: Bader Hassan
Designation: Project Incharge
Telephone:+973 7755 6666
Email Address: Bader@diyar.bh

Eagle Hills

Name: Ms. Low Ping
Designation: Managing Director
Telephone:+971 2497 9999
Name: Haitham Fekry
Designation: Executive Director Development & Projects
Telephone:+971 2497 9999
Name: Luzelle Gapuz
Designation: Business Development Assistant
Telephone:+971 2 4958 888

Grimshaw Architects

Name: Chris Spence
Designation: Head of Media and Public Relations
Telephone:+4420 7291 4141
Email Address: chris.spence@grimshaw-architects.com
Name: Pedro Villanueva
Designation: Project Manager
Telephone:+61 03 9321 2600


Updates

Aug 2017

Dadabhai Construction has been awarded the main construction contract for developing Marassi Shores Residences. The total site area currently under construction is 8,800 sq m.

Jun 2017

Several companies have submitted their bids for the main construction contract. An award is expected in the next couple of months.

Feb 2017

Tenders have been issued inviting companies to submit their bids for the main construction contract. The bid submission deadline is on 15 May.

Sep 2016

Bahrain based Al Salam Bank has signed a partnership agreement to form a real estate development escrow account model for the urban waterfront project. The arrangement is made in accordance with new legislation under which developers are required to establish an escrow account with a local bank for each real estate development project intended to be sold-off plan.

May 2016

Potential investors have been informed about the sales launch of the Marassi Shores Residences starting from 28 May. 

Feb 2016

Tenders for the EPC contract are likely to be issued in the third quarter of 2016. 

Jan 2016

The development is launched to the public as site mobilizations works have commenced.

Dec 2015

Design works have been completed.

Aug 2015

The design work is being carried out by Grimshaw Architects.

Apr 2015

Feasibility study is currently underway for the construction of a residential development in Muharraq, Bahrain.


Location