Press Releases

Manama, 24 January 2017: One of the pioneering Shari’a-compliant banks in the Kingdom of Bahrain, Al Salam Bank-Bahrain, and leading Bahraini construction materials and development company, AlMa’awdah Group, signed an agreement to create a real estate development escrow account, marking the official sales launch for Residence Sharq, a multimillion dollar seafront project located within the $1.6 billion ‘health island’ masterplan, Dilmunia.

The project, being built by Al-Ma’awdah Group subsidiary, Al Talae Real Estate Development, is a freehold development, offering 282 spacious, ergonomically designed homes in a low-rise multi-level complex. The one, two, three, and four-bedroom apartments, townhouses, and ‘sky villas’ (standalone homes perched on the roofs of the townhouse blocks) offer panoramic views and natural lighting, with European style designs by French firm, Unanime Architects.

Facilities, including common and women only gyms, a landscaped garden, a private cinema, a running track, a children’s playground, water playground and pool, and two infinity pools, create a comfortable community lifestyle for residents.

The escrow account model agreement 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 stakeholders in development projects by ensuring that the utilization of funds raised be solely for the developments in which they have invested.

Al Salam Bank-Bahrain Deputy Group CEO – Banking, Anwar Murad said: “We are proud to be working with Al-Ma’awdah Group on one of the Kingdom’s most exciting lifestyle projects. Both Residence Sharq and Dilmunia are major additions to Bahrain’s seafront property market, and for Al Salam Bank to be chosen as a trusted partner adds further depth to our experience in managing real estate escrow accounts, while creating more confidence for investors looking for properties to buy.”

Al-Ma’awdah Group Executive Director, Jassim Al-Ma’awdah added: “As one of the most trusted Shariacompliant banks in Bahrain, we have confidence that Al Salam-Bank Bahrain is the right partner for Residence Sharq. We keep the interests of our projects’ stakeholders in mind at all stages of progress, and adherence to legislation and buyer-protection is a top priority for us in delivering maximum value to home buyers.” Residence Sharq boasts a prime location on the seafront of the 125-hectare Dilmunia island, one of the Gulf region’s most unique master planned concepts. Emphasizing greenery, open spaces and healthy living, Dilmunia was conceived as a modern take on the mythical Garden of Eden, which was said to be located in ancient Bahrain.

The island is a project of Ithmaar Development Company (IDC), a developer and manager of major real estate projects spanning the residential, commercial, hospitality, wellbeing & healthcare, and infrastructure sub-sectors. IDC has put in place stringent developer requirements to ensure that only the highest quality projects are approved for inclusion in Dilmunia.

Among these are an adherence to the healthy living theme, high construction standards, strict building height limits, and a commitment to preserving the overall coherence of the gated island community.

October 2016, Manama, Kingdom of Bahrain: Leading Bahraini development company Al-Ma’awdah Group appointed the award-winning Impact Estate as sales and marketing agent for its multimillion dollar waterfront residential project, Residence Sharq.

The freehold development, which enjoys a prime location within the US$1.6 billion  Dilmunia ‘health island’ master plan, is a low-rise multi-level complex with 282 spacious one, two, three and four-bedroom luxury apartments, townhouses and villas. Impact Estate will provide a full range of sales and marketing services for the project including the project’s launch, marketing and post-sale activities. Residence Sharq is scheduled for completion in 2019.

Al-Ma’awdah Group Marketing Manager Isa Al-Ma’awdah said: “Sales of the homes will kick into full gear with this appointment. Impact Estate’s broad client base, and its strong understanding of the market, made it a good choice for managing Residence Sharq’s sales and marketing activities, and for communicating to the market the unique community offering it represents.”

Impact Estate General Manager, Oksana A. Konyshevska added: “We are proud to be associated with this high quality concept, which offers both a value proposition for investors and an active, outdoor community lifestyle for residents. It will also benefit from its location within Dilmunia, which is expected to be a highly sought-after destination among both locals and expatriates. Residence Sharq’s special place within the master plan will ensure that its views of the Gulf waters and the rest of the island will be a permanent part of its appeal. We are confident that Residence Sharq will offer a distinctive new choice for our clients to consider.“

She added that the homes will offer a high value for buyers and residents: “For example, prices start from just BD61,200 for spacious 2-bedroom apartments and from BD 87,413 only for Duplex Townhouses.”

Designed by Unanime, a French architectural firm headquartered in Lyon, Residence Sharq combines European elegance with a laid-back waterfront lifestyle. The project boasts spacious units with panoramic views and natural lighting.

Residence Sharq offers high-end luxury units with areas starting from 101 sq.m for one-bedroom apartments, and going up to 339 sq.m for four-bedroom townhouses. The project will commence construction in the fourth quarter of this year. All units will be sold with fully-equipped kitchen and high-standard fitted bathrooms. Al-Ma’awdah Group is a well known name in Bahrain’s construction and real estate development industry, having participated in or led a number of major residential and urban projects within the Kingdom of Bahrain over the past 35 years. It is also the largest supplier of primary construction materials to Bahrain’s mega-projects having worked on many iconic landmarks. Residence Sharq will see the Group continue to offer the luxury and quality the market expects from it.

The project will follow Dilmunia’s strict development guidelines, providing its residents with quiet, yet luxurious, seafront lifestyles. Landscaped gardens, a common gym and infinity pool, a women only gym and infinity pool, a 500 m track, and a seaside cafe are some of the features available at Residence Sharq. With the Bahrain International Airport just 10 minutes away the development is easily accessible to visitors by car.

September 27, 2016, Manama, Kingdom of Bahrain: Strengthening its position as one of the region’s leading consultancy providers for total business solutions, Impact Group emerged one of the most prominent winners from Bahrain, at the 2016 edition of the International Property Awards for Africa and Arabia regions.

Organized recently at the JW Marriott Marquis Hotel in Dubai, the annual event saw Impact Group’s Impact Estate receiving Best Consultancy in Bahrain, while Impact Interiors’ project “Alpha Atelier” was acknowledged Best Retail Design. The companies had to compete against the most innovative, exceptional, and ambitious companies in the region, and both were recognised as five-star service providers in the Kingdom of Bahrain.

The International Property Award is conferred on residential and commercial properties around the world. Each year, it rewards the best performance by companies active in all areas of the real estate sector. Participants submit real estate projects they have implemented at national level, and these are assessed by an experienced panel of 70 industry experts. The awards are divided between the regions of North and South America, Asia-Pacific, Europe, Africa, Arabia and Great Britain. Only one company in a specific sector is awarded the 5-star sign of excellence for the country they represent.

Commenting, Mr. Zaher Hammouda, Chairman and Managing Director of Impact Group, said: “It makes us immensely proud for two of our subsidiaries to be recognised in the International Property Awards as Bahrain Best Property Consultancy, as well as Best Retail Designer. This is testament to the hard work of our teams in delivering the highest quality of service to our clients. We’re very pleased that our efforts have earned us such a prestigious accolade.”

General Manager of Impact Estate, Oksana A. Konyshevska, said “Receiving the highest recognition in the industry is a reflection of our commitment to provide tailor-made quality services to our valued clients and assist them in achieving greater levels of success.”

“We dedicate this award to our clients and our team as we believe each member of the Impact Estate family adds value when servicing our clients according to our organization’s quality standards,” she stated.

Dr. Rima Abutteen, the co-founder of Interiors commented: “We are delighted to be recognized as the No 1 entity in our field, especially as we were benchmarked against established agencies and peers in the interior designing sector of our region. Winning the five star best retail interior design Bahrain award is a remarkable triumph, we indeed believe our commitment to excellence which is supported by our strategy to provide clients with memorable, innovative, and high quality interior design was the sole reason for this accomplishment; the winning entry was with “Alpha Atelier” the luxurious men’s apparel and accessories multi brand outlet in Moda Mall, where we created a calming, lavish, and breath-taking experience for customers, which reads seamlessly, from inside out and outside in.”

31 August 2016, Manama, Kingdom of Bahrain: Amwaj-based boutique residential development Modern Residence – 2 has been completed and is ready to move in.  Designed by the prominent developer Zahid Modern Properties W.L.L. the residence offers the discerning clients spacious fully furnished apartments with sleek design, lush furnishing and spectacular views in the heart of a sought-after area of the Kingdom of Bahrain.

The opening ceremony has been held on 31^st of August 2016 and was attended by the clients and media.  The owners of the apartments will be able to obtain the title deeds and enjoy their new properties in the next few weeks.   Designed by Elevation Architects and Engineers, Modern Residence-2 offers spacious and luxurious apartments with sea-views and high specification leisure facilities. With only few units left for purchasing, the building boasts apartments and penthouses ranging from 87 sq. m. to 198 sq. m. in size.  The custom-made furnishing and high-quality finishing materials have been supplied by Modern Woodworks.

Modern Woodworks is ‘A’ grade joinery contracting company with history of successfully completing many high end projects in Bahrain. They have full team of expert Designers, project management staff and skill workers team. Modern Woodworks has most advance technology and machines in their factory to carry out high end furniture and joinery work.

All apartments are featuring outstanding fully equipped kitchens with appliances and are fully furnished.

The facilities of Modern Residence – 2 include a swimming pool and fully equipped gymnasium. The building offers 24-hour security with CCTV cameras, high quality entrance door access system,  covered parking and lobby.

Oksana A.K., General Manager of Impact Estate, an exclusive Sales and Marketing Agent of Modern Residencec-2, said at the opening ceremony: “With the current market situation not many projects are completed on schedule. We are excited to work with Zahed Modern Properties W.L.L.  who are committed to their clients.  With the increasing interest in Amwaj Area this high-end  project is the great investment opportunity”.

The prices for available units start from BD. 98,232/-.