Bahrain-based Diyar Al Muharraq, a leader in urban development, has signed an agreement with Bin Faqeeh Real Estate Development Company for the development of a major residential complex.

The signing ceremony, for the development of Dragon Apartments, took place recently at the Diyar Al Muharraq headquarters located at the Bahrain World Trade Centre and was attended by Dr Maher Al Shaer, CEO of Diyar Al Muharraq, and Faisal bin Faqeeh, chairman of Bin Faqeeh.

Dragon Apartments occupies on a land area of 20,000 sq m within Dragon City close to Dragon Mall. The project will comprise of five multi-storey residential buildings encompassing both four and six floors with a total of 300 apartments.

Construction work has already begun on the apartments and is due for completion around the same time Dragon Mall is to be completed in June 2015, a statement said.

Dr Al Shaer said: “Diyar Al Muharraq feels it to be the right decision to be working with Bin Faqeeh on this project and we are thankful for the opportunity of this partnership. With Diyar Al Muharraq’s vision being perfectly aligned with Bin Faqeeh's philosophies of the highest standards and quality of work, we are assured that this is to be a fruitful and mutually beneficial relationship that will spur us on to greater heights.”

“Due to its strategic location, the project is set to be greatly advantageous to those who have commercially invested in Dragon Mall as it would provide the ideal residence for those working in the Mall due to its close proximity. Dragon Apartments will be a great boost in so many different ways to Diyar Al Muharraq as it will diversify the housing choices on offer to include not only residential villas to accommodate large families but also apartments for smaller families and individuals as well.” he added.

Faisal bin Faqeeh said: “The opportunity to develop Dragon Apartments within Diyar Al Muharraq gives us immense pleasure and we are extremely enthusiastic to be partnering with an urban developer in the forefront of the real estate sector in the Kingdom of Bahrain. Since its establishment, Diyar Al Muharraq has been fully committed in adhering to applying the highest standards in all its projects and since we share that vision, it is beyond doubt that great things will come out of this significant partnership.”

Dragon City, within which Dragon Apartments is to be constructed, is situated on the south west corner of Diyar Al Muharraq on an area of 115,000 sq m. It is uniquely infused with Chinese architectural and cultural aspects and incorporates 780 shops with a special area of 4,500 sq m designated for warehousing. The landmark project also includes a 6,000 sq m dining street and car parking for 1,500 vehicles.

With the foundations of both the mall and the dining street already laid, the completion of all works is due by mid-2015, which is to be around the same time that the residential complex is to be completed. – TradeArabia News Service