International contractors are lining up to bid for the estimated $150 million Marina Towers development in the central district of Beirut. 'We are expecting invitations for bids to come out in about a month, but nothing definite has been decided yet,' Khaled al-Seif, chairman of project manager El-Seif Engineering Contracting told MEED on 18 May. 'Our plan is to use only international contractors of the highest standard, and to apply higher building specifications than are usually required by the Lebanese market.'
The 7,100-square-metre residential complex comprises a 26-storey high-rise building and a nine-storey garden apartment block, surrounding some 3,000 square metres of garden property. The architects on the project are the US' Kohn Pedersen Fox, in partnership with local consultant engineers Dar Al-Handasah (Shair & Partners). The UK's Buro Happoldis working as structural engineer, and UK-based EC Harrisis the cost consultant. The local Atelier Renee al-Khazenis the landscape architect, and Beirut-based Jean Louis Mainguy Architecture Interieureis doing the interior designs.
Located next to the recently developed Beirut Western Marina, Marina Towers will be the largest development on the eastern Mediterranean coast, and has drawn considerable interest from investors. Nearly 70 per cent of apartments in the high-rise building have been sold, said Al-Seif. 'We are extremely gratified that about 60 per cent of these investors are Lebanese.' According to the project developers, London-based Stow, the owners are divided between Lebanese expatriates looking for a primary residency in Beirut and families from the Gulf.
Other investors in the project include the local Al-Safadi Group Holding, Stow Market, and Al-Jeraisy, Al-Rashid and Al-Omran Engineering & Construction, all of Saudi Arabia. El-Seif has no connection with the neighbouring Four Seasons hotel, as previously indicated (MEED 3:5:02).
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