Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, today announced significant progress achieved on the AED 3 billion Bawabat Al Sharq project – a mixed-use development community located in Bani Yas, Abu Dhabi. Phase I, which is scheduled to be completed by the third quarter of 2010, recently crossed over the 15% completion landmark and other infrastructure related plans are currently under way. The company has also confirmed that 90% of Phase I of the project, totaling 190 units, has been sold and leased.
Highlighting the progress made at Bawabat Al Sharq, Jawan Alkhaily, Chairman of BID, said, “We are proud to announce that the construction work at Bawabat Al Sharq is moving ahead at a good pace. Despite the changing economic conditions, we are confident in our product and will move ahead as planned.”
He added: “Bawabat Al Sharq is designed to reflect history and culture with a primary goal to blend the love of sport, retail, style and comfort. This development will provide an impetus to the economy of Baniyas by enhancing its appeal for leisure and tourism.” We are aiming at creating the destination of excellence.
Unveiling further details on the progress of the project, Wael Tawil, CEO of BID, said: “Close on the heels of the positive response and the successful sale and lease of Phase I of Bawabat Al Sharq, we have awarded contracts for various other components within the project and are currently in the development planning stages for Phase II. Bawabat Al Sharq symbolises the creation of an ideal living environment that offers world-class amenities in education, healthcare, sports and entertainment. We have been extremely selective while appointing our contractors to ensure our customers get nothing less than what they paid for.”
He also added, “Due to the slowdown in property financing in the market today, BID is in talks with prominent financial institutions so that we can provide effective financing options for all of our customers.”
BID has appointed of “Target Contracting” – among one of the top contracting companies in the UAE – as contractors for Phase 1 of the project. The landscaping design contract for Bawabat Al Sharq was awarded to ‘Maunsell/AECOM’ while the overall design and supervision contract has been awarded to ‘World Planner Consultant Engineers’. Talks are in progress to finalize the contracts for the amenities offered in the entertainment avenues.
Extending a distinctive lifestyle of comfort and indulgence, and spread across 108 hectares of land, Bawabat Al Sharq includes nursery, international school, medical centre, health club and specialty training clubs. It also includes an international hypermarket operator as an anchor tenant, 16 food court outlets apart from banks, pharmacies, cinemas and coffee shops.
BID is continuing with its ongoing efforts to appoint and engage in tie-ups with markets leaders for development plans of other amenities within the project.
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