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BID’s Dh3b Bawabat Al Sharq Project to be Ready by 2010
ABU DHABI - Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has announced that the first phase of the Dh3 billion project being established in one of the main suburban regions of Abu Dhabi’s Bani Yas city will be completed ahead of the scheduled period of delivery in August 2010.
This was disclosed to Khaleej Times here by the CEO of BIDWael Tawil during an interview on the sidelines of the Abu Dhabi Real Estate and Investment Show, IREIS 2009, which began here on Tuesday.
Christened as Bawabat Al Sharq, the project will be the first luxury mixed-use development coming up at Bani Yas city.
The first phase of the project will have 215 residential units including 60 villas and 155 apartment units, apart from a clinic, health club and a huge shopping mall with 350 outlets and four anchor shops. According to him almost 90 per cent of the first phase has already been sold out.
He said 18 per cent of the project work had already been completed. “We are accelerating the pace of the work and are confident it would be completed ahead of schedule.’’
Asked whether the company was facing any delays in payments, he said:‘’We are not facing payment issues or crisis in money flows. We have a comfortable financial position. Abu Dhabi Commercial Bank (ADCB) is our partner and the remaining amount has been raised through equity.’’
“We are also arranging finance for our customers through ADCB and Abu Dhabi Islamic Bank (ADIB). While ADCB provides 80 per cent of the amount required by the customers for buying properties, ADIB extends 90 per cent loan. We ourselves extend a 55 per cent interest-free loan with an eight year repayment period,’’ he said.
Wael Tawilalso disclosed that the BID has opened the second phase of the Bawabat Al Sharq project for sales at the IREIS 2009. This phase will comprise of 220 residential units including 60 villas and 160 apartments.
“We are zeroing in on the contractor for the project. Work on this phase of the project will begin in the next quarter of the year,’’ he said.
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