Thursday, January 15, 2009

BID makes swift progress with its Bawabat Al Sharq project

Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, has reported considerable progress in its Dh.3billion Bawabat Al Sharq project, the mixed-use development community located in Bani Yas of Abu Dhabi.

Bawabat Al Sharq

The Phase I of the project is likely to be completed towards third quarter of 2010, and has already cross 15 percent of its completion landmark, with other infrastructure plans already underway.

The company has also revealed that 90 percent of the Phase I of the project, totaling to 190 units has already been sold and leased.

The CEO of BID, Wael Tawil, when speaking about the progress of the project, revealed that following the successful sale and lease of Phase I of Bawabat Al Sharq, the contracts for various other components of the project have already been awarded and the company is now carrying on with planning stages for Phase II.

Being the ideal representation for a family living environment, Bawabat al Sharq offers world-class amenities in healthcare, education, sports and entertainment.

BID is carrying on discussions with major financial institutions to offer effective financing options for all customers, due to slowdown in property financing in the market.

Being one of the top contracting companies, BID has appointed 'Target Contracting' as contractors for Phase I of the project. The landscaping design contract for the project has been awarded to Maunsell/AECOM, while the overall design and supervision contract has been awarded to World Planner Consultant Engineers. The company is carrying on talks to finalize the contracts for amenities in entertainment avenues.

Spreading across 108 hectares of land, Bawabat al Sharq comprises international school, nursery, health club, medical center, and specialty training clubs, apart from international hypermarket, 16 food courts, cinemas, pharmacies and coffee shops.

Established in 2005, Bani Yas Investment & Development Company (BID) is a majority-owned subsidiary of Bani Yas Sports Club, and focuses on development, investment and management of real estate projects.

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