Bonyan International Investment Group (Holding) L.L.C, one of the leading real estate companies in Dubai, has announced that it has awarded the earthworks contract for its flagship AED 3.5 billion ‘Eye of Ajman’ development, to RAM Road Contracting L.L.C. The developer has completed its successful participation in Cityscape Dubai 2008 where it showcased the few remaining plots within the ‘Eye of Ajman’ project. The contract is aimed at leveraging the high level of interest generated in the emirate, following the recent signing of an AED 7.34 billion contract between Ajman’s government and Malaysia-based power producer Malaysian Mining Corporation (MMC) to build the first coal-fired power plant in the region.
The new power plant, which is expected to generate one gigawatt of electricity as early as 2012, will ensure stability in the emirate’s power supply, and is in line with Bonyan’s commitment towards ensuring continuous electricity supply upon occupancy in its offered plots. Prior to this, the Ajman Government had also undertaken an agreement with the Federal Electricity and Water Authority (FEWA) in Ajman to construct two power plants, which are set to commence operations within the next few months in order to supply electricity to the existing real estate developments until the MMC plant is completed. Bonyan’s ‘Eye of Ajman’ project is currently one of the largest master developments in Ajman and is reflective of the growth and potential within the emirate.
“Ajman is an emirate that is developing at a fast rate, with upgrades on basic utilities and services actively being undertaken by the government, which is being recognised by global and regional developers, investors and end-users,” said Anas Atatreh, Vice Chairman of the Board, Bonyan International Investment Group (Holding) L.L.C. “Through the ‘Eye of Ajman’, we are in a position to offer the best investment opportunities to customers who can acquire plots on a 100 per cent freehold basis through attractive payment terms. Furthermore, our presence in this year’s ‘Cityscape Dubai’ provided us an excellent opportunity for potential customers to take advantage of Ajman’s investor-friendly property laws and reliable public utility services by availing of the special prices, which we had marked for the remaining plots in ‘Eye of Ajman’ solely for the event.”
With current prices of properties in Ajman amounting to merely a third of Dubai-based investments, the emirate has emerged as one of the fastest developing real estate hubs in the Northern Emirates. Designed to offer investors strategically located lands to accommodate modern residential and mixed-use developments, the ‘Eye of Ajman’ project is set to welcome customers who are seeking to avoid the rising property prices in Dubai. Amidst the favorable market landscape in the emirate, Bonyan’s impressive community development stands as a testament to its strong presence as a leading developer within a highly dynamic market. The contract with RAM Road Contracting L.L.C is in line with Bonyan’s commitment to develop the complete infrastructure within the ‘Eye of Ajman’ project by 2010.
“Our ’Eye of Ajman’ project emulates the outstanding potential of the emirate of Ajman in terms of growth as well as its aggressiveness in attracting new and established investors. This project is a testimony that Ajman is headed for continuous growth on account of its development, and we are expecting our strong presence as a leading developer in this highly dynamic real estate market to be one of the driving forces of its economic success,” concluded Atatreh.
With a clear objective to become one of the top five developers across the region, Bonyan has pioneered one of the first towers for long-term lease in Sharjah and was responsible for building a number of luxury residential and high profile commercial developments in the UAE, Qatar and Lebanon. To date, Bonyan has developed AED 3 billion worth of residential and commercial developments in Dubai, including Rose Tower and Lulu Tower, and is currently undertaking regional projects with aims of expanding its project portfolio to reach AED 10 billion in 3 years.
