Baniyas Passes Falling Costs to Buyers

ABU DHABI - Baniyas Investment and Development Company (BID) has decided to transfer the benefits of falling construction costs to the customers of its upcoming real estate project in Baniyas city in Abu Dhabi.



Christened as Bawabat Al Sharq, the Dh3 billion project is BID’s first luxury mixed use development community established in Baniyas city in one of the suburban regions of Abu Dhabi.

“Construction costs have fallen and BID has transferred this benefit to its customers by decreasing their prices and crediting this decrease to their payments. This made our customers truly feel that they are partners with us on this project,’’ Wael Tawil, CEO of BID said in a statement here.

He said the company has also worked out an attractive payment plan to provide financial assistance to potential buyers.

“Under this 45/55 payment plan, the buyers can pay 45 per cent of the property value over a three-year period. Also, on offer is a 99-year lease option under the Musataha and Intifaa scheme for GCC nationals and a long lease option for other nationalities,” he said.

“Moreover Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank, through the confidence they have shown in Bawabat Al Sharq, and in line with their strategic alliance with BID, have agreed to provide loans of up to 80 per cent to buyers of the project.”

“The uniqueness of the project, the attractive payment plans, leasehold options, the easy loan availability and the decision to share the lowering construction cost, all these factors seem to be leading to an enthusiastic customer response to our Project. We could achieve 30 per cent sales of phase 2 of the project at the Abu Dhabi Real Estate and Investment Show 2009 (IREIS) held couple of days back,’’ Tawil said.

Phase I of Bawabat Al Sharq which is scheduled to be completed by the third quarter of 2010, recently crossed over the 15 per cent completion landmark.

The company has also confirmed that 90 per cent of Phase I of the project, totaling 190 units, have been sold and leased. BID had displayed its complete community project of well-designed apartment buildings and villas characterised by innovation and modernity at the IREIS.

The community includes a private international school, a state-of-the-art medical centre, sophisticated health club, specialty training clubs and a major sports stadium built to FIFA standards. The development also includes a two-level shopping mall showcasing world-class stores and a four-screen multiplex.

BID was established in 2005 as a majority owned subsidiary of Bani Yas Sports Club. It is the investment and development arm of the Baniyas Club with its main activities focusing on investment, development and management of real estate projects.

· ramavarman@khaleejtimes.ae


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