Construction work progressing steadily on Bonyan’s flagship project ‘Eye of Ajman’

Construction work progressing steadily on Bonyan’s flagship project ‘Eye of Ajman’

Developer aims to leverage 2.4 per cent projected growth for the UAE economy in 2009

April 14, 2009

Bonyan International Investment Group (Holding) L.L.C., one of the leading real estate companies in Dubai, announced that the construction works on its flagship project - the ‘Eye of Ajman’ - is progressing at a steady pace, in line with its aims to hit the community development’s delivery deadline. The developer also revealed its plans to leverage the 2.4 per cent growth, which industry experts are expecting the UAE economy to witness in 2009. With heightened focus towards attracting more investors amidst the current economic climate, the developer will be offering special rates for the remaining plots within the ‘Eye of Ajman’ project at the upcoming ‘Cityscape Abu Dhabi 2009’, slated to run from April 19 - 22, 2009 at the Abu Dhabi National Exhibition Centre.

Bonyan company officials are confident that the UAE property market has strong potential to stabilise within a period of around 8 to 12 months, based on market indicators and current industry trends. In addition, the ongoing financial crisis has catalysed fundamental changes in the real estate landscape in the country, thereby reshaping it to become more challenging yet remaining attractive to investors from across the globe. In line with this, Bonyan has previously announced its plans to fully leverage the signed agreement between the Ajman Government and Malaysia-based power producer Malaysian Mining Corporation (MMC) to build the first coal-fired power plant in the region, which will ensure uninterrupted power supply for projects in Ajman including ‘Eye of Ajman’. Further, the recent introduction of the Ajman Real Estate Regulatory Authority (ARRA) is set to provide a boost to the Ajman property market.

“Our focus at this stage is to ensure that the construction process in our ‘Eye of Ajman’ project is proceeding without interruption, and we are proud that our plans for this ambitious project is on track,” said Anas Atatreh, Vice Chairman of the Board, Bonyan International Investment Group (Holding) L.L.C.. “We remain vigilant in terms of leveraging all available resources as well as the initiatives taken by the UAE Government to provide a strong boost to the real estate market, and we are optimistic that we will be among the leading developers to enjoy continuous success during and after this challenging period.”

The ‘Eye of Ajman’ project boasts of outstanding features including the breathtaking lake and garden views for all the towers, ample parking spaces for residents and visitors, and a well-planned layout for the roads within the community. Conveniently located approximately 20 minutes from Dubai, the project is at the Al Hamidiyah region and 10 minutes from Ajman Corniche, and offers a total of 109 plots, which can accommodate buildings that ranges from G+5P+17 to G+9P+60. Upon its completion, the community development will offer a total built-up area of 38 million sq. ft, which will house schools, hotels, a mosque, clinic, health club and an electric substation.

“In addition to the government’s multibillion dirham initiatives to improve infrastructure, we are also keen on leveraging the excellent investment opportunities, which are being made available to facilitate convenient acquisition of properties for both local and international investors. We are banking on Ajman’s growing repute as an important hub for real estate investments in the region, amidst the continuous development of modern infrastructure for communications, energy, water, social and health services being witnessed across the emirate,” concluded Atatreh.