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Property developers adjusting pricing and payment schemes

Baniyas Investment receives enthusiastic response at IREIS

- February 17, 2009, 10:39 am

Baniyas Investment receives enthusiastic response at IREIS

Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, received an enthusiastic response at the Abu Dhabi Real Estate and Investment Show 2009 (IREIS).

During the event, BID showcased Bawabat Al Sharq, its first luxury mixed use development community established in Bani Yas city and one of the suburban regions of Abu Dhabi.

The project’s uniqueness was complemented by the attractive payment plans and leasehold options which led to the 30% sales of phase two.

BID displayed its complete community project of well-designed apartment buildings and villas characterized by innovation and modernity. 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. In addition, the development includes a two-level shopping mall showcasing world-class stores and a four-screen multiplex.

Highlighting the success at IREIS, Wael Tawil, CEO BID, said: ‘As we continue to execute our 3 billion project portfolio our focus is to offer the luxurious, distinctive lifestyle of comfort and indulgence. It’s extremely encouraging to see such a strong response to our project in an event that brings together premier real estate developments. We attribute this success at BID to the unique nature of Bawabat Al Sharq and the attractive finance options we offered during the show.’

He further added, ‘To provide financial assistance to potential buyers, we are offering an attractive 45/55 payment plan, whereby buyers can conveniently pay 45% of the property value over a three-year period. Also, on offer is a 99-year lease option under the Musataha & Intifaa scheme for GCC nationals and a long lease option for other nationalities.’

Commenting on the finance options offered, Wael El Ashry, Vice President Sales, BID, said, ‘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. 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% to buyers of the project.’

Phase one of Bawabat Al Sharq which is scheduled to be completed by the third quarter of 2010, recently crossed over the 15% completion landmark. The company has also confirmed that 90% of Phase one of the project, totaling 190 units, have been sold and leased.


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