01 January 2009

Significant progress has been made on Bawabat Al Sharq, a mixed-use development community being built at a cost of Dh3 billion ($816 million) in Bani Yas, Abu Dhabi.

Phase One, which is scheduled to be completed by the third quarter of 2010, recently crossed over the 15 per cent completion milestone and other infrastructure-related plans are currently under way, according to Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, and the project’s developer.
BID also confirmed that 90 per cent of Phase One of the project, totalling 190 units, has been sold and leased. 
“Construction work at Bawabat Al Sharq is moving ahead at a good pace. Despite the changing economic conditions, we are confident in our product and will move ahead as planned,”  said BID chairman Jawan Alkhaily. 
BID’s CEO Wael Tawil said that the company has now awarded contracts for various other components within the project and is currently in the development planning stages for Phase Two.
“Due to the slowdown in property financing in the market today, BID is in talks with prominent financial institutions so that we can provide effective financing options for all of our customers,” he added.
BID appointed Target Contracting as contractors for Phase One.
The landscaping design contract was awarded to Maunsell/Aecom while the overall design and supervision contract has been awarded to World Planner Consultant Engineers. Talks are in progress to finalise the contracts for the amenities offered in the entertainment avenues.
Extending a distinctive lifestyle of comfort, and spread across 108 hectares, Bawabat Al Sharq includes a nursery, international school, medical centre, health club and specialty training clubs. It also includes an international hypermarket operator as an anchor tenant, 16 food-court outlets, apart from banks, pharmacies, cinemas and coffee shops.
BID is continuing efforts to appoint markets leaders for development plans of other amenities within the project.

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