Baniyas Investment & Development Company, the investment arm of Baniyas Sports Club, has announced the sale of 90 per cent of Bawabat Al Sharq, a Dh3 billion real estate project which comprises 319 villas and 22 residential buildings.
CEO Wa'el Al Tawil told Emirates Business the reason behind the sale of most of phase one's 220 villas is the low price of the project's square foot.
"Our prices range from Dh900 per foot, for villas, and Dh1,100 for residential units. We also gave buyers extra privileges such as home entertainment, free parking and distinguished finance."
Al Tawil said his company has completed 30 per cent of the infrastructure of phase one of the project, adding that this phase delivery will be in August 2010.
The CEO said the project has six phases for sale. The second phase was opened recently.
"Actually investors have contracted 30 per cent of this phase, which will comprise 142 villas and 780 residential units in 13 low-rise buildings. And we believe we will sell most of them during or after Cityscape Abu Dhabi."
The company has secured some 80 per cent finance in co-operation with Abu Dhabi Commercial Bank with no interest or management expense fees. A buyer pays 17 per cent of the property as a first installment, and the payment of the rest starts on property delivery. Al Tawil said the project belongs to the upper medium housing.
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