Manama, Kingdom of Bahrain - 17 October 2010 -Bahrain Bay Development B.S.C.(c), the $2.5 billion landmark waterfront community located off the north shore of Manama, today announced its Indian Third Party Developer, the Ajmera Mayfair consortium, intends to invest up to US$130m (BD50 million) in its residential development within Bahrain Bay in the near future.
At a joint media briefing with Bahrain Bay Development, the senior management team from the Ajmera Mayfair Group provided an update on their project's progress, in addition to announcing the completion of its land payment and the transfer of title from Bahrain Bay to Ajmera Mayfair.
One of the largest real estate developers in India, Ajmera Mayfair consortium has an annual turnover of over USD250 million and USD1 billion in assets. Currently engaged in over 30 megaprojects, the Group joined the Bahrain Bay team after seeing the visibility of real estate investment in Bahrain and learning about Bahrain's Vision 2030. The signing of the memorandum of understanding (MOU) between the consortium and Bahrain Bay was witnessed by His Royal Highness Prince Salman bin Hamad Al Khalifa and senior members of the Economic Development Board (EDB) during a visit to India, promoting the good relationship between the two countries..
The Ajmera Mayfair consortium plans to build a twin towered residential development within Bahrain Bay. The project, which is being designed by world renowned architects Skidmore Owings & Merrill (SOM), will offer state of the art freehold high-end residential apartments. Other consultants appointed include, Mohamed Salahuddin Consulting Engineering Bureau (MSCEB) and Baker Wilkins Smith (BWS).
Bob Vincent, CEO of Bahrain Bay, said, "The Ajmera Mayfair Group are making great progress on their ambitious project which will form an important part of Bahrain Bay when it is completed. We are very pleased that Ajmera Mayfair chose Bahrain Bay as their first real estate investment outside of India. Their team understands the Bahrain Bay vision and the goals we are looking to achieve and we will continue to support their project and its team as it moves through the various development stages."
Abdulla Al Doseri, Deputy CEO, Bahrain Bay said, "I would like to take this opportunity to once again welcome the Ajmera Mayfair Group to the Bahrain Bay project and congratulate them on the completion of their land payment and transfer of title. I am encouraged by the ongoing commitment the Group has shown to the project and I look forward to welcoming them onsite in the near future."
Mr. Manoj Ajmera and Mr. Dhaval Ajmera, Directors of the Ajmera Group commented, "Despite the challenging environment that has engulfed the real estate sector we are pleased to report that our project is progressing as planned. This development is a significant investment and a strategic step for both Ajmera and the Mayfair Group and we are confident in the project's and Bahrain Bay's success."
Mr Nayan Shah, CEO, Mayfair Group, added, "This is our first investment outside of India and is one of great importance. Bahrain Bay is an excellent master plan development and offers significant benefits to developers, such as land parcels complete with infrastructure as well as a world class living and working environment, and we are very pleased to be a part of it. We feel that Bahrain and Bahrain Bay is the right place to be investing for long term returns."
To date 65 percent of Bahrain Bay's land parcels have been sold and the project has a total of 13 Third Party Developers on board. Bahrain Bay offers a range of opportunities for developers and investors looking to participate in creating residential, commercial and retail offerings.
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About Bahrain Bay Development B.S.C.(c) (www.bahrainbay.com)Bahrain Bay is a $2.5 billion mixed-use waterfront development set off the north-eastern shore of Manama, Bahrain. Construction on the project began in June 2006. The development offers an ideal location based upon an unparalleled master-plan, projecting a living and working population of between 25,000 to 30,000 people designed for the very best in 21st Century living.
Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the master-plan for Bahrain Bay emphasizes a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which will serve as a symbol of Bahrain's promising future. The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new headquarters building for Arcapita Bank, the leading international investment firm and lead investor in the project.
Committed to establishing and maintaining a new standard of urban centre, Bahrain Bay brings fresh energy to Bahrain, combining diverse components and contrasting elements into an authentic and welcoming destination.
For further information please contact
Bahrain Bay sales centre:
Tel: +973 17505555
www.bahrainbay.com
For further information, please contact:
Gene Redelinghuys
Bahrain Bay Development B.S.C.(c)
gredelinghuys@bahrainbay.com
Tel + 973 17505555
© Press Release 2010
