Bonyan International Investment Group (BIIG), a leading real estate firm, has announced that the construction on its community development project Eye of Ajman is on track to meet the delivery deadline.

In view of the current economic climate, BIIG will be offering special rates for the remaining plots at Eye of Ajman project at the upcoming Cityscape Abu Dhabi 2009, slated to run from April 19 to 22 at the Abu Dhabi National Exhibition Centre.

BIIG also revealed its plans to leverage the 2.4 per cent growth, which industry experts are expecting the UAE economy to witness in 2009.

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.

“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 are on track,” said Anas Atatreh, vice chairman of the board, BIIG.

“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,” he added.

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.

The Eye of Ajman project features 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.

Located approximately 20 minutes from Dubai, the project is at the Al Hamidiyah region, and offers a total of 109 plots, which can accommodate buildings that range 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,” Atatreh added.

“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.” – TradeArabia News Service