Baniyas Investment and Development Company (BID), the investment arm of Bani Yas Sports Club, said 30 per cent of the construction work in the first phase of its mixed use community project, Bawabat Al Sharq, has been completed.

Commenting on the project's swift progress Wael Tawil, chief executive officer of BID, pointed out that the construction was progressing as planned.

"This accomplishment further underscores BID’s commitment to the city of Baniyas and the project. Our aim is to complete the project on or before time and handover to our customers."

"Despite the changing economic conditions, we are confident in our product and are moving ahead as planned. We are sufficiently funded and resourced to finish the project." he commented.

"Bawabat Al Sharq is designed to reflect history and culture with a primary goal to blend the love of sport, retail, style and comfort. Our aim is to provide an impetus to the economy of Baniyas by enhancing its appeal with this project," Tawil added.

The first phase f the luxurious community project is expected to reach completion in the third quarter of 2010.

It represents a total of 164 well-designed apartments and 56 luxury villas, comprising different villa types with several detached villas to meet the needs of different buyers.

The phase 1 foundation and piling works have been completed for all residential blocks and currently work has commenced on the superstructure of all units.

The upcoming Phase 2 of the project is expected to offer 142 villas and 780 apartments in 13 low rise buildings, Tawil explained.

Further bolstering trust in the project, Abu Dhabi Commercial Bank have developed a ground breaking tailor made financing scheme unique to Bawabat Al Sharq customers.

With a down payment as low as 17 per cent, customers buying into Bawabat Al Sharq through ADCB enjoy zero per  cent  interest with no installments until delivery and moving in their units.

This financing scheme is the pinnacle of partnership between ADCB and BID and trust in the construction progress of the project.

The project's construction is being overseen by a handful of well-established contractors in the construction industry.

The construction of first phase of the project is being taken care of by Target Engineering Construction Company, a leading single source EPC contractor owned by Arabtec Holdings, the largest construction company in the UAE.

Cansult Maunsell/AECOM is the landscaping design contractor while the overall design and architect is ‘World Planner Consultant Engineers’.

With a total of 319 detached and semi detached villas and 22 low rise buildings spread across three clusters, customers can choose from luxurious villas, some equipped with private swimming pools, and modern bedroom apartments.

Smart technologies, state-of-the-art amenities and a luxurious mall will also be integrated into the project, providing comfort and convenience to the vibrant community.-TradeArabia News Service