Flip through the latest issue of Gulf Weekly.
Bahrain Bay Development, the $2.5 billion landmark waterfront community located off the north shore of Manama, has revealed that its Indian third party developer, the Ajmera Mayfair consortium, intends to invest up to $130 million (BD50 million) in its residential development within Bahrain Bay in the near future.
At a media briefing with Bahrain Bay Development, the senior management team from Ajmera Mayfair Group provided an update on the 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 $250 million and $1 billion in assets and is currently engaged in more than 30 projects.
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, Crown Prince and Economic Development Board (EDB) chairman, and senior members of the 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 is 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 India. Its 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."
Manoj Ajmera and Dhaval Ajmera, directors of Ajmera Group, added: "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."
