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Bonyan seeks Real Estate Development projects primarily in Kuwait, Arabian Gulf Countries, as well as in the MENA region. Below are the main opportunities which are currently underway categorized by country.
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| Kuwait |
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Bonyan purchased a plot on Gulf road with a total area of 3689 m² located in Sharq on November 26 th, 2006 zoned for residential use. Since the acquisition of the plot, Bonyan has approached Kuwait Municipality to get approval to change land zoning into commercial offices with an increased FAR to 800%. A concept design for a 40 floor office tower was completed with total gross built-up area over 58000 m² including 7 floors car parking and one floor for building systems and services. The project will be initiated once land zoning is changed to office use.
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| Abu Dhabi |
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Bonyan Real Estate has finalized the purchase of 5 plots from Al Reem Development (UAE Company). The total land area is 46,400 square meters and the gross floor area of the land is 4.8 million square foot and is located in Al Reem Island in Abu Dhabi, United Arab Emirates.
The first project is the Iconic Towers which consists of plots 12, 14 and 22 (see attached master plan). With a total land area of 38,011 square meters and a gross floor area of 1,080,705.6 million square foot, the towers will boast 75-80 floors each. 57% of the project is allocated for residential units and 40% for high-tech, state-of-the-art office space. The Iconic Towers are considered the main attraction of the whole development as it is located in a strategic part of Najmat Abu Dhabi project. In addition to the office and residential units, the project will include retail shops and parking facilities. The second project is the Residential Towers which consists of plots 10 and 11 (see attached master plan). With a total land area of 8,389 square meters and a gross floor area of 3,778,164 square foot, 88% of the land will be developed for residential units and 10% will be developed for office space, in addition to retail shops and parking facilities.
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Najmat Abu Dhabi project is stretched across a total area of 20 million square foot of the island and is 300 meters from the north east of the Abu Dhabi coastal line. The project will provide a unique and modern life style inspired by the future and will contribute towards the reformulation of international standards of real estate development in the Middle East. The project consists of three main sectors: Business, Arts, and village. These sectors have been designed to compliment each other to become an independent community for over 80,000 people. The first residential units will be ready by next year 2008. The complete infrastructure of the project includes schools, medical facilities and modern public transportation systems and will be in place during the year 2008. 50% of the total project area is allocated for open spaces, public parks, children’s playgrounds and pedestrian walkways.
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| Bahrain |
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Research reports have classified Bahrain as a strategic area for real estate investment with focus on Residential, Commercial, Retail and Tourism. Real Estate contribution to GDP in the GCC is higher than in other regions and it was highest in Bahrain (8.9%) compared to other GCC. Key drivers of the real estate sector in Bahrain includes growing populations, rising expatriate workforce, growth in credit facilities, a multitude of financing options and an attractive environment for foreigners. In November 2005, Bonyan participated in forming a strategic investment partnership between Bayan Investment Company and Gulf Finance House and formed Gulf Holding Company to fully develop and market: Villamar at the Harbour project and Al-Areen Downtown project with a total value of investment of US$900 million.
Villamar at the Harbour
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This project is conceived as Bahrain’s most advanced and exclusive residential complex. Located within the Bahrain Financial Harbour, an integrated waterfront real estate development focused on the financial sector, this US$ 450 million development is aimed at further enhancing Bahrain’s status as the financial hub of the Middle East. Villamar at the Harbour is the first residential project within the landmark district and is being developed on a man-made island of 35,900 square meters. The project design consists of three main elements: the Twisting Towers, the Floating Villas and the Terraced Podium. Scheduled for completion in June 2009, the development provides a total of 578 residential units consisting of 510 apartments, 56 villas and 12 penthouses. Facilities include a Rooftop Chairman’s Club, Health Club & Spa, Swimming Pools, and other recreational amenities. The ocean-front Boardwalk will be a major public attraction, featuring indoor and outdoor cafes, restaurants and boutique retail spaces with shaded / air-cooled walkways, water features and landscaped plazas. |
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Al Areen Downtown
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This US$450 million project consists of developing six parcels of Al-Areen Development. Situated along the main boulevard, these parcels have a unique, contrasting blend of both excitement and tranquility. They overlook the cliffs, the inspirational Bahrain International Circuit, the peaceful Banyan Tree Desert Spa & Resort and the Al-Areen Wildlife Sanctuary. The Al-Areen Downtown will be developed into the following components:
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• Luxurious apartments that will range
from 1, 2 and 3 bedrooms.
• Deluxe standalone and attached villas;
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• Retail components
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The Al-Areen Downtown development’s luxurious components will appeal to middle to upper income Bahrainis, GCC residents and expatriates, living and working abroad as well as in Bahrain. |
The availability of different size components as well as the availability of apartment buildings further broadens the potential market segment targeted. GCC Residents and expatriates living abroad demand summer family homes as well as retirement homes in Bahrain. Additionally, the apartment buildings will primarily target young Bahraini families seeking to move into their own starter homes. Being on the main boulevard of Al-Areen Development will further add to the demand and viability of the retail component.
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| Kingdom Of Saudi Arabia |
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Recent surveys indicate that there is a great gap between demand and supply especially in the residential sector. KSA needs for residential units expected to be of the order of 2.3 million units by 2020. However, research studies indicate that investing in Commercial, Retail, and even Tourism sectors are likely to yield good returns for the developer and the investor alike. According to Zawya.com, King Abdullah Economic City is the largest development project in KSA with total estimated cost of US$27 billion. Bonyan is seeking to participate in developing this mega project and/or establish strategic partnerships with Saudi Real Estate companies in one or more residential projects in Riyadh and/or Jeddah.
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