BSEL Infrastructure Realty announces new investment in Ajman to develop seven towers in Emirates City
In one of a significant initiatives that will enhance investor focus on the realty space of Northern Emirates, BSEL Infrastructure Realty (FZE), a fully-owned subsidiary of the Indian realty major, BSEL Infrastructure Realty Limited, today announced the launch of a mega residential project in Emirates City in Ajman, which will be developed at an investment of AED 2 billion.
The project, Jawahir Al Emarat, will comprise seven towers named BSEL Pearl, Fayrooz, Kahraman, Almas, Emerald, Sapphire and BSEL Ruby.
Announcing its foray into the freehold real estate of the UAE, a top official of BSEL Infrastructure Realty (FZE), based in SAIF Zone, Sharjah, said its debut project will offer one of the single largest residential clusters comprising 5,000 apartments.
Commenting on the rationale of the BSEL entry into the UAE, Mr. Kirit R. Kanakiya, Chairman of BSEL Infrastructure Realty (FZE), said: “We decided to enter the UAE freehold real estate after a careful assessment of the market dynamics and various options across the emirates that can maximize returns for our investors. In line with our core philosophy of offering quality lifestyle residences, the first of the seven towers in the project, BSEL Pearl Tower, will be in a superior class with an array of contemporary amenities.”
The launch of the project, with each tower rising up to 50 floors, also comes with a one-of-its-kind offer of buy-back with assured 12 per cent returns after one year. “The buy-back scheme of ours reflects our confidence in the UAE real estate market in generating superior returns compared to many key global property markets. We are confident to attract significant customer response to the scheme which ensures growth of investment in our property,” Mr. Kanakiya said.
In India, BSEL, an ISO 9000-2001 company with a net worth of US$185 million, has developed a host of salient infrastructure projects across the country including shopping malls, hotels, IT parks, commercial and residential projects across a cumulative area of ten million square feet ever since its inception in 1995. The company is also listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) in India as well on the Luxembourg bourse.
The BSEL Pearl Tower will offer residential units of one to three bed room apartments at prices ranging from AED 316,000 to AED 676,000. Work on the first two of the seven towers – the BSEL Pearl Tower and BSEL Fayrooz Tower – offered at a rate of AED 375 per square feet introductory price, has commenced..
The total area of the property is estimated to be around 8,000,000 square feet. The project development has already begun and the first phase comprising development of BSEL Pearl Tower is expected to be completed by early quarter of 2010. Each tower of the project will have ground floor as show room, six-level car parking and a host of amenities that suits modern living.
Commenting on BSEL strategy, Ms. Christina R. Cabading, President of BSEL Infrastructure Realty (FZE), said: “The project offers extremely cost-effective living solutions closer to key landmarks like the Dubai and Sharjah International airports. Being on the Emirates Road also means faster connectivity across the emirates.”
“Over the years, our strategy has been to offer quality-focused, cost-effective and return-oriented properties to our investors. Our endeavour is to replicate this strategy in our (BSEL Pearl Tower) in Ajman, which will offer superior rental yield and asset appreciation. We always make sure that our clients are satisfied by ensuring they realize value from their investment,.” Ms. Cabading added.