Bahrain Bay Development BSC, the $2.5bn landmark waterfront community on the north shore of Manama, has announced that its Indian Third Party Developer, the Ajmera Mayfair consortium, intends to invest up to $130 million in residential development within Bahrain Bay.
"The Ajmera Mayfair Group are 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 of India," said CEO of Bahrain Bay Bob Vincent.
The Ajmera Mayfair consortium plans to build a twin towered residential development within Bahrain Bay. The project, which is being designed by architect firm Skidmore Owings & Merrill (SOM), will offer state of the art freehold high-end residential apartments.
Ajmera Mayfair Group officials provided an update on their project's progress, besides announcing the completion of its land payment and the transfer of title from Bahrain Bay to Ajmera Mayfair.
"We feel that Bahrain and Bahrain Bay is the right place to be investing for long term returns," said Nayan Shah, CEO of Mayfair Group.
"This is our first investment outside of India and is one of great importance. Bahrain Bay is an excellent master plan development and offers significant benefits to developers, such as land parcels complete with infrastructure as well as a world class living and working environment," he added.
Ajmera Mayfair consortium has an annual turnover of over $250 million and $1 billion in assets. Currently engaged in over 30 mega projects, the Group joined the Bahrain Bay team after seeing the visibility of real estate investment in Bahrain and learning about Bahrain's Vision 2030.