Bonyan launches $953mn 'Eye of Ajman'

Bonyan International Investment Group on Saturday announced the launch of its ‘Eye of Ajman’ project, a 3.5 billion-dirham ($953 million) community development comprising residential, office, hospitality and retail plots within 20 minutes of Dubai.

The development, located over 6.27 million square feet along Emirates Road in the Al-Hamidiyah area, is the Dubai firm’s first project in Ajman.

With a number of plots designed to take the shape of a human eye, it will also house schools, hotels, a mosque, a clinic, health club and an electric sub station amidst a "sprawling urban landscape", Bonyan said in a statement.

“We have identified Ajman to be the perfect location for our flagship project that is based on the sale of mixed use plots, due to its rapid advancements in infrastructure and land ownership legislation,” said Chairman Abdullah Atatreh.

“We are sure that Eye of Ajman will play a significant role in the continuing growth of Ajman as a business hub by attracting huge investments from across the region.”

Bonyan has developed 3 billion dirhams worth of residential and commercial developments including Rose Tower and Lulu Tower, Dubai Gate 1 and 2, Sharjah Gate and ABBCO Tower. It aims to expand its project portfolio to 10 billion dirhams in three years.