Ajmera Mayfair to invest $130m in Bahrain Bay

Bahrain Bay, the $2.5 billion landmark waterfront community on the north shore of Manama, has said the Ajmera Mayfair consortium, an Indian third party developer, intends to invest up to $130 million in residential development within Bahrain Bay, the Economic Times reported.

"The Ajmera Mayfair Group is making great progress on its ambitious project, which will form an important part of Bahrain Bay when it is completed," said Bahrain Bay CEO 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.

The Indian consortium has an annual turnover of over $250m and $1bn in assets.

Currently engaged in more than 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.

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