Kuwait's Bunyan Investment Company, a subsidiary of Bayan Investment Company, is planning to invest up to $1,200 million in four mixed-use real estate developments in Amman.
Kuwait's Bunyan Investment Company, a subsidiary of Bayan Investment Company, is planning to invest up to $1,200 million in four mixed-use real estate developments in Amman.The largest of the projects will cover a total built-up area of 21,000 square metres to be located on the site of the Abdali bus station on King Hussain Street. The development will see the construction of three-four office and residential towers, a five-star hotel and retail outlets. Work is expected to be completed in 38 months.The second project, to be located in the Shafa Badran district, will be a residential development covering a total built-up area of 84,000 square metres. Work is expected to be completed within 18 months. The third project will be a mixed-use residential city to be located in the Tarek district of the capital, covering a total built-up area of 1 million square metres. Work is expected to be completed within 26 months.The fourth project will cover 24,000 square metres on the existing site of the Royal Scientific Society (RSS) in the Al-Jubaiha district and includes plans for an IMAX cinema and a science museum. Work is expected to be completed within 32 months. 'We are in negotiations with the RSS and the government [to develop the site] and hope to conclude talks by the end of July,' says a senior Bunyan representative. Beirut-based Dar al-Handasah (Shair & Partners) carried out the masterplan for all four projects and the Chicago office of Dar al-Handasah is the project manager. Dubai-based RSP Group Real Estate & Hospitality Investment Partners is the financial consultant.Bunyan has set up Petra Holding Company with capital of KD 75 million ($260 million) to develop the project and a private placement in the company on the Kuwaiti Stock Exchange is expected to be launched by the end of July.
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