Bill O'Regan: Boyukshor development project envisages creation of new urban space

The Lake Boyukshor coastal development project in Azerbaijan envisions the creation of a new urban space based on the city within a city concept, with developed residential, commercial, and social infrastructure, Bill O'Regan, CEO of the UAE-based development company Modon Holding, said at a session during the annual meeting of the Islamic Development Bank Group (IDB) in Baku, Report informs.

He emphasized that when implementing large-scale projects of this scale, long-term adherence to the original concept and maintaining investor confidence are key.

"People are investing in something that doesn't yet exist, so it's essential to remain true to the original vision of the project," he said.

O'Regan noted that the sustainability of large-scale development projects is ensured not only by real estate sales but also by the creation of assets that generate long-term income, including hotels, sports and entertainment facilities, retail space, and catering establishments.

The head of Modon Holding added that modern buyers are buying not only a home but also a certain lifestyle, so infrastructure and public spaces must be created early in the project's development.