Dubai Real Estate News
UAE Property Market Trends and Reviews

"; Ajman Bank plans to launch a real estate fund to purchase assets towards the low income group in the UAE, revealed its Deputy CEO, Ali E Alshaqoosh Al Mueen.

The Bank will get necessary approval to launch a property fund from the regulatory body. The size of the fund is yet to be finalized, but the bank will contribute seed capital to the fund. There are good opportunities in the property sector targeting the low income segment now, Al Mueen said.

The bank will also focus on financing the domestic market, as it considers the UAE as a safer and high-potential market for returns, Ali said, and added that the Bank's strategy has now been reset to focus more on domestic market. So, although there are few deals signed overseas, the opportunities in the local market are more secure and rewarding, than going overseas.

Labels: Ajman

"; The rents in the northern emirates have dropped considerably since 2009, given, the fresh supply and low demand. Even the lease rates have dropped 29 percent during the first half of 2009, says a CB Richard Ellis market report.

The trend is likely to continue into first half of 2010, due to weakening demand and huge supply from within the northern emirates and the border areas of Dubai, such as Muhaisanah, Al Nahda and Al Ghusais.

The demand is low or almost non-existent in the market, although the rental market is witnessing some movement, particularly from tenants seeking better quality property, said Mohanad Al Wadiya, Managing Director, Harbour Real Estate.

The maximum decline in rentals was noticed in the case of single bedroom apartments, which dropped 34 percent, while double and triple bedroom apartments dropped 29 percent and 25 percent respectively. This drop may be largely due to people opting for larger flats with lower rent on the offer in comparison to previous months.

Ajman and Ras Al Khaimah also witnessed drop in values by 50 percent or more for off-plan properties. The gaps between rental rates, however, remained the same among various northern emirates. Sharjah continued to demand highest rates, followed by Ras Al Khaimah, Ajman, Fujairah and finally Umm Al Quwain, the most affordable northern emirate.

Among these emirates, Ras Al Khaimah is witnessing maximum progress, while Sharjah and Ajman are on hold or are progressing very slowly.

Al Hamra Village is the only project with 90 percent completion rates, and 80 percent occupancy, with only one residential tower remaining to be completed in front of the resort. The rate at the Ras Al Khaimah's Al Hamra village is 30 to 35 percent higher, in comparison to other developments in the region.

Also, the Bab Al Bahr project on Al Marjan Island, a sister development of Al Hamra Village, by Rakeen Properties, is also progressing on schedule. The first and second phases of the project are complete, while the third and fourth phases are nearing completion.

Even La Hoya Bay project by Khoie Properties, now undertaken by Rakeen, is being developed for delivery by 2011.

The Mina Al Arab development, the Pacific, all located at the Al Marjan Island is also due for delivery in 2011.

With more residents opting to move to border areas of Dubai, where there is better quality stock and competitive lease rates, the leasing rates across the northern emirates continue to decline in 2010, Al Wadiya said.

To add to this, high percent of residential accommodation is offered by the northern emirates, and this has stemmed from their fast-growing southern neighbour (Dubai), and this helped excessive expectations for new units, said Mat Green, Associate Director, CBRE - Middle East.

To prevent this exodus, landlords in the northern emirates are now offering rent-free periods of up to one or two months, free chiller, free parking spaces, and more such incentives, it is said.

Labels: Ajman, Leasing, Ras Al Khaima, Rentals

"; Ajman will shortly announce a new committee to settle disputes between developers and investors. The committee will take up issues pertaining to cheques involved in real estate transactions.

The Director General of Ajman Real Estate Regulatory Authority (ARRA), Omar Al Barguthi, said the committee was hoped to begin operations by end of 2009. But the clearance from the Ministry of Justice is awaited.

Apart from resolving investor-developer disputes, the committee will also take up issues pertaining to post-dated cheque issues and more such cases pertaining to property sector, he added.

The committee will include five members nominated by the Executive Council, headed by a Judge assigned by the Ministry of Justice. In November, the Dubai Government established a new judicial committee to deal with cases of bounced cheque in property sector.

ARRA is working with Ruler's Court of Ajman based on a decree to establish a 'bounced cheque committee'. The decree is hoped to be passed within next two months, said Lisa Dale, Partner and Head of Property Department, Al Tamimi & Company.

This follows the initiative by Dubai, wherein a similar committee was established on the directions of Dubai's Ruler.

Ajman has several cases of off-plan property purchasers, wherein developers were given post-dated cheques. When the purchasers bought property off-plan and gave post-dated cheques, the purchasers have failed to honour these cheques, either because the developer has not progressed with construction, or due to financial constraints faced by the purchasers. The developer then files a complaint and in several instances, the purchasers have either left the country or are facing criminal prosecution, Lisa explained.

Labels: Ajman, Property Law

"; The new policy by Ajman Real Estate Regulatory Authority (ARRA) to match investors who have lost money from suspended projects with approved developers, have so far received positive feedback from investors.

The Ajman property sector, although the smallest among the seven emirates in the UAE, was the latest victim of the global financial crunch.

Several thousands of investors' who invested in the property sector of Ajman, offered a cost-effective alternative to Dubai's then expensive properties, by attracting middle income families into its booming real estate market. Therefore, Ajman noticed sprouting of several master-planned communities including Uptown Ajman, Awali City, Emirates Lakes Towers and Emirates City.

Few of the developers who had fled the market were facing financial constraints, following the Lehman Brothers collapse, which caused concern to the investors. It was then that ARRA stepped in to defuse the situation and struck a deal with few developers who are pursuing projects to help developers and investors.

The initiative, which was executed a month ago, facilitates investors to choose properties from a list of approved and listed developers and negotiate a discounted rate that would suit them, in order to cut their losses on suspended projects.

The Director General of ARRA, Omar Al Barguthi, described the initiative as match-making initiative and said that investors who have lost money from developers who are unable to complete the projects are offered the option of transfer to a certified credited project.

The initiative aims investors who have paid installments to a developer who is not seeing the project through. ARRA takes the role of a mediator, trying to strike a deal between listed developers and investor on discount rates for investing in a new project.

The developers approved by ARRA will have to fulfill 16 requirements which will be reviewed every month. If they stop meeting these requirements after some time, their registration will be cancelled.

According to analysts, this is a good example of how government authorities could help the industry in moving ahead.

Labels: Ajman

"; Ajman Real Estate Regulatory Agency (ARRA) authorities have put forward a proposal to overhaul current property visa regulations. ARRA is the first property agency to officially submit such a proposal.

ARRA aims to remove property values, fixed incomes and compulsory exists as the criteria for granting or renewing the six-month residency visas.

The said regulation was a part of the federal resolution issued this May. ARRA however, has asked that it should be possible to renew visas every six months until three years, without having the need to leave and re-enter the country.

Speaking about the minimum property value regulation, which is a part of the visa criteria, ARRA says "The property value in the Northern Emirates does not exceed even half the value in other emirates. This will only lead to serving certain kind of investor."

As for requirement of fixed income of not less than Dh.10,000, ARRA said that this may cause several problems and will open door for companies operating outside the country, to give salary certificates with no reliable references.

ARRA had signed an agreement with Dubai's RERA to create a unified strategy to develop the property sector. The agreement emphasizes the need to create a unified strategy to develop, organize and modernize real estate-related activities.

Labels: Ajman, Property Law

"; Investors in Crown Residencia project in Emirates City in Ajman will have to wait for a minimum of one year, before moving in, reports The Gulf News.

According to Abu Bakr Abuzeid, the Finance Manager of Al Batha Real Estate, the project developer, the project has been stalled as investors are yet to pay their installments.

Abuzeid agreed that people are delaying their payments, and mentioned that the company will have to swap its clients to Dubai, and has already offered projects in Dubai.

According to ARRA (Ajman Real Estate Regulatory Agency), Crown Residencia does not have an escrow account and one of the partners of Al Batha Real Estate has been jailed for bounced cheques.

The investors met Abuzeid last week and they were told that their investments could be swapped to projects in Dubai, through a new partnership with Al Masah International Development Company.

As per this potential solution, investors' money will be put into an escrow account and registered with Dubai's RERA (Real Estate Regulatory Authority).

Abuzeid has emphasized that Crown Residencia has not been cancelled. In case investors don’t accept this offer, they will be offered another solution. The company just needs to pay the balance of land and some other fee, worth Dh.1.5mn, and requires Dh.1million to pay construction advance.

But, the investors who spoke to Al Masah International realized that as per the current plan, they would lose 70 percent of their investment, with only 30 percent being transferred.

A source at Al Masah International confirmed that clients from Al Batha will be able to shift investments to their projects in Dubai. The cheapest of Al Masah projects is worth about Dh.750 per square foot, so investors can pay more, as units in Ajman are usually cheaper.

Al Batha Real Estate is different from Al Batha Group in Sharjah.

Labels: Ajman, Construction Projects

"; Property developers in Ajman will not be permitted to arbitrarily cancel any sale and purchase agreements (SPAs), as they will have to obtain permission from ARRA (Ajman Real Estate Regulatory Agency).

According to SPAs signed earlier between the developer and investor, the developer has the right to forfeit the property of the investor if the investor fails to meet payment deadlines.

No developer is authorized to cancel any contract unless they obtain an approval from ARRA. ARRA has been monitoring the situation closely and are permitting investors to fulfil their commitments by offering time, said Omar Al Barguthi, DG, ARRA.

"WE are accepted post-dated cheques from few developers whose projects are yet to begin or whose constructions have halted. We have also opened escrow accounts for them, and will be depositing cheques only when are sure about the progress of the work," Barguthi clarified.

However, no clear information is available on the number of properties forfeited by developers, as of now. Besides, the regulatory authority has accepted post dated cheques from few developers whose projects are yet to reach the proposed level of construction. ARRA is also working out a plan linking payments to construction milestones.

Labels: Ajman

"; The real estate market in Ajman will immensely benefit from the availability of mortgage financing, said a leading UAE-based developer and multi-service provider to the real estate sector, Sweet Homes Holdings.

The developer said that introduction of mortgage schemes are likely to further boost the efforts taken by Ajman Government. The Ajman government has been striving to regulate the real estate sector of the emirate through ARRA (Ajman Real Estate Regulatory Authority).

With the market getting driven more by the end-user, the introduction of mortgage financing, similar to those in Dubai and Abu Dhabi, has much potential to boost the real estate sales within the emirate.

The Sweet Homes Holdings CEO, Fahad Sattar Dero, said that efforts are made by Ajman Government to attract property investors, which has resulted in considerable developments being made, to put Ajman in a strategic position to overcome the challenges of economic crisis.
However, offering suitable mortgage financing for investors seeking to venture into Ajman, will promote more investment activities in the emirate. A combination of these factors will yield better stability for the Ajman property sector this year, he added.

The master developer of the Dh.3billion 'Ajman Uptown' and the Dh.1.7bn Rainbow Towers projects have revealed the completion of registration with ARRA, and opening of escrow accounts with the Dubai Islamic Bank for both projects.

The developer also noticed exceptional progress in the construction of two high profile developments with Ajman Uptown villas and Rainbow Towers, both on track to hit their delivery deadlines by 2010.

Labels: Ajman, Mortgages

"; Ajman's largest planned community located along Emirates Road, the Marmooka City, has been scaled back from 206 towers to just 20 buildings, owing to downturn in investor demand, a senior official at Real Estate Investment Establishment (REIE), the master developer, revealed.

The luxury sub-urban development was projected to have 206 residential and commercial buildings, featuring 'Manara Ajman', the tallest tower in the emirate comprising a school, large shopping mall, clinics, and five-star hotels, as per the initial project plans.

The project is due for completion next year. The developers have paid more than Dh.1billion so far to purchase a plot within the planned Marmooka project. They will be partially refunded, although not in cash, for the projects that have been cancelled or shelved.

Labels: Ajman

"; A new Law issued by H H Shaikh Saud bin Saqr Al Qasmi, the Crown Prince and Deputy Ruler of Ras Al Khaimah, will bring in better regulation to the building sector in the emirate.

According to Law No.1 of 2009 for regulation of buildings in the emirate, it will be applicable to all buildings, except those that come under special decree or resolution.

The Law does not permit anybody to construct a building or make additions, or expansion, or partly or wholly demolish it, or make any modifications, whether on the facet or internal divisions, without prior permission from the authorized section of emirate’s municipality.

The law is applicable to a range of topics dealing with buildings, such as designs, construction, architectural standards, specifications, license, additions, expansions, maintenance, safety, and penalties for breaching provisions of the law.

As per the law, the construction permit will remain valid for a period of one year from the date of issuance and will be considered void, if no construction happens on the site within the said period or if the work is stopped for more than six months, without valid reasons. The permit can be renewed within 30 days following expiry.

The Architect is responsible for the safety of the building for ten years after delivery. The Municipality Chairman has the right to instruct the concerned authorities to remove unlicensed caravans, pounds, and makeshift houses when their owners fail to do so after expiry of the grace period given to them.

Based on the Technical Committee recommendations, the Municipality Chairman can also order demolition of any worn-out buildings or facilities that may pose danger to inhabitants and passers-by or harm the environment and public health.

The law will be implemented within a month after its issuance and will be published in the gazette.

Labels: Ajman, Property Law

"; Investors of Lake View Towers in Emirates City of Ajman have filed complaints to the regulatory agency of the emirate and the police, regarding the status of the project.

About 500 investors have paid Dh.120mn so far, towards their units in Lake View Towers, being developed by Lake View Real Estate Developers, but the project is yet to see the light of the day.

More than 40 complaints have already been filed at the Al Refaa police station in Dubai and with Ajman's ARRA (Ajman Real Estate Regulatory Agency), but no action has so far been taken, an investor said.

According to a spokesperson in ARRA, the police are carrying on investigations, and ARRA will do its best to protect the money of investors and will ensure transparency in law.

The Administration Manager of Lake View Real Estate, Suhail Gani Quraishi, said that the developer has registered and it is only the short-term investors who intend to wriggle out of the project. The people who have complained require their money back, and a lot of it was short-term investment.

About 90 percent of the registration process is complete and only some final documents are required to complete it, after which construction will begin, Quraishi said.

ARRA recently established a dispute committee to deal with such issues.

Labels: Ajman

"; Ajman Real Estate Regulatory Agency (ARRA), has set announced 1st July as the deadline for property developers, who are yet to complete registration procedures with ARRA.

The press statement released by ARRA this week, states that earlier May 1st was the announced deadline for receiving registration applications from developers, and several developers had rushed to complete the registration formalities. However, few developers have are yet to complete registration formalities.

The ARRA Director-General, Omar Barguthi, while mentioning that several developers have not submitted all the required documents to ARRA, clarified that to be a licensed real estate developer as per the amended Amiri decree, all developers who are yet to complete the procedures or are yet to submit the required documents, are advised to take immediate action, failing which, a fine of one hundred thousand dirham per month would be charged.

However, ARRA will take into consideration, the circumstances of developers who failed to register, due to reasons beyond their control. There is plenty of time for such developers to begin from the point where they stopped, and complete the reminder of registration procedures, Barguthi clarified.

Labels: Ajman, Property Law

"; A leading real estate developer, Sweet Homes, is maintaining the prices of its property units, despite the current recession in the global economy.

At present the company's apartments in Ajman Uptown, are being sold at Dh.600 per square feet, and the company is taking all necessary measures to ensure timely delivery of its projects and to leverage the expected recovery of the market and the UAE economy as a whole.

The CEO of Sweet Homes, Fahad Sattar Dero, said that maintaining the current prices of properties is a strategy which is considered appropriate amidst the current market developments, which indicates a recovery from the current crisis.

The recession in the market has made investors more demanding than before, and this motivates the company to intensify our efforts so as to ensure that our clients gain considerable returns on their investments.

This is evident as the company had recently entered into agreement with Dubai Islamic Bank for the escrow accounts of both of the projects. It is making good progress on the Sweet Home Rainbow Towers project, which is due for completion by 2010.

Labels: Ajman, Property Prices

"; The Dubai RERA (Real Estate Regulatory Agency), together with ARRA (Ajman Real Estate Regulatory Authority) has entered into a joint-agreement to develop a unified strategy to develop the property sector.

The agreement underscores the need to build a unified strategy to develop, organise and modernize the activities pertaining to real estate, including developers, brokers and property management companies, and the workforce of such companies. The agreement also emphasizes the importance of strengthening the co-operation ties between the two organizations.

The agreement was signed by Marwan bin Ghalita, the CEO of RERA and the Director-General Omar Al Barguthi of ARRA, in the presence of Sultan bin Butti, the General Manager of the Land Department.

The agreement signifies a major step ahead in the real estate sector. It focuses on developing a unified vision in developing, updating and streamlining all real estate activities, companies and individuals working in brokerage offices and real estate management.

The Bin Ghalita said that apart from the said, the agreement will regulate the work of brokers and real estate advertising between the emirates, in addition to establishing a unified database in Dubai and Ajman with all necessary information pertaining to the brokerage business, real estate development and management.

This agreement re-iterates the strong relationship between ARRA and RERA, said Al Barguthi.

Labels: Ajman, Dubai Real Estate, Property Law

"; Ajman is on its way to introduce a sales price index for freehold areas in the emirate towards the end of the year, followed by a rent index.

The Director-General of ARRA (Ajman Real Estate Regulatory Agency), confirmed the launch of sales price index for freehold areas this year, and said that the prices of the properties will be determined on the basis of supply and demand.

Established in January this year, ARRA has been introducing measures to regulate the emirate's property sector. The agency said that developers who failed to meet the registration deadline on 1st May 2009 will be liable for a fine of Dh.100,000 per month.

Dubai's RERA was the first regulatory body in the UAE to announce a rent index in January, as a reference point for rent regulation.

The Associate Director of CB Richard Ellis Middle East, Matt Green, said that the creation of a price index in Ajman is a good positive sign. The declining real estate and economic situation in the emirate has had a big negative impact during the past nine months, and this will go a long way in instilling confidence in the Ajman market.

The index released by ARRA reflects the true market status, so that landlords, investors and end-users have the necessary tools to make good decisions in a market where the transparency levels are low, he added.

Green pointed out that transparency is on the increase in the UAE, with few initiatives from the government which has helped in the flow of information into the public. The trend is likely to flow into other emirates too, during the year, and more regulations will be passed which will help in further evolution of the local property market.

Labels: Ajman, Freehold Property, Property Law

"; The property watchdogs in Ajman and Dubai have got together to identify the blacklisted developers and agents, and hence have agreed to co-ordinate data in both emirates.

An MOU to this effect was signed between ARRA (Ajman Real Estate Regulatory Agency) and Dubai's RERA (Real Estate Regulatory Agency).

The Chief of Dubai RERA, Marwan bin Ghalita, said that "We will share the same database of agents and developers. If any developer is blacklisted in Dubai, it will also be reflected on their database, and they will be aware of it."

This move follows receipt of complaints that estate agents were working in both emirates, but have been registered with only one.

"We will regulate this kind of activities between the agents too. The establishment of common database will give developers and regulators and investors a clear picture of the market" Ghalita said.

The database will be made available online for people to view. The database is almost ready and will be released soon, said Omar al Barguthi, Head of ARRA.

Labels: Ajman, Dubai Real Estate, Latest News

"; Ajman has banned developers from offering Buyback schemes to purchasers for promotion and sale of their projects, a senior government official in Ajman revealed.

The Director General of ARRA (Ajman Real Estate Regulatory Agency), Omar Al Barguthi, said that few developers are offering such schemes, and this practice need to be stopped.

With the land and property prices shooting up in Dubai during 2007, Ajman came to be known as the destination with most affordable housing targeted for the mid-income group. Several projects were unveiled during this period, which lured customers with promises of residency visas and guaranteed buyback of units.

Barguthi clarified that few developers misused some information for publicity and mislead investors. Hence now the developers are banned from coming up with any campaign unless they receive a written approval from ARRA.

The developers have been banned from advertising about visas, unless ARRA grants them the permission to do so after proper verification about their ability to do it.

Labels: Ajman, Property Law

"; The emirate of Ajman is turning out to be a lucrative destination for buying opportunities, as rates have fallen as low as Dh.299 per square foot, from the Dh.600 per square foot rate that prevailed six months ago.

Although majority of the bargains are in Dubai, Ajman is not far behind, with equally or even better opportunities, as it is oriented towards the mid-income sector.

It is possible to purchase apartments in Ajman for as little a price as Dh.299 per square foot, and one need not wait for years for completion of the project, as the waiting period for such apartments would be only three to six months.

Property prices in Ajman began at a much lower level than in Dubai, when the first project in Ajman was launched in 2004 for Dh.176 per square foot. The units at Al Khor Towers in Ajman are now selling at a rate of Dh.299 per square foot, which means that a double bedroom apartment in Ajman is currently Dh.542,000. Similarly, the units at Horizon Towers are priced at a starting price of Dh.345 per square foot, with a double bedroom apartment being sold at Dh.631,760.

This, when compared to Dubai, indicates that even few of the cheapest studios are worth Dh.447,430, implying a rate of Dh.883 per square foot for a 506 square foot studio at present.

Although property prices and rents have been dipping this year, Dubai still remains expensive. Potential buyers are still awaiting mortgages and home financing options to enter the market for them to make purchases, while investors in off-plan units are trying to cancel contracts, fearing their financial security. On the other hand, properties in Ajman are almost complete, offering more comfort to buyers.

According to Christina Cabading, the President of BSEL Infrastructure Realty, the developer of five towers in Emirates City of Ajman, people are now seeking affordable places to live. Hence, even for people living in Dubai, the focus is being shifted towards Ajman.

Ajman Real Estate Regulatory Agency (ARERA) offers additional comfort and security, having informed all developers in Ajman that they must own an office in Ajman, and it is not sufficient if they just own an office in Dubai. The Agency however, has cautioned buyers to be diligent when considering low-priced properties.

The COO of Cirrus Developments, Rehan Khan, has urged investors focusing on extremely low-priced properties to check out if the developer has assured a trust account (Escrow) to protect their funds, and bring in quality in the project, as that would determine the rent or re-sale value in future.

Labels: Ajman, Market Trends, Property Prices

"; Ajman Government has amended its regulation to create Ajman Real Estate Regulatory Establishment, aimed to regulate the property and construction sector of the emirate. The sector has seen more than Dh.340 billion worth of investment in the last two years.

Due to this investment, the neighbourhood of the once-sleepy Ajman is being transformed into vibrant economy where-in foreign developers are creating master-planned communities on barren sandscapes which would soon be homes to several thousands.

The Member of Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid Al Nuaimi, passed an emiri decree No.11 for 2008, which amends emiri decree No.8.

The decree stipulates finding of a general establishment, affiliated to Ajman Government, named as Ajman Real Estate Regulatory Establishment, with an independent corporate existence, which enjoys administrational, financial and legal independence.

The establishment aims to regulate the activities of real estate development in the emirate, and establishing a legal system for licensing property buildings and investment projects in the emirate. The establishment also aims to supervise, implement policies, work projects and systems and regulate joint ownership.

The establishment is also responsible for issuing policies for property, construction of buildings in Ajman, and suggesting legislations and necessary systems for regulation the property operational schemes in the emirate.

Labels: Ajman, Property Law

"; Property investors looking for a strong UAE property investment, then property in Ajman should be right at the top of their list as Ajman has outshone other emirates in attracting foreign investments, according to reports.

Reports indicate that investments into Ajman's property sector have crossed the Dh400 billion mark. The impressive foreign investments indicate that the global financial crisis has not affected the market and Ajman is experiencing a property boom due to its investor-friendly property laws and reasonable project rates and Property prices also saw an overall appreciation of 40 per cent in 2008.

Fahad Sattar Dero, CEO of Sweet Homes, also developing in Ajman, said that the global financial crisis has resulted in an undervaluation of properties however the region is strategically positioned to attract more foreign investments into the real estate sector. He added that companies and residents are forced to cut down on expenditure, thereby driving the demand for inexpensive housing.

The CEO said prices certainly dip as more families opt for Ajman instead of neighboring emirates. He said there would be 33 per cent dip in housing prices in Ajman -compared to pre-recession years -in the first quarter of 2009. Ajman is growing popular among expatriates on the lookout for quality yet comparatively cheap accommodation as developers are offering multiple incentives, zero initial payment and offering more number of installments besides furnishing the properties.

"The market gradually is becoming buyer-oriented and Ajman government soon to formulate a body in early 2009 to monitor realty transactions and has started implementing the escrow account, which guarantees the security of real estate investments within the emirate," Sattar Dero added.

In related news, Sweet Homes recently announced 70 per cent of its Dh3 billion Ajman Uptown project has already been sold.

Labels: Ajman, Investment Property

"; Awali Real Estate Investments, the renowned real estate investment company, revealed that it has been holding discussions with the American Trust about offering funding solutions to buyers and investors for Awali City plots and buyers of residential units.

The initial agreement has been signed to fund investors in Awali City, but the details of the agreement are yet to be revealed.

The Board Member and Chief Marketing Officer of Awali Real Estate Investment Company, Mohammed Hussein, said "when the global markets are struggling to find suitable funding solutions for real estate investment projects at all levels, and are having serious trust issued, we continue to seek partnerships that offer best funding solutions for investor sin Awali City, and we are taking the final steps towards offering the best possible funding solutions."

The Managing Director of American Trust in Dubai, Alex Mond, said that the strong financial situation of Awali has helped the Trust in taking this step confidently, and that the Trust would offer best funding solutions for investors in the City in accordance with the nature and investment of the project.

The Awali City is a complete residential city project, with 136 plots for residential and commercial purposes. Towers of 17 to 50 storeys are likely to come up in the locality, housing more than 120,000 people.

The plot dividing process and the road works are complete, and the Awali City investors can begin building their developments directly.

Established by the Awali Group, the Awali Real Estate Investment Company is a Dubai-based firm, founded by the Al Nemer Group, as a part of the companies plans to expand across the region, tapping the real estate sector in GCC.

Labels: Ajman, Real Estate News

";

Labels: Ajman, Latest News

"; The Ajman Naturalization and Residency Department has stopped issuance and renewal of investors' visas for freehold property owners in Ajman.

Investors and property buyers will not be able to even obtain a visit visa for their spouses or children, but, most developers are still continuing to sell properties promising a residence visa.
According to sources, no visit visa or residence visa will be issued to people who purchase properties.

For obtaining a residence visa, one should own a business or a job in Ajman. Any unemployed will not be issued visa, even if they own a freehold property, revealed officials.

Ajman is the second emirate to have taken this stand, after Dubai. About 20,000 or more foreigners have already moved into their freehold homes in Dubai, and a few more have been handed over to buyers in Ajman. Ajman has been witnessing major construction activities in the recent months.

This initiative is aimed at regulating the visa rules. Till date, many used to either purchase an apartment to obtain a residence visa and then sell the apartment to somebody else, who already had a visa.

Labels: Ajman, Latest News

"; Great Properties, the UAE-based real estate agency, has announced that its share of 'Al Helio Downtown' development in Ajman, has been sold out only two months after its launch.

The real estate sales and marketing agency has been given exclusive rights to sell the plots at Al Helio Downtown, thereby making it the second project promoted by Great Properties and sold on behalf of Al Rashed Real Estate.

The Sales Director for Great Properties, Mohammed Mirza, said "Savvy investors have realized that Ajman is the next great investment opportunity in the UAE. The attractive terms of sale offered by Great Properties and the unparalleled value for money offered on investments in Ajman is one of the main reasons for properties being snapped away so quickly."

About 32 commercial and residential plots have been offered by Great Properties in the development, with a 10 percent down payment option and a special interest-free introductory offer.

The plots were available for Dh.85 per square foot, in comparison to Dh.350 per square foot for similar developments in Dubai. Investors were also given contractual rights to resell the property after making down payment.

Al Helio Downtown is a mixed-use, self-sustained community, spreading across 115 acres. It is just five minutes away from Ajman Downtown development, which will reconfigure the main business in the emirate's business and residential districts. The development will include a nursery, schools, gardens, lakes and health care facilities, mosque and a shopping district.

The Sharjah International Airport is just seven minutes away, and Dubai is just 20 minutes away from Ajman.

Great Properties is managing Dh.2bn worth of projects in Ajman, out of a total six major investment projects worth Dh.40.8bn in Ajman. This makes Great Properties one of the leading real estate agencies in the booming emirate.

Labels: Ajman, Investment Property, Sales

"; Aqaar Properties, the Ajman-based developer, is hoping to increase its portfolio to Dh.7bn towards end of this year, following announcements of two major developments in Ajman next month.

Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.

Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.

The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."

The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.

The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.

The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.

Labels: Ajman, Real Estate Company

"; With the Gulf region experiencing a realty boom, the peaceful emirate of Ajman is witnessing an all'time high property boom. Ajman is the smallest among the seven emirates, and the second next to Dubai, to open its freehold property sector.

In support to the major property boom, the Ajman government plans to implement $1.4bn infrastructure plan to win investor confidence in UAE.

As per market estimates, about $2trillion worth of upcoming projects are likely in all sectors of GCC. About $330bn of this is being set aside for civil construction projects.

Ajman also has the advantage of several realty developers coming in from Asian countries and from Pakistan, in large numbers.

Also, henceforth the Ajman government has announced that real estate buyers in Ajman will be granted residence visas, provided, the property developers assure to do so, to project developers in the UAE emirate.

This visa will bear a one-year validity period, and will be renewed annually in the emirate of UAE. Agreements will be signed by project developers with the master developers for issuance of visas.

Only an investor or buyer, who gains possession of the apartment will be granted residence visa, provided the developer issues a no-objection letter. The cost of the visa is likely to be around Dh.1500, which can be renewed in Ajman every year.

Labels: Ajman, Freehold Property

"; Ajman has infrastructure projects worth Dh.1.4bn that are currently under construction, so as to support the sky-rocketing pace of real estate developments within the emirate. Ajman is the third largest property market in UAE, next to Dubai and Abu Dhabi.

Ajman has six mega projects that are underway, which makes up to a combined value of Dh.40.8bn. This accounts for a total of 10 percent of all projects that are currently happening in the UAE.

The projects in Dubai, account for 50 percent of the construction activities taking place in UAE, while Abu Dhabi contributes to 30 percent of the activities in UAE.

Ajman is currently involved in enhancing its road and sewerage treatment plants. A solid infrastructure program with Dh.500mn being allocated for infrastructure alone, and Dh.800mn towards launch of sewerage system, has been one of the most important infrastructure projects in the emirate.

As the investors were hesitant over investing in Ajman due to lack of water, electricity and road networks, and the government in Ajman has given top priority to this sector and is making serious efforts to implement good infrastructure networks and attract more investors.

An agreement to build the first coal-fired power plant in UAE, worth $2bn, was signed by H.H. Shaikh Humaid Bin Rashid Al Nuaimi, the Member of Supreme Council and Ruler of Ajman, and Ernest Nevaratnam, the Head of Investment and Projects, Malaysian Mining Corporation.

Labels: Ajman, Infrastructure

";

Labels: Ajman, Freehold Property

"; Awali Real Estate Investment has announced the launch of four towers worth Dh.1.2bn within Dh.20bn Awali City in Ajman.

The first among these is the Mashrabia Residence, a 25-storey twin tower residential project with a total of 800 apartments. The residence will spread across 14,965 square feet of space on each floor. It will include amenities such as the health club, swimming pool, retail space and parking amenities. The prices begin with Dh.575 per square foot, and an additional Dh.3 per floor.



The Chevron commercial towers will include 25-storey towers each, spreading across 15000 square feet of office space on each floor. It will house 304 offices in each tower, with amenities such as health club, gymnasium, and retail space. The prices begin at Dh.650 per square foot with additional Dh.3 being charged per floor.

The projects are due for completion by 2011.

The Dh.65mn worth design and engineering contract for 15 residential and commercial towers in Awali City has been handed over to Adnan Saffarini Engineering Consultants. The towers include 11 towers of 32 storey each, which makes the northern and southern gates of the city, and four 50-storey buildings, which form the entrance to Awali City from Emirates Road.

According to Mohammed Al Nemer, the Chief Marketing Officer, Awali Real Estate, Awali City is the first among a series of projects to be launched in Awali this year. The demand for real estate has grown considerably in Ajman, during the last couple of years, which has encourage developers to launch several mega projects in the emirate to fill-up the supply-demand gap.

Moreover, the Ajman government has developed a sound infrastructure system and reformed its laws to ensure complete transparency and accessibility of the real estate market, he added.

Awali City is a Dh.20bn development in Ajman along the Emirates Road, and is developed on 33million square feet of land. It will include 136 plots of land meant for residential and commercial use. It will include a range of towers, varying from 17 to 50 storeys, and will accommodate 120,000 people.

Labels: Ajman, Awali-city, Real Estate Projects

"; A leading UAE-based developer, Sweet Homes, has announced the launch of Dh.1.3billion development in Ajman.

The project includes seven commercial and residential towers, and 1504 villas and townhouses spread across 4m sq. ft., within the Dh.2.5billion 'Ajman Uptown' community development, which is likely to accommodate the first freehold residential villas in Ajman.

Sweet Homes will build five mixed-use luxury towers, including a 42,936 Sq. Mt. building - 'Heliconia', which comprises 352 studio, single and double bedroom flats, and 30 prime retail spaces on the ground floor. The other developments are the 'Iris' - a 22,741 sq. mt. development including 188 flats and 15 commercial spaces; 'Jatropha' - a 21,751 sq. mt. mid-rise structure including 184 residential and 14 commercial units; 'Kentia' - a 30,430 sq. mt. development with 224 residential flats, 28 business spaces; and 'Ludisia' - a 17,321 sq. mt. development with 148 apartments and 14 retail units.

Ajman Uptown will also include two office towers - 'Freesia' and 'Gardenia'. They will prove to be an ideal location for commercial and retail projects, accessible directly from the Emirates Road.

Spreading across 20,733 sqm, Freesia will house 152 offices and 13 showrooms, while 'Gardenia' which spreads across 26,619 sqm of space will have 212 offices and 16 showrooms. Both these towers will include a health club at rooftop, and basement parking facility.

The residential development will include amenities such as a healthcare center, school, fire fighting station, several mosques, health and recreation club, swimming pool, parks, shopping mall, retail shops, boutique offices, hotels, food courts all surrounded by a single 1.15km pedestrian pathway.

Labels: Ajman, Freehold Property, New Developments, Villa Projects

";

Labels: Ajman, Apartments, Residential

";

Labels: Ajman, Luxury Homes, Residential

"; A new property law has been issued in Ajman, which is expected to take the property sector in Ajman to further heights.

The Member of Supreme Council and Ruler of Ajman, H.H. Shaikh Humaid Bin Rashid al Nuaimi, issued Amiri Decree No.7 and 8, 2008, to regulate the land and property sector in the emirate last week.

The prices in Ajman's property sector have climbed up from Dh.350 per square foot to Dh.500 per square foot over the past six months. Billions of dollars are being invested in the property sector of the emirate, and the growing housing sector in Ajman has drawn considerable interest from the investors.

The 34 articles in the decree legalizes freehold ownership of property and land for UAE and GCC citizens, and the companies wholly owned by them, as well as to the public stock companies. GCC buyers and developers also have the right to own land and properties on freehold basis or on 50-year leasehold basis, renewable in designated areas to be determined and approved by the Ajman Ruler.

The law designates the Department of Land and Property to regulate the sector, and the department is entirely responsible for registration of property rights and long-term leasing contracts.

The bank guarantees need to be deposited for those wishing to invest in Ajman, and that amount should be used only for the project. An amount of five percent of project value will be frozen and will not be released until completion of construction of the project.

The Law stipulates that a developer cannot advertise projects without written approval from the department. The developers will be responsible for maintaining the project for ten years, following handover.

The law mandates a fine of Dh.100,000 on those who practice real estate business in the emirate without license.

Labels: Ajman, Latest News, Property Law

";

Labels: Ajman, Residential

";

Labels: Ajman, Freehold Property, Residential

";

Labels: Ajman, Business Tower

";

Labels: Ajman, Real Estate Projects

"; A member of Ajman Holding and leading property developer in the Middle East, aaproperty.ae, has announced the launch of its Dh.1.5bn signature community development, 'The Boulevard', in Ajman. The property will be marketed and sold through Gowealthy.com, the global property and lifestyle brand in the region.

Aimed at young professionals and families, The Boulevard, will offer potential home owners and investors elegant residential accommodation, apart from dynamic business environment and modern office amenities.


This signature development in Ajman will comprise fourteen residential and commercial towers, conference facility and world class hotel, apart from retail shopping mall with leading popular brands, chic cafes and boutique shops.

The development features residential units with an attractive starting price of AED 191,500 and a range of single and double bedroom apartments and duplex penthouses.

Situated at just 25 minutes away from Emirates Road and Dubai Internaitonal Airport, and 10 minutes from Sharjah International Airport, the Boulevard, offers spacious and affordable residential apartments with good amenities.

A three storey shopping mall which spreads across 170,000 square foot of space, a hotel, a shopping zone, a spa, roof gardens and food court are the other amenities featured in the development. The project also offers health clubs, rooftop swimming pools, five storey podium parking that can accommodate 3300 vehicles, an high-speed internet café, apart from cable TV to each unit and 24-hour security service.

The two commercial towers in the community comprises 29 storey each, apart from two facilities floors, while the residential towers are 10 to 20 storey each. Each of the residential and commercial tower features their own health club facilities too.

Established in 2007, aaproperty.ae is a leading property development group (particularly for mixed-use projects) in the Middle East. Being a real estate arm of Ajman Holding, aa property offers innovative design and construction of luxury freehold apartments, malls, offices and hotels.

Labels: Ajman, Community, Freehold Property

"; Escape, an equestrian community which is currently under development in Ajman, has now launched a new housing concept to the market, through the launch of Saddle Homes.

The Saddle Homes are two-storey residences that are more like spaciously designed small villas that blend convenience and ease of an apartment. Being attractively priced, they are positioned in configurations of four, and will be amidst creative landscaping in the eight million square foot project.

Saddle Homes are situated on a subtle rise, facing the expanse of the community, and feature private parking bays, gardens, terraces, community swimming pools, and the wooden fencing that retains a fusion of Arabian, Mediterranean and Ottoman design influences and color schemes.

The two-bedroom units offer slightly different floor plan variations, and maximize the use of natural light, offering Spanish terra cotta flooring and high quality finishing. All residential options are a true blend of modern comfort with top quality details, while also retaining the traditional Islamic and Arabian architecture.

The Escape Sales Consultant, Aadil Sher said "Saddle Homes has been conceptualized to fit a niche in the market. These homes are ideal as a starter home for young couples, professional singles, or a holiday retreat for residents of other emirates or abroad. They are designed in a manner that provides maximum space, good value, and are attractive and easy to care for. This is a winning combination."

Launched during early 2007, villas at Escape witnessed rapid sales. The Saddle Homes are the next sales phase of the project. Apart from the 140 Saddle Homes, Escape offers about 500 three to four bedroom villas, and terraced and low-rise apartments, due to be released for sale in a couple of months.

The development also includes a boutique hotel, Hoofbeatz Activities Center Clubhouse, an equine spa, several multipurpose indoor and outdoor sports or riding arenas, and a mix of health, sports, and leisure amenities all focused on family entertainment. Located adjacent to Emirates Road on the Sharjah and Ajman border, Escape is easily accessible to major urban business and transportation hubs in Dubai and other Northern Emirates.

Escape is set to break ground in May 2008, and is due to be complete by December 2010

Labels: Ajman, housing, Villa Projects

"; The boom witnessed in Ajman property market is primarily due to the economic growth and also due to the development taking place in its neighboring emirates Dubai and Sharjah.

Ajman has several reasonably priced residential projects that cater to the mid0-income groups. In fact, Ajman has the maximum number of medium-level developments, as majority of these are developed by players who are unable to bear the high construction cost of Dubai. To add to this, the new Escrow/Trust Account Law has brought out more stringent rules in Dubai, thereby decreasing the number of new medium-level developments there.

Analysts reveal that the price and rental structure of residential properties in Ajman are extremely moderate. Majority of developers offer affordable payment packages agreeable to mid-income standards. For instance, the price of a single bedroom apartment in Ajman’s Emirates City, is equivalent to that of a studio in Dubai. This has motivated several mid-income category buyers to re-assess their investment patterns.

In Ajman, the prices the average prices for a studio is US$600 per sqm and for a single bedroom apartment, it is US4480 per sqm.

Studies reveal that rates for residential properties in Ajman have surged by 30% in 2007. The demand for smaller units such as studios, single bedroom apartments too are surging, due to influx of expatriates from emirates of Dubai and Sharjah. They find Ajman to be a good residential and investment proposition due to its excellent connectivity to other emirates.
A similar growth rate in Ajman's property prices has been predicted by analysts for the year 2008-09 too.

Labels: Ajman, Market Trends, Property Prices

";

Labels: Ajman, Investment Property

";

Labels: Ajman, Construction Projects, Residential

"; ACI, the real estate firm that is an affiliate of Alternative Capital Investments, has revealed its plans to expand into Dubai, with its Dh.10billion worth development portfolio of new projects, and also make its foray into Abu Dhabi and Ajman property markets.

The Managing Director of ACI, Robin Loh-mann, said "There will be a total of seven buildings in the Abu Dhabi project, with first five likely to be launched shortly on Reem Island. We plan to diversify. We are on the look out for strategic alliances with major players in Abu Dhabi and Ajman. We will also focus on the Dubai Waterfront and Dubai Laggons this year."

Lohmann said that the company also holds another development on The World, and are keen on entering the Ajman market. He opinioned that all emirates are likely to benefit from the UAE market, as the Abu Dhabi market is picking up at a rapid pace.

He continued "Abu Dhabi is being developed in a manner that is a little different from Dubai. They are trying to include a little culture also in their projects, with things like the Guggenheim and the Louvre. They are trying to do things differently."

Lohmann said property prices in Abu Dhabi have nearly doubled during the past seven to eight months.

"We are eyeing on Abu Dhabi, as it is a totally different market," he said.

As for Ajman, Lohmann said that the development would begin with one residential and one commercial tower. The value of the Ajman project is yet to be revealed.

ACI is also planning to open another office in Doha during second half of the year. The 'Trilogy Towers', worth Dh.2.2bn, involving German sporting legends, Michael Schumacher and Nikki Lauda, will conclude on Sunday, after the launch of the Boris Becker Business Tower.

Labels: Abu Dhabi, Ajman, Real Estate Projects, UAE

"; It has been reported that the value of infrastructure projects in Ajman has touched Dh.1.38billion.

During the previous year, Ajman allocated Dh.500mn towards infrastructure, with Dh.45mn for roads and intersections, Dh.85mn for two bridges, Dh.14mn for other roads, their maintenance and renovation, all totaling up to Dh.165mn in value.

Apart from these, the emirate has invested Dh.580mn in projects like construction of bridges, lights, roads and development of government complexes. Among the infrastructure projects, the Dh.800mn sewerage system is a major infrastructure project in the emirate.

The Ajman Marina, worth $2bn, developed by Tanmiyat, is likely to transform Ajman into a popular destination for tourism, business and residence. The mixed-use project will provide residential accommodation for nearly 21,000 residents, and will include commercial and entertainment areas that spread over three million square feet. The project, which is open to all nationalities on a freehold basis, is expected to be complete by 2015.

Apart from the exclusive features that Ajman Marina has to offer, such as the yacht club, residential towers with view of marina and shores, restaurants, entertainment amenities, shopping mall, offices and hotels, the free zone state of the emirate is an easy access to commercial locations.

Labels: Ajman

"; The joint-venture by Mazyood Giga International and ETA Star, Star Giga, yesterday unveiled the 'Goldcrest Business Vistas', a Dh.360 million project in Ajman. Falling into the category of world-class real estate projects, the Goldcrest Business Vistas provides the best most commercial environment to companies at the regional and international levels, investors and other multinational business establishments.



The project is being built in the Emirates City, the new mixed-use development on the Emirates Road in Ajman, and is just 20 minutes away from Dubai and Sharjah International Airport.



The 29 storey commercial tower will include five offices of various sizes, ranging from 845 square feet to 1544 square feet in area, which the investors could choose from. The offices are designed in an open plan, offering space for more interaction and team work. The upscale tower, at its podium level, offers a multi cuisine restaurant, and features a rooftop gymnasium, and pool, for the fitness conscious corporate world.



The Star Giga Executive Director, Amir Pardesi, said Emirates City on Emirates Road in Ajman, being one of the most coveted new developments in UAE, is the most ideal environment to launch a business. The Goldcrest Business Vistas is an ambitious project, with a potential to attract large numbers of business firms, seeking to operate in a modern business environment.

Labels: Ajman, Commercial Property, Goldcrest, Office Space

"; The Barwa Real Estate, a Qatari developer, has unveiled a group of seven interlinked towers in Ajman Corniche Residence, reports Gulf News.

The Ajman Corniche Residence, located on Ajman Beach Road comprises residential areas, shopping malls and entertainment centers, strategically connected to each emirate in such a way that it is 10 minutes away from Sharjah, 5 minutes away from Ajman and 30minutes from the Dubai Airport.



Ajman Corniche Residence is supported by the Ajman Government and is the freehold residential development of Ajman.

The interlinked towers ranging from single to four bedroom sea-view apartments, with a range of 1344 to 5909 square feet in size, comprises landscapes, gardens, and a hoard of other amenities such as sauna, pool, steam room, relaxation area, Jacuzzi, children's play ground, pavilion, and health clubs, all in a luxurious affordable setting meant for commercial or residential purposes or investment.

The project which is expected to be complete by 2010, is 100 percent owned by Barwa International.

Labels: Ajman, Freehold Property, Real Estate Projects, Residential, Water front

"; Aqaar LLC has announced that nine out of twelve residential towers of the Dh.2.7billion mixed-use development in Ajman 1 has been completely sold out.

Spread over an area of 72,000 square meters of area, the Ajman 1 realty comprises 16 towers, a convention center, and retail and leisure amenities.

The Head of Ajman Municipality, H.H. Sheikh Rashid bin Humaid Al Nuami, said that they had targeted a sale of 50% of the project within the first year, and now 9 out of 12 towers have already been sold out, within a year of launch.

Aqaar has announced that it has entered into a deal with the Abu Dhabi Commercial Bank for a major package for financing the construction of Ajman 1. As per the deal, the Bank will provide a fixed term loan of Dh.600 million for construction of the real estate project in Ajman.

Labels: Ajman, Real Estate Projects, Residential

"; The real estate giants, ETA Star and Mayzood Giga, have launched their latest joint-venture project, Goldcrest Dreams3, in Ajman, which was announced during a press conference on the 22nd October'07. A sales exhibition for the new residential project is currently scheduled, which began yesterday and will take place until the 27th of this month.

The exhibition will showcase single, double and triple bedroom apartments, which offers a unique opportunity to buyers to experience real living environment, comprising fully furnished ultra modern residential towers with contemporary German furniture from GBK. The project is equipped with home management solutions from LG Homenet offering a safe and efficient living, thereby making the Goldcrest Dreams3, the first smart project in Ajman.

The towers with 25 Storey each are surrounded by waterways, lakes and fountains, and the most affordable five-year interest free plan with installments are being offered, beginning from Dh.2999 per month. The dining and the living rooms are designed by Seidenbacher Mobel. The bedrooms have an attractive and unique design done by HB Collections, and the Kitchens done by Nobila. The LG Homenet solutions offers easy access control of the common entrance and household, by notifying the owners about arrivals of visitors during the owner's absence, vehicle arrival notifications, and such other unique and safe features.

Amir Pardesi, the Vice Chairman of Mazyood Giga International, says "After the huge success of Goldcrest Dreams and Dreams2, we have decided to take community living in Ajman to another level. The Emirates City is a well-planned township, and the Goldcrest Dreams3, with its luxurious offerings will make it an ideal residential community."

Labels: Ajman, Apartments, ETA-Star, Freehold Property

"; Tanmiyat's Ajman Marina Project, worth $3billion, is expected to add another 8000 residential units to the market. The project will be constructed in two phases over a period of five years.

According to the Project Manager, Azad Nouri, the residential units, covering 14million square feet of built-up area, are offered on a freehold basis. The sale of the units will begin shortly once the designs are finalized.

Nouri invited all the investors and residents to be part of this ambitious project, which offers perfect style and quality, with reasonable pricing.

According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.

Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and dock masters. Other facilities on offer are covered car parks, 24 hours security and close proximity to schools and healthcare centers.

Labels: Ajman, Apartments, Freehold Property, Real Estate Projects

"; Ajman Holding has revealed its plan to invest more than $1.5billion in real estate and associated ventures in Ajman, during the coming three years.

The company, launched in 2000 with Ajman as its base, is a diversified group of companies. The company says substantial chunk of the money will be kept aside for the Boulevard project, which will be developed by a property, the real estate branch of Ajman Holding Group.

The planned projects include 14 commercial and residential towers ranging from 14 to 30 storeys, a mall, a five-star business hotel, 2000 or more podium and basement parking spaces. Certain other amenities being planned include health clubs, swimming pools, a nursery and day-care for children.

According to officials, the whole project offers freehold ownership with a residence visa. The Phase one of the project is scheduled for completion by the second quarter of 2009. aaproperty confirmed that it has already entered into a contract with Adnan Safarini Consultancy to implement the design process of the project.

The Chairman of Ajman Holding, Shaikh Abdul Aziz Bin Humaid al Nuaimi, said "Ajman Holding decided to develop premium real estate projects, as this compliments the basic idea of moving into infrastructure related projects. "

He continued "Ajman is already witnessing an increasing demand for premium real estate developments. We are planning a full-fledged expansion to move beyond the boundaries of Ajman into the neighbouring emirates and into international markets, so that we can accomplish our mission and increase value for our shareholders."

Labels: Ajman, Latest News, New Developments, Real Estate News

"; High Rise Properties, the Dubai based developer, is expected to offer atleast ten more towers in Dubai for sale, with 16 low-rise buildings in Ajman for investors as its record touches Dh.20 billion.

The Chief Executive of High Rise Properties, Faisal Ali Moosa, said "On the whole, our portfolio would be around Dh.20billion involving those already announced and the ones that are now under planning and designing."

"Among these, a minimum of eighteen towers is likely to be constructed at Jumeirah Village South, and a group of sixteen low rise buildings in Ajman, which is sold at a price of Dh.14 million per housing about 80 to 85 flats, most of which has already been sold to investors."

He added "we are overwhelmed to see the demand in the market. The market demand continues to outgrow supplies."

"We are planning to develop major mixed use developments, comprising commercial, residential, shopping and hospitality centers, that create communities," he said.

Al Moosa is of the opinion that the property prices will continue to appreciate in the coming years. "Now international buyers are cracking properties and the demand is more from international markets such as South Africa, Russia, Europe, Iran and India. Besides, high rents are prompting companies to develop their own properties or purchase it for employees residence, which creates new asset class for companies," he says.

Labels: Ajman, New Developments, Real Estate Company

"; Sharjah-based Tameer Holding yesterday said it has awarded a contract worth Dh522 million to Al Rajhi Projects & Construction to build phase one of the Al Ameera Village project in Ajman. Al Rajhi will construct 41 residential buildings in Al Ameera Village, with work beginning this month.

“Al Ameera Village is one of the most important developments in the UAE right now. We look forward to a long and fruitful partnership with Al Rajhi,” said Omar Ayesh, President, Tameer Holding.

When completed, Al Ameera Village will contain a five-star hotel, shopping mall, and residential and business facilities. With extensive amenities for families and executives, it is located off the Emirates Ring Road close to both Sharjah and Dubai.

“Ajman is now a market in itself, with other property developers becoming increasingly attracted to the emirate. But Tameer Holding was the leader in penetrating this relatively underdeveloped emirate,” Ayesh said.

Ziad Al Mous, General Manager, Al Rajhi, said the plans for Al Ameera Village show the project will “accelerate the progress of Ajman as a whole due to its improvement of the local infrastructure, its general services and the international standards of its architectural design”. [Emirates Today]

Labels: Ajman, New Contracts

"; The Ajman Government is all set to make the place more tourist and investor friendly, and is making initiatives towards attracting investors through a series of projects, The Chairman of Ajman Municipality and Planning Department, Sheikh Rashid bin Humaid Al Nuaimi, has revealed that Ajman is investing in hospitality, infrastructure, and other environmental projects to woo tourists and investors alike. He also mentioned that Ajman is in the process of entering into an agreement with a company for developing a master plan for the emirate.

Real Estate and Housing is said to be the top-most priority among Ajman’s developmental agenda. In addition to the real estate projects that are under construction on Emirates Road, Emirates City and Al Amira Village, three others are in pipeline. The total investment for the entire five projects is about Dh.20 to 25 billion.

Ajman’s next priority is the sanitation project, which is likely to get operational by the end of the year and will connect most emirates. Towards mid-2008, this sanitation plant is likely to connect the entire emirate to the project.

Next in-line is the finalization of the road network, which is due within a couple of months. Sheikh Rashid stated that a budget of Dh.150 to 160 million has been allocated for 2007, though in all possibilities, it is likely to exceed the allocations to keep pace with developmental needs.

Ajman Government also has plans to set up a special department for developing hospitality and tourism industries in the emirate. Also the industries in Ajman are advised to comply with a set of environmental guidelines prepared by the Government and a committee is set up to identify specific pollutants and the means for disposal. Sheikh Rashid added that a strict measure will be enforced for closure of firms that ignore environmental limits.

Labels: Ajman, Investment Property