Going for gold

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The interior of a bedroom in Smart City.

Goldcrest is bidding to become the largest real estate developer in Ajman with its mid-range pricing and smarthome systems. Claire Ferris-Lay reports on the firm’s latest development, Smart City.

Amir Giga is a happy man. The managing director of Dubai-based real estate investor Goldcrest sold five out of eight towers in his recently launched development, Smart City in just four days.

It is hardly surprising that the towers, which as yet don't have a completion date, sold out so quickly. The 3,500 studio, single room and double apartments in Smart City, located in the ‘newly discovered' emirate of Ajman, were being sold for far less than other developments in the neighbouring emirates. Apartments are being sold for an initial price of approximately US$153 per sq ft.

"We are targeting low and mid salary individuals [but] still offering a very high standard of quality and living," says Giga. "There is huge demand in this segment," he adds enthusiastically.

Housing shortages and soaring rising costs in other emirates are spurring the growth of developments in Ajman.

Demand for residential units in the UAE is expected to rise to 212,000 by the end of this year, and hit 246,000 in 2009. The shortfall in the emirates excluding Dubai and Abu Dhabi could increase to more than 160,000 in 2017, compared to 56,000 units this year.

According to recent figures from the Ajman Chamber of Commerce & Industry, the growing popularity of Ajman-based developments with global investors has resulted in the boom in the emirate's Foreign Direct Investment (FDI), which has exceeded the rest of the other emirates by 300%.

Foreigners in Ajman now own 33% of development projects established in Ajman compared to 11% in the other emirates.

Goldcrest's Smart City is a US$544.5m project featuring eight residential towers located at the "Eye of Ajman" development. The project will be spread over 4.2 million sq ft along the Emirates Road, just 35km from Dubai International Airport.

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