ArabianBusiness.com - Middle East Business News
Thursday, 26 November 2009 22:05 UAE time

YOUR DIRECTORY /

| Share |

Going for gold

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 05 August 2008

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.

Story continues below
advertisement

We had such a good response from investors and end-buyers we decided to move to the next opportunity.

"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.


| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

From  Current Issue

SHARE PRICE CHECK

RELATED LINKS

  1. Al Habtoor Engineering Enterprises (HEE)»

 EMAIL ALERTS

  1. Al Habtoor Engineering Enterprises (HEE)

  2. Goldcrest

  3. Real Estate


Tell us your story

READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 21
    26 Nov ' 09 at 20:13
    Red Devil/Sandjocky, I have also had several posts blocked over the past couple of days, posts that speak of the facts only as they...   More  »
  2. UAE real estate market has now hit bottom - analysts 04
    26 Nov ' 09 at 13:07
    Sadly, more wild statements from so called "experts" and "analysts" in the hope that their so called titles will hype the market and...   More  »
  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM