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Aqaar Properties will select a contractor within the next two months for phase two of their US $735 million (AED2.7 billion) Ajman One project.
Aqaar CEO Rami Dabbas said they are currently assessing bids for the $436 million construction contract for phase two.
Dabbas said he expects construction to start immediately after the contract is awarded and the project to be completed within four years.
Phase two of Ajman One involves the construction of three commercial towers, a convention centre and a business hotel in Ajman's new freezone and commercial hub.
Called the Apex Business Towers, towers one and three will both be 27 storeys and tower two will be 26 storeys.
Also this week Aqaar unveiled plans to develop a $544 million luxury mixed use development on the waterfront at Ajman beach.
The project will consist of seven high-rise towers, a luxury hotel, a health spa and a souq.
The master plan was recently completed by Australian consultant Edaw and architect Elenberg Fraser. Some land reclamation will be necessary for the project and Aqaar has been in talks with three dredging contractors, Dabbas said.
"The dredging contracts should be signed by early next year," he said.
"Land reclamation is a very expensive process and so we got the contractors in from day one before the final design was completed. We may not even have a tender because we are going through a tender process right now."
