Aqaar to complete Ajman One by 2011

Aqaar, the developer behind the AED2.7bn ($720m) real estate project Ajman One in the UAE, said on Tuesday it would be completed on schedule by 2011.

The first residential phase of the 72,000 sq m mixed use project in the emirate of Ajman is currently under construction and infrastructure work on phase two has been completed, the company said in a statement.  

Handover of units to investors will take place in the first quarter of 2011, with 10 of the 12 residential towers sold out, the developer said.

While there have been widespread investor defaults on many real estate projects in the UAE in the wake of the global crisis, Aqaar said it had experienced none.  

Aqaar is registered with the Ajman Real Estate Regulatory Agency (ARRA) and received a fixed term loan of AED600m from the Abu Dhabi Commercial Bank to finance the development, which will feature 3,000 apartments.  

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