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Ajman One nears sellout status
The US$730m Ajman One mixed-use development project is nearing sellout status, less than six months since its launch.
The Ajman One is being developed by Aqaar Properties and features 16 towers for residential, commercial, hospitality and leisure uses. It is due for completion in early 2010. The development offers residential towers with combinations of studio, one, two and three-bedroom apartments. Prices range from US$61,000 to US$245,000 for apartments.
Asteco, the sales and leasing manager for the project, has reported a 90% sellout in the 72,000 sq m residential section, with most buyers either GCC nationals or UAE-based expatriates. Rami Dabbas, CEO of Aqaar Properties, said the sales success of the Ajman One project pointed to the growing profile of the Northern Emirates among both regional and international investors.
Phase one of the 72,000 sq m project will have 12 freehold residential towers forming the core of the development.
Investors buying into these towers, seven of which have been already launched to the public, will have residence visas automatically issued upon delivery of the property units.
James Knowles, sales and leasing director at Asteco, said Ajman's proximity to Dubai and Sharjah had helped evolve the emirate as a sound investment option.
"With improvement in facilities such as accessibility, roads and power, along with government support to developers, an increasing number of big-name real estate players are launching projects in Ajman," he said.
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