70% of $545mn Ajman Uptown project sold

Developer Sweet Homes says success is down to vibrant Ajman real estate market.
70% of $545mn Ajman Uptown project sold
By Andy Sambidge
Tue 30 Dec 2008 01:10 PM

Sweet Homes, a UAE-based developer, has announced that it has sold out 70 per cent of its three billion dirham ($545 million) Ajman Uptown project, despite a 40 per cent hike in property prices in Ajman in 2008.

The announcement follows a GCC-wide roadshow organised by the company and is in line with the developer's two billion dirham investment plan for 2008.

Company chiefs said the strong sales reflected the vibrancy of Ajman’s real estate industry and the appeal of Ajman Uptown, which comprises of seven commercial and residential towers, a hotel and hotel apartments complex, and villas and townhouses.

Reports also indicate that investments into Ajman’s property sector have crossed the 400 billion dirham mark this year.

While other parts of the UAE suffers, Ajman iis experiencing a property boom due to its investor-friendly property laws and reasonable project rates, with the emirate having attracted significant foreign direct investment (FDI), which has exceeded the rest of the other emirates by 300 per cent.

“As the third largest property market in the UAE, Ajman is strategically positioned to attract more foreign investments into the real estate sector, with over 33 per cent of development projects in the area owned by expatriates, as compared to 11 percent in other emirates," said Fahad Sattar Dero, CEO, Sweet Homes Group.

With offices in the UAE, Oman and Qatar, Sweet Homes continues to undertake regional awareness campaigns and participate in high profile promotional activities, such as its ongoing participation as a major sponsor for the Doha Shopping Festival.

Scheduled for completion by 2010, Ajman Uptown will also feature a school, a healthcare centre, a fire fighting station, several mosques, a health and recreation club, a swimming pool, markets, shopping mall, hotel & hotel apartments, and convenient and spacious parks.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.