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Sun 12 Jul 2009 06:38 AM

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Ajman regulator hands Aqaar master developer role

Developer wins licence from property watchdog to lead way on future projects in emirate.

Real estate and property development company Aqaar has received a master developer licence from the Ajman Real Estate Regulatory Authority (ARRA).

The new licence will enable Aqaar to develop larger master communities in Ajman’s real estate sector and provide integrated services and solutions to sub developers. As a master developer, Aqaar will create, sustain and enhance the value of future projects.

Additionally, Aqaar will ensure that all key infrastructure developments are in place within community areas which will significantly enhance the emirate’s residential, business and tourism landscape.

Rami Dabbas, CEO of Aqaar said: "Receiving a master developer licence is a milestone achievement for Aqaar and will better position us to pioneer innovative community-living concepts for Ajman. Our new role as master developer challenges us to grow and expand the emirate’s dynamic real estate offering.

“Our new licence will enable us to manage the fundamental operations of Ajman’s developments and create master-planned communities around the emirate that meet the homebuyers' full spectrum of lifestyle needs. Aqaar brings extensive experience to the market and will be a solid asset to community partners with our full line of management services and client focused solutions."

Aqaar’s first project is the AED2.7 billion Ajman One, a 72,000 square metre complex consisting of residential, business and hotel facilities.

Escrow accounts for all the 12 residential towers in phase one have been opened at Abu Dhabi Commercial Bank (ADCB), to assure full funding for the towers.

The company said 10 towers within Ajman One are currently sold out and 30 percent of the initial residential phase is already complete. Investors are expected to receive the handover of units in the first quarter of 2011.

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