An Ajman developer is offering buyers the chance to buy a freehold plot of land that comes free of any restrictions on what can be built, it was reported on Sunday.
Cash buyers can buy plots of land in Ajman from Park Properties and will be given title deeds which will allow them to built “a townhouse or villa when you desire,” according to a report in Emirates 24/7.
“This is a new concept we have introduced… here you own a freehold plot where you can build a townhouse or villa when you desire. But, they need to pay the land price in cash,” said Mohamed Samier El Khashab, head of development at Park Properties.
The project includes 180 townhouses and 140 villas and deeds to the plots will be handed over in the next six months.
“These days it is difficult to get home mortgages for off-plan properties… by becoming the owner of the land, one can build as and when he has money,” El Khashab added.
Prices start from AED150,000 ($40,828) and Park Properties expects to complete preliminary infrastructure work in the next six months.
El Khashab expects the project to house around 1,200 people and the developer said it will push ahead with the project regardless of how many plots are sold.
“Although people will be concerned about the project, we will go ahead with it even if sell only 30 per cent of it,” El Khashab is quoted as saying.
While El Khashab does not want to encourage speculators, buyers are allowed to resell their plots on the secondary market.
Earlier this month, a CB Richard Ellis report on the real estate market in the Northern Emirates found that increased supply has seen average one-bedroom rental units in Ajman decline by 42 percent in the last two years.
Follow us on
