AJMAN One, the first fully-integrated complex in Ajman covering 72,000 sq m and consisting of residential, business and hotel facilities, will be completed on schedule, according to its developer Aqaar. Around 30 per cent of Phase One, which is the residential component of the project, is completed and handover of the units to investors will take place in the first quarter of 2011.
Ten of the 12 residential towers of the Dh2.7 billion ($720 million) mixed-use development have already been sold out.
Aqaar is one of the first developers to register with Ajman Real Estate Regulatory Agency (ARRA). It is also one of the first developers to sign an agreement with the Abu Dhabi Commercial Bank for a Dh600-million ($163 million) financial package to assure construction of the project.
Commenting on prices, Rami Dabbas, CEO of Aqaar, says that the market is confused due to costs of developments. “Most of the investors are wondering why the developers are not re-considering their prices with the current reduction in price of construction materials. The fact is that the developers are unable to pass on the cost saving to end-users, even if they want to, because the contractors have been fully paid at market prices applicable during the time the companies have signed the contracts,” Dabbas pointed out.
Ajman One’s Phase One targets the mid-range segment and the 3,000 apartments are expected to have the high quality finishing.
Infrastructure work on Phase Two has also been completed. This comprises three office towers, a convention centre, and a world-class four-star business hotel with serviced apartments.