Sweet Homes keeps selling prices steady at Ajman Uptown, Rainbow |
|
Text Size 
Sweet Homes, an Ajman-based developer, said it will not lower selling prices for either of its two projects.
The developer has sold around 70 per cent of its Dh3.5 billion Ajman Uptown, a 1,504-villa project, and around 95 per cent of its Dh500 million Rainbow Towers, a 1,200-apartment project, in just over a year.
"We have retained around five to 10 per cent of the total number of units in both the projects in order to sell them when the Ajman property picks up," said Fahad Sattar Dero, Chief Executive Officer, Sweet Homes.
Average selling prices in Ajman Uptown is around Dh600 a square foot. Two-bedroom villas are priced around Dh1m; three-bedroom villas are sold for Dh1.3m, while four-bedroom villas can cost Dh1.6m. Selling prices in Rainbow Towers starts from an average of Dh550 a square foot.
Dero believes that the global downturn and subsequent slowdown in the regional real estate has made Ajman a more attractive destination.
"We project land prices in Ajman to fall by 20 per cent to 25 per cent in the middle of 2009. The government will be more willing to negotiate on land prices with investors if the slowdown in realty market continues."
Sweet Homes expects lending to begin in Ajman in a major way when Ajman BankAjman Bank
begins mortgage business by early next year. "The bank was to start lending by end of this year but has postponed it due to the cautious approach taken by other banks in the UAE.
"However, if the banks steps up lending process, Ajman realty market will see a further surge."
Dero said Ajman will continue to attract a number of international investors into the emirate.
"As the third-largest property market in the UAE, Ajman is strategically positioned to attract more foreign investments into the real estate sector, with more than 33 per cent of development projects in the area owned by expatriates, as compared to 11 per cent in other emirates."
Sweet Homes has also ruled out any plans to launch any new projects in 2009.
"We will not expand nor acquire any new land in any other emirate.
"We will be focussing on constructing our existing projects," said Dero.
By Anjana Kumar
© Emirates Business 24/7 2009
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Nissan Motor Egypt | Egypt | Transportation Products |
| KIA Motors Saudi Arabia | Saudi Arabia | Transportation Products |
| Ministry of Health - Saudi Arabia | Saudi Arabia | Ministries and Municipalities |
| Al Rashid Trading and Contracting Company | Saudi Arabia | Construction and Design |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Saudi Arabian Oil Company | Saudi Arabia | Oil |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| Ras Girtas Power Company - Ras Girtas IWPP | Qatar | Power and Water |
| IGD - Gasco - Habshan 5 Gas Processing Plant | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex | UAE | Industry |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Qatar Foundation - Sidra Medical and Research Center | Qatar | Real Estate |
| Aramco/Dow Chemical - Ras Tanura Integrated Refinery and Petrochemicals Complex | Saudi Arabia | Oil and Gas |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| Abu Dhabi Ports Company - Khalifa Port and Industrial Zone (KPIZ) | UAE | Infrastructure |
| SATORP- Jubail Refinery and Petrochemical Complex - Conversion Unit and Sulphur Package (Part 2) | Saudi Arabia | Oil and Gas |