| 20 Nov 2008 |
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Ajman realty on a strong footing
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Projects in Ajman real estate sector will be able to ride out the current global financial crisis as the emirate targets end users and not speculators, said a top company executive.
"Affordable housing projects is the way for real estate developers in Ajman. The emirate spells sustainability as the target market has always been the end-user," Nezar Mohammed Alzaidi, Director of Modern Life Properties, told Emirates Business.
The company, a joint venture with Indian developer Rashmi Housing, yesterday announced plans to build a 45-storey residential project, The Habitat, in Emirate Lake Towers, a master development in Ajman.
The tower will have 910 units comprising studios, one- and two-bedroom apartments.
According to the developer, average unit price in The Habitat will start from Dh530 per square foot.
Studios will cost Dh210,000, one-bedroom units Dh330,000 and two-bedroom apartments Dh460,000.
The average land price in Emirate Lake Towers is currently Dh115 per square foot, said Alzaidi.
"We will look to keep a very flexible and affordable payment plan that will be spread across three to four years since our target clientele is the end buyer," said Rajesh Krishna, Managing Director, Indiana Real Estate, the marketing agents for the developer.
"We have some five different payment schemes. The down payment is about five per cent with the first payment as low as 1.5 per cent. For a studio unit valued at Dh210,000 the average monthly outflow from a buyer will be about Dh3,000 a month. We are targeting a salary segment of Dh9,000 upwards," said Krishna.
By Anjana Kumar
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