Saudi-based Tanmiyat is reviewing the $3 billon Ajman Marina project with plans to turn it into an entertainment destination than just build high-rises there, a top company executive said.
"We are working with Ajman Municipality to review the masterplan of the project. We want to make it an entertainment destination than have just residential and commercial towers," Dr Wan Hasni Wan Su, Advisor in Charge, Tanmiyat, told Emirates 24|7.
"The land is so good that we want to put it for better use. Since we have not sold anything, we don't need to start the project."
Asked if the project will not have any residential towers, Dr Wan said: "The project will be developed in phases and that decision will be taken later."
According to the company's website, Ajman Marina was designed to become a mixed-use project focused on business, tourism, residential and commercial components. The project, located near the Kempinski Hotel and spread over 25 hectares, was officially launched in October 2007 and will comprise a yacht club, residential towers, branded restaurants, entertainment facilities, and hotels.
Although Tanmiyat is self-funding its Dh2.7bn Living Legend project in Dubailand, the company does have plans to access the fund market.
"The market is currently not conducive to launch a bond issue. But, if anytime we go to the market in the next three years, we will raise at least Dh1bn," Dr Wan said.
On Monday, this website reported that the company will be handing over 200 villas and almost 400 apartments in the first phase of Living Legends project by end of 2011.
By Parag Deulgaonkar
© Emirates 24|7 2010
