TWIN-TOWER STRUCTURE TO OFFER FREEHOLD UNITS
While countries worldwide are taking measures to cope with the global financial crisis, Falcon Eye, a UAE-based real estate developer, supported by Estate 400, a full service consultancy, marketing, sales brokerage and after sales management firm, is investing AED 1.5 billion in a commercial and residential development in Ajman offering investors an unmatched real estate investment opportunity at a premium price.
'Ajman Gate' - at the main entrance of the 'Eye of Ajman' urban land development within New Ajman's first accessible freehold development, off Emirates Road - will comprise two towers on prime property which will have connecting cabling work between them creating a gate-like structure that overlooks the entire master development.
Each tower will have a total built up area of 872,500 square feet, for a combined 1,750,000 square feet, with over 2,400 units and office modules with an equal amount of parking bays. The projected timeline for the complete sell out of all the units at Ajman Gate is two years, with the completion of construction and delivery of the entire project set within the next four years.
Ajman Gate's architect, designer and engineering consultant is Adnan Saffarini, one of the leading engineering consulting companies in the region whose track record includes a number of prestigious high-rise projects in Dubai, including the 64-storey Big Pin Tower along Sheikh Zayed Road, the 64-storey Khalid Al Attar Tower, the 54-storey Damas Tower, and the 106-storey Princess Tower in Dubailand. The Dubai-based architectural and engineering company employs more than 500 staff, with extensive knowledge of the quality and high standards required in the Emirates.
"The Ajman freehold property sector is no longer just a residential hub to provide low income housing for the working class," said Mohamed Al Hamidani, Chairman, Falcon Eye.
"It is fast becoming an alternative to the upper middle class as a convenient residential and commercial community with everything within 20 minutes drive through Emirates Road.
"At the same time, the demand from the commercial sector has stemmed out from the success of its residential projects. There is a considerable demand to relocate back office functions to Ajman as is common practice globally. Hence, the Ajman Gate design offers a mix of both commercial office modules and residential apartments," added Al Hamidani.
According to Nesar Reza Khan, Managing Director, Estate 400, residential units at Ajman Gate are to be sold at a starting price of AED 600 per square feet while the commercial units will be at AED 750 per square feet.
In addition, Khan noted that the attractiveness of the Ajman realty market is its reasonable pricing coupled with attractive payment plans and rapid appreciation of its market value.
"Ajman is part of the new booming real estate sector in the UAE and it is very popular amongst investors since the prices are competitive and risks are minimal. And while there is no project finance or home finance available for end-users yet, the positive side is that investors, end-users and developers are not prone to the credit crunch," explained Khan.
"Among Ajman Gate's target market for its residential units are end-users and long-term investors from the region and abroad. On the other hand we are targeting more investors than individuals for the commercial and retail units, particularly the small and medium-sized local and regional companies vying to relocate their supporting functions to leverage the accessibility of the Ajman Freehold Commercial offerings," added Khan.
-Ends-
About Estate 400:
Founded in March, 2008, by Hunaid Hussain Lakhani, CEO, BL Holdings, Estate 400 is the real estate consultancy, marketing, sales brokerage and after sales management arm of the BL group of companies.
The Estate 400 team comprises experienced and specialized real estate professionals with over 200 combined man years experience in providing tailor-made consultancy services to select developers, investors and homeowners in South Asia, the Middle East and Southern Europe.
Estate 400 provides a specialized and comprehensive range of Research, Marketing & Sales Consultancy, Sales Management and After Sales services, overseeing all aspects of real estate project marketing and sales requirements for its clients: developers and investors.
For more information on Ajman Gate please contact:
Action UAE
PO Box 20970
Dubai
United Arab Emirates
Gladson Ronad
Tel: +9714 390 2960
Fax: +9714 390 8161
Mob: +971 50 4533479
email: gladson.r@actionprgroup.com
Albert Alba
Tel: +9714 390 2960
Fax: +9714 390 8161
Mob: +971 50 8498642
email: albert.a@actionprgroup.com
© Press Release 2008
