Gulf Star Property Developer, Ajman, one of the leading German-owned International property developer in New Ajman will be pre-launching soon. It is a first state of the art commercial tower in Park View City, one of the best location and safest haven in the emirate of Ajman.
* To focus on home market due to global financial crisis
* Sees Islamic banking in better position after turmoil
* On track to open first branch this year
DUBAI, Oct 28 (Reuters) - Ajman Bank said on Tuesday it could curb its foreign growth plans to focus on the United Arab Emirates in light of the global financial crisis, but it believes Islamic banks could benefit from the turmoil.
"We need to be extremely careful at this stage whether we will consider investing anything outside the UAE market," Chief Executive Officer Yousif Khalaf told Reuters in a telephone interview.
"Before we had some sort of allocation for overseas investments. I think at this stage we will probably restrict it to the local market and wait and see how things will develop."
The seventh Islamic lender in the UAE, Ajman Bank listed on the Dubai bourse in June, saying at the time it planned to establish itself in the UAE then look to other Gulf and Islamic countries for future growth.
The credit crisis has since caused turmoil in international markets and has also squeezed liquidity in the UAE, the world's fourth largest exporter of crude oil, prompting the government to offer banks extra funds and guarantee deposits.
The crisis is widely expected to slow down a Gulf Arab real estate boom, which is also prompting Ajman Bank to rethink its strategy.
"When it comes to the strategy... to allocating our assets ... to liquidity positions and risk management scenarios, those will all be revisited because obviously now there is a need to set aside more liquidity than before, just in case," he said.
"Real estate... has been one of those sectors which may face some difficulties so obviously we have to be careful... Some sectors in which we feel more comfortable (are)...trade finance, financing small to medium-sized enterprises, consumer finance."
The bank expects to open its first flagship branch in Ajman, one of the seven emirates comprising the UAE, in the fourth quarter, as planned. Khalaf said it would also have a presence in the main emirates, Dubai and Abu Dhabi, in the next year.
OPPORUNTIES FOR ISLAMIC BANKS?
As Ajman Bank has yet to make major investments, it has escaped lightly from the financial turmoil, and Khalaf said that Islamic banks could ultimately benefit from the crisis that has hit confidence in conventional banks.
Demand for investments and financial services that comply with Islamic law -- which includes a ban on interest -- has already been growing as Muslims seek what they see as more ethical ways to invest their money.
"Our money is physically placed with local Islamic banks in the form of deposits... So ... it is a blessing for us because at least we are in a better position to assess what is happening in the market and revisit perhaps our strategies," Khalaf said.
"Because of the recent events I think Islamic banking has proven to be stronger. The nature of Islamic banking, the way that business is done, because it is basically asset-backed which I think puts it in a much stronger position..."
Islam also bans investment in companies dealing alcohol gambling and pornography. One in every five people in the world is Muslim.
Islamic lenders could control over $1 trillion by 2010, according to U.S. management consultants McKinsey & Co.
"I believe growth in the banking sector will be accelerated because of what is happening," Khalaf said.
"Islamic banks should be able to capture a bigger market share... but I think we should start seeing more and more ventures into Islamic banking even in the West and Far East."
Ajman News, 28 October 2008
BSEL Infrastructure Realty will be showcasing its bouquet of seven 50-storey towers under construction in Ajman at Property Arabia.
The expo opens at the Bahrain International Exhibition Centre today.
The towers, named after precious stones, will cost about BD200 million with the first tower due for completion in 2010 with the whole project expected to be finished by 2012.
The project, Jawahir Al Emarat, is one of the single largest residential clusters in the UAE, comprising 5,000 apartments spread over a built-up area of 8m square feet. It is just 20 minutes from Dubai airport and 10 minutes from Sharjah airport.
"We are delighted to showcase our seven towers in Bahrain," said BSEL Infrastructure Realty president Christina Cabading.
"We realise this is the ideal event to reach out to potential Bahraini investors rather than investors trying to reach out to us.
"Over the years our strategy has been to offer quality-focused, cost-effective and return-oriented properties to our investors. I am sure Bahraini investors will find our properties very attractive."
She said that rumours of a property downturn in the UAE were unlikely to affect this development as it offered one-bedroom flats at just BD34,500 and two-bedroom units at BD49,000.
So far this year the development has been marketed at property exhibitions in London and Singapore and will shortly showcase the development in Moscow.
She said 75 per cent of the first tower had already been sold.
Ajman Property News, 28 October 2008
Principal International are proud to announce the launch of an excellent project in Ajman. There are a number of different investment opportunities that allow investors to get a foothold in the UAE:
Ajman is the smallest of the seven United Arab Emirates. Located conveniently on the much sought after Persian Gulf Coast and occupying an area of just 260 square kilometres.
A former protectorate of the British for its strategic maritime location during the days of the old Empire, modern Ajman has started to experience significant economic growth as a result of the competitive land prices and convenient location to nearby Dubai.
The exciting Ajman International Airport project, part of a multi billion dollar investment is set to begin at the end of 2008. This will be an even bigger boon to a thriving business economy and provide a safer return on prospective property purchases than speculating on a slowing european market with its over inflated Euro.
Ajman is now the second of the Emirates, after Dubai, to offer 100% fully transparent freeholds on real estate property, providing further confidence to the shrewder international investor. Outside of Ajman city, located on the Emirates road, a stylish new development has been conceived of high rise business buildings, shopping malls, hotels and beautiful villas stretching out to the Al Zoura beachside.
Property prices have already risen well on the back of these investments and yet still compare very well with bigger neighbour Dubai, making them a strong contender for the discerning Buy-To-Let investor for both the indigenous and international market.
Ajman News, 23 October 2008
V. Five Continents Launches Ramada Hotel & Suites Towers in Ajman V. Five Continents, an international hotel and resort hospitality group announced today the launching of Ramada Hotel & Suites Ajman, a luxury four-star hotel that is expected to set a new standard for business and leisure travel in the Emirate. The launching of the new hotel was announced during the Business Travel Show in Dubai that took place at Madinat Jumeirah Arena. The new hotel complex consists of three all suites towers and a four-star international hotel. Conveniently situated in downtown Ajman in the Mushrif Commercial area, the city’s prime district, the tower boasts 503 suites - all exclusively appointed and stylishly furnished - plus four restaurants, health and fitness facilities and a swimming pool, by World Class International. In addition to modern meeting, convention facilities and a business center with offices, the new Ajman Ramada’s contemporary and tasteful suites offer superior comfort and exciting amenities such as butler services, hands free telephone sets, wireless and high speed internet, i pod docking stations, LCD televisions and handicap access. The hotel offers VIP transportation to and from the airport, and covered parking for 730 cars, as well as laundry and dry cleaning services and VIP loyalty membership options. “Ramada Hotel & Suites Ajman is the ideal place to conduct business dealings in the Emirate, set in stylish surroundings with high end services and the latest technologies to help ensure business success,” said Richard A. Jaoude, CEO and Partner, V. Five Continents Group. “The new hotel will blend V. Five Continents’ operating strength and market expertise in the Middle East and couple it with the global strength of Ramada’s brand to extend a dynamic offering that is unmatched within the hotel industry. Our branded hotels will gain an international flavor while maintaining their emphasis on offering authentic Middle Eastern hospitality.” V. Five Continents, which enjoys a strategic partnership with the Wyndam Hotel Group to develop and operate under its brand name Ramada in select countries in MENA, operates nine properties in the UAE, Kuwait and Egypt. The company plans to launch 10 additional hotels and resorts by 2011. “We believe that the key cities we operate in have great potential for growth,” Jaoude added. “We are confident the Ramada Hotel & Suites in Ajman will attract many visitors and business travelers. In turn, we hope this will contribute to the economic development of each of these cities. For the new Ramada Hotel & Suites in Ajman, it’s all about business.” Ajman News, October 2008
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. Ajman News, 22 October 2008
Ajman, UAE - GULF STAR Property Developer is a German-owned, internationally experienced Property Developer and Real Estate Company who specialize in delivering property solutions to meet the demand of the international property investor market. The Chairman, HRH Princess Fay von Ary outpoints that high rise building investments are the expertise. GULF STAR is a company whose principals have over 25 years of experience in regards to International property development and management. Germany, England, California and the South of France are some of the main regions where the property activities have been successful. The CEO, Mr. Alex S. von Ary, M. Eng., explained, “it is the expertise in foreseeing rising markets and developing off-plan purchases that allows the company to offer buyers the maximum returns on investment.”
GULF STAR has come up with a unique Dh 1 b project in Park View City Ajman, The “Parkview PALACE.” The building is equal to its title that demand with the link between the aesthetics and historical status be as obvious as the PALACE extraordinary lineage. It is a perfect combination of timeless style in an affordable environment. Parkview PALACE is a world class development featuring a harmonious balance of residential and state of the art commercial towers that allows the highest quality of a modern lifestyle. www.gulfstarproperty.com
Tenders have been invited for the construction of the second phase of the infrastructure development of Ajman Marina, which is scheduled to start within the next three months.
Work on the first phase of infrastructure development has been progressing as planned and will be complete in 2009, said Abdullah Al Dehalm, Deputy CEO of Ajman Marina.
Speaking to Emirates Business yesterday, Dehalm said the progress of the work has been satisfactory and expressed confidence the project will be complete in five years as originally planned.
"The contract was awarded to China Harbour Engineering to develop the project's infrastructure. We started the first phase of the infrastructure development work two months ago. The contract includes the construction of the key wall and reclamation of land," said Dehalm.
Mouchel has been appointed as the managing consultant for the project. Following the award of the Dh 9billion contract, Mouchel will supervise and manage the 390,000 cubic metres of digging and piling works and the 557,000 cubic metres of filling works for the Marina's quay wall, which once completed, will extend over about 1,700 metres.
According to Dehalm, six companies are participating in the tender for the second phase of the infrastructure work. "We are yet to finalise on the contractor. The work on the second phase would start by early next year and would include facilitating the requirement of power, water, roads," said Dehlam.
The project, according to him, will require the construction of a 180KW power station. "It is not sure if we are going to build the power plant here or outside. But this is what we require," he said and expressed confidence about measures being under taken to cater to the requirement of power and water in the emirate. "Following the completion of the first phase of infrastructure development, we will be ready to start work on individual developments within the project. Work on about nine towers are expected to start thereafter. The second and third phases of infrastructure work will proceed simultaneously," he said.
The third phase of infrastructure development will start by the end of 2009.
Dehalm said the benefits of reduced construction cost will be passed on the end users. "The price of steel and diesel has reduced and we expect the construction cost to reduce as well."
Ajman News, 21 October 2008
Ajman Marina is to build its own electricity generating plant to ensure it is not affected by a power crisis in the emirate, its developers announced yesterday.
Hundreds of new buildings in Ajman are empty as the Federal Electricity and Water Authority and the local authority wrangle over who is responsible for supplying power. As a result, developers are losing millions of dirhams and businesses are being forced to close.
Ajman Marina, a Dh3 billion (US$817m) joint venture development, is the first to announce it will build its own power plant for its development. This should mean tenants will be able to move in as soon as the project is built, unlike other developments in Ajman, some of which have been empty for up to a year.
Azad Nouri, the general manger of the Ajman marina project, said the company had decided to create its own electricity supply because it understood the public’s concern about the power crisis.
Dr Ali Osman, the deputy director of Ajman Marina, said the project was still at the planning stage but the company had finalised its design and its needs assessment.
Ajman Marina's power plant project would require about 300 megawatts of electricity, he said.
“We have received about three proposals from different companies to undertake the power plant project. We are yet to decide on one,” Dr Osman said, adding that it was too early to name the companies bidding for the project.
He said the company had not yet decided whether to build a diesel or coal plant, but this would be decided in a few weeks.
The Ajman Marina development is expected to be completed by 2015 and the company plans to have its power plant up and running by then. The development, a mixture of residential and office projects with a five-star hotel on the waterfront, is a joint venture run by the Ajman Government and Tanmiya property company.
The electricity shortage has had a significant impact on property investors in the northern Emirates.
Many have invested millions of dirhams, which they are having to write off as they cannot provide light for their buildings.
In Umm al Qaiwain, a Dh30bn project by Tameer, the Dubai-based developer, Al Salam City, was put on hold in May due to the shortage of electricity and water. The delay in such a high-profile project, which was believed to have been 70 per cent sold, was a big blow to the emirate.
The Ajman Government signed a $2bn agreement with the Malaysian power producer MMC this year to build the Gulf’s first coal-powered electricity plant. The plant will be ready in 2012.
Ajman News, 20 October 2008
Ajman Municipality & Planning Department Shifts Services Online
New e-services enable more efficient and convenient processing
In a bid to provide faster, easier and more efficient services to Ajman citizens, the emirate’s Municipality and Planning Department has announced a new e-services platform, including an online portal to receive applications and manage queries.
The initiative, designed and implemented by software development company Development, involves a comprehensive integration of the municipality’s systems and processes. It includes the launch of a portal delivering e-services to citizens and businesses; a secure intranet for better collaboration among municipality employees; and a secure extranet for easier cooperation with other government ministries and departments.
The portal enables businesses and individuals to access 18 municipality services such as land registration, agricultural and work permit-related services through a fully automated system.
“Our new e-services are a testament to Ajman Municipality’s commitment to delivering high quality services to citizens and businesses,” said Faisal Buafra, IT Director, Ajman Municipality and Planning Department. “Not only will they offer more convenience and efficiency to our valued customers, but they will also enable better handling of queries by employees and promote greater transparency. All this will raise the quality of service even higher.”
LINK Development, which implemented the solution, has been operating in the UAE for 11 years and is a well-known developer of e-government solutions across the GCC.
“We had to re-engineer the entire process first to ensure that Ajman Municipality gets the maximum benefit from automation and business process management,” said Sherif Dahan, Gulf Territory Manager of LINKdotNET “Then, we carefully designed an IT architecture that enabled us to seamlessly shift the municipality’s systems and services onto the online realm, streamline processes and benefit a variety of users,”.
With Microsoft Office SharePoint Server 2007 providing an integrated platform for its intranet, extranet and web applications, the new system enhances the municipality’s effectiveness and accelerates the processing of transactions.
Once users fill in an application online, a profile is created and the application lands automatically on the relevant department/employee’s workspace on the municipality’s intranet. From there, each transaction follows its defined workflow steps while allowing the applicant to track its status online as well as access a log of all activities and actions related to his request. The fully automated process minimizes human intervention leading to a faster and more efficient process.
Furthermore, The municipality portal is integrated with an SMS gateway that enables the sending of progress updates to citizens mobiles as well as a payment gateway, , that enables online fee payment.
The bilingual portal also provides updates of municipality projects, as well as useful business and service directories.
Ajman News, 20 October 2008
Ajman Crown Prince, Sheikh Ammar bin Humaid Al Nuaimi, today urged all members of the UAE society, UAE nationals and expatriate alike, to register their names, as quickly as possible, in the ongoing national identification programme to enable the country compile accurate data about its population.
Sheikh Ammar made the call after registering his name in the national identification registry book, in the presence of the Chairman of Ajman Economy Department, Sheikh Ahmed bin Humaid Al Nuaimi, at the Ajman Emiri Court.
He said having accurate data about the country's population would enable the authorities to identify the exact services needs of the people, including their needs in the areas of education, social, health and economic needs, adding that it will also enable the authorities to provide adequate services for all to enjoy a happy life.
He also said that the UAE leadership want to know, through the population identification programme, the actual population of the UAE to enable them draw the best strategy in dealing with all problems.
Even as global banking institutions and governments continue to battle a slew of market downslides, property prices and demand in the UAE have remained robust. Thursday saw the opening of the 7th R&R Local Property Show at the Crowne Plaza, Dubai and the show has been sold out for months. The official opening was undertaken by His Excellency Shaikh Juma bin Thani Al Maktoum, Head of developer registration section at RERA, Patron of the show and Dr. Salem Al Shafiei, Managing Director of the Dubai Real Estate Institute – Education Partner. “We are delighted to be working with both RERA as Patron and Dubai Real Estate Institute, Education Partners of the event. It is essential that we all work together in ensuring that consumer interests are protected when purchasing property and that they are being served by real estate professionals all working to a high standard. We value the role our exhibitors play in ensuring they all adhere to these standards and their desire to serve the market in a purely professional manner,” stated Abdulla Al Noaimi, Event Director for DSL Exhibitions. “Dubai Real Estate Institute’s initiative to participate as Education Sponsors of the event is in line with our conviction that specialisation and training of professionals is an imperative need in today’s competitive global marketplace. The event will allow us to interact with diverse stakeholders to whom we offer our study models. Through our programmes, based on global best practices and developed by prominent international universities, we aim to build capacity among drivers of the real estate industry across the region for moving the sector into its next growth phase,” commented Dr. Salem Al Shafiei, Managing Director of DREI. As the first consumer focused show of autumn, the show is the only locally focused event showcasing a wide array of local developers and agents from across the UAE. The focused has shifted from being a Dubai driven market to new markets offering consumers affordable housing and investment option; in particular Ajman remains a very popular investment destination Platinum Sponsor for the event, Chapal World, master developers in Ajman commented: “Property prices in Ajman have risen by an average of three to five per cent every month for the past two years. When Chapal launched our projects in February 2007 our average property selling price was 300dhs per sq.ft. It is now Dhs 625 to Dhs 650 per sq.ft. In three months’ time, we will bring them to a 700 to 750 Dhs per sq.ft. The property market is still in its primary stages in Ajman. We anticipate that when infrastructure is built and people can see more towers ready for handover Ajman’s secondary market will surge,” said Mr. Khurram Wahid, Director of Chapal. “Prices are still rising in Ajman and the demand is now increasing. More and more people have realised Ajman is a good and rising investment opportunity. This is good news as we can expect a steady future ahead of us,” commented Ikram Sheikh from Tricon Properties. “Investor interest in property as a secure investment in troubled economic times is the major factor, as both institutional as well as individual investors still see an opportunity for gains. However, end-user confidence is also contributing significantly to the demand. It is quite clear to the market that real estate prices in the UAE will continue to grow in the medium term as demand shows no immediate signs of outstripping supply. The UAE is unique in that demand for local property has not dried up and sales continue to be strong. The large number of serious buyers we get at our event is testament to this,” said Tessa Morris Marketing Director for DSL Exhibitions, organisers of the event. R&R, the Local Property Show is the only show dedicated to providing a platform for local real estate-related businesses, including developers, banks, finance providers and mortgage brokers. It has become the destination of choice for both sellers and consumers as the one-stop-property-shop to those wishing to buy in the UAE. The current show is being held at the Dubai Crowne Plaza, on Thursday 16th, Friday 17th and Saturday 18th of October from 10.00am – 10.00pm. The show will still contain all of its popular elements – weekend show days, free entry, 1000’s of properties for rent and sale, and the popular Property Wall. Admission is free. Ajman News, 19 October 2008
Ajman Marina Company has announced that it will participate in the annual Russian 'Extravaganza' luxury products exhibition, which will be held at the Exhibition Center in Moscow from 24th-26th October.
Ajman Marina project is a high profile project aimed at transforming the emirate of Ajman into a major destination for tourism, business, and housing and will provide homes to 21,000 people, in addition to numerous amenities, including commercial and luxury facilities, presented on a freehold basis for all nationalities. Development work is expected to be complete by 2015.
Ajman Marina's Deputy CEO, Mr. Abdullah Al Dehaim, said:
The exhibition will run over three days, with various exclusive products dedicated to a luxury lifestyle from around the world, on display. These include properties, cars, yachts, jewelry and works of art. In addition, the latest methods in managing capital and fortunes will be presented, which is expected to attract those interested in economical and financial matters.
Seminars tackling numerous contemporary issues, such as successful investment in properties, companies and money management, are also expected to be held at the exhibition. The seminars will be led by pioneers of architecture, international real estate business, environment, investment and economy.
Newly appointed sales director in gulf star property
Gulf Star Property Developer - Ajman is proud to announced the newly appointed Sales Director, Mr. Mohammad Reza Bakhshaei, he holds an BBA & Marketing degree of Azad-University. Since he joined the company, he made outstanding progress in building profitable business. Mr Bakhshaei has proven success in addressing the challenges and his innovative plans for the future development of the company and Ajman, make him a valuable asset and we are confident that he will deliver major benefits for the company. The company wants to extend warmest congratulations from the Management and Staff of Gulf Star Property Developer.
Gulf Star Property Developer, one of the leading and successfully growing real estate developer in Ajman with numerous projects, with over a 1b Dirhams volume, coming on the way in the Emirate along Emirates Road. The major project will be venturing in a Five Tower complex in Park View City, Ajman, which is called "Park-Palace". Gulf Star will very soon be pre-launching the Center Point tower of Park-Palace complex, a fully commercial business center tower, with a unique state of the art Central reception service concept. The perfect business location, only 20 minutes from Dubai Airport. The Center Point Tower with significant business components and latest technology amenities will deliver great satisfaction for the local and foreign clients and investors. Price per value is unique and at least 60% less than in the neighbouring Dubai.
Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced its extensive participation at ‘City View Syria 2008 - The 2nd Tourism Investment & Real Estate Development Exhibition and Conference', which will run from October 19-21, 2008 at the Four Seasons Hotel in Damascus.
The developer's participation is part of an extensive region-wide campaign for its AED 3 billion ‘Ajman Uptown' - a massive community development comprised of seven commercial and residential towers, a hotel and hotel apartments, and villas and townhouses, which will be offered to potential investors at the event. The developer is aiming to target a widespread investor base in the Levant region through this exhibition.
Spanning over 4 million square feet, ‘Ajman Uptown' comprises of 1504 G+2 villas and townhouses, and seven G+4 buildings, which will collectively offer two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas. The developer is confident that the project will generate much interest from Syria-based investors, following the community development's impressive sales performance, which has hit 50 per cent shortly after its launch.
The project's outstanding design, which takes inspiration from classic French architecture and carries the overall theme ‘L' Art De Vivre' will be highlighted in the developer's stand (Main Hall, Stand 17 and 18) during the event's three-day run.
"As the UAE market continues to be recognised as a long-term investment destination, more international investors are becoming interested in investing in Ajman due to attractive prices and the wide spectrum of opportunities within the emirate," said Fahad Sattar Dero, CEO, Sweet Homes.
"Having participated at a number of high profile exhibitions from local events to renowned shows in Moscow, London, Doha, Shanghai and Hong Kong, we are confident that our presence in ‘City View Syria 2008' will create outstanding opportunities to further drive our regional expansion plans. Our strategy to explore new markets plays a significant role in our continuous growth, and we are currently focusing on sustaining our presence within high impact events such as this."
Set to offer business and home owners an ideal property investment, which can address their highly discerning tastes, the two office towers - ‘Freesia' and ‘Gardenia' and the five mixed-use luxury towers - ‘Heliconia', ‘Jatropha', ‘Iris', ‘Kentia' and ‘Ludisia' incorporate technology-driven features and facilities that are ideal for a wide segment of investors.
As part of its efforts to maximise the current boom in recreational and hospitality facilities in Ajman, Sweet Homes has also recently announced plans to develop an AED 600 million hotel and serviced apartment complex within ‘Ajman Uptown'. The developer is currently negotiating with leading hotel operators for the management of the 5-star hotel and luxury residential complex, which will further boost the emirate's repute as an emerging real estate and tourism destination.
"Amidst the booming AED 120 billion real estate market and the soaring Foreign Direct Investment in Ajman, we have charted a plan to venture into a host of projects as part of our AED 2 billion investment plan for 2008. Our plan is to fully leverage the growing credibility of the regional market to international investors and the increasing willingness of governments to allow foreign ownership of properties. By strategically offering investment opportunities with the right balance of high quality and cost-effectiveness, we are looking forward to further increasing our share in this highly dynamic market," concluded Dero.
Organised by Al Haitham Exhibitions & Conferences, 'City View Syria 2008 - The 2nd Tourism Investment & Real Estate Development Exhibition and Conference' will focus on urban projects and its correlation to the real estate investments. In line with the aims and joint efforts of the Syrian Government and the local tourism and real estate sectors, the event gathers businessmen, real estate developers, tourism development specialists and consultants, and facilitates strategic agreements between the government and a number of global companies. The 2007 edition of the event was attended by over 40 companies from Syria, the UAE, Qatar, Jordan, and the organisers are looking forward to a significant increase in this number this year.
Al Barakah Group, a leading real estate group in the UAE, is all set for an international launch of Dh4 billion Burj Manara, Ajman's tallest tower, as they display the property at a sales launch in Toronto, Canada on October 14-15, 2008. Burj Manara Ajman is a part of Dh4.5 billion premium mixed-use development - The Crest. The 90-storey Burj Manara will have a built up area of 1.6 million sq ft where the top 10 floors will offer serviced apartments while the rest of the floors will have residential and commercial components. Imran Khan, CEO, said, "Our decision to organize the international launch of Burj Manara Ajman along with the sales of our other projects in Canada is based on the response of South Asian community to our projects in Ajman and Dubai. We have been receiving many queries from Asian expatriates in Canada. The UAE property market is witnessing a boom and attracting investors from across the world." Burj Manara in Ajman will feature a total 426 residential units including 198 one-bedroom, 157 two-bedroom and 71 three-bedroom apartments. 524 units will be available for commercial use with office units ranging from 588 square feet to 1236 square feet. More than 2.5 million sq ft of residential, commercial and retail property will be on sale in the most sought after locations in Ajman and Dubai that will give the buyers and investors an option of creating a dynamic investment portfolio with enhanced returns. Ajman News, 14 October 2008
Ajman Residencia announced by a UAE-based real estate agency GREAT PROPERTIES. This Ajman Residencia property units for sale - worth over AED 200 million in investment value. Located in Humaid City, Ajman, the property is being developed by Rashid Real Estate and will be completed by 2011. GREAT PROPERTIES has been given exclusivity to promote, sell and market Ajman Residencia as part of an agreement with a key investor in Ajman, which also includes other developments within Humaid City. "We are offering investors a high-quality development coupled with an attractive interest free six-month payment plan. This is unmatched elsewhere in the UAE." said Mohammed Al Zarah, Vice President of GREAT PROPERTIES. Al Zarah also cited the unparalleled value for money of investing in Ajman, as the emirate quickly becomes a key business and commercial hub regionally and globally, with many individuals and businesses setting up base there. Ajman's seaport currently serves over 1000 vessels a year, a major expansion project currently in progress is expected to substantially increase the number of docking ships, as well as optimise and diversify the port's services. In addition, the multi-million Dirham development project for the Ajman Free Zone will attract over 600 foreign and local companies. The emirate's planned international airport is also a key attraction - all of which establish Ajman as both an excellent place to invest or live. "Ajman Residencia is one of our key projects in the UAE, and we are happy to be partnering with GREAT PROPERTIES to launch it in the market. This is our first collaboration, and we look forward to partnering on other projects in the future," said Mr. Haris Rais, President of Rais & Company, owner of Ajman Residencia project. "Ajman has a growing real-estate market and we want to make sure we have the right partners onboard." Ajman Residencia is a world-class development featuring well-appointed and spacious studios, 1 and 2 bedroom apartments - all equipped with premium fittings and excellent finishing. Other amenities include a car park, gym, health spa, pool, and 24-hour security. There are 500 units in total, starting from AED 520 per square foot. "We are confident that the launch of Ajman Residencia will attract investors and home-buyers alike - the unique features and location is a major plus. To date, the properties we have launched in Humaid City have been extremely successful - most recently our share of Al Helio Downtown development sold out in just two months," said Mohammed Mirza, Sales Director for GREAT PROPERTIES. Mirza also explained the detailed and careful branding GREAT PROPERTIES has created for Ajman Residencia to clearly and successfully communicate the property's features and specifications. Ajman Residencia is the third development GREAT PROPERTIES has launched for Al Rashid Real Estate in Humaid City - a self-contained city featuring a mixture of residential and commercial complexes, as well as world-class medical, educational and shopping facilities. Situated on Emirates Road, it is only a 20 minute drive from Dubailand, and allows for easy access to Sharjah, Dubai International Airports, as well as to Ajman's new International Airport once completed. GREAT PROPERTIES is currently managing over AED 2 billion in investments in Ajman, establishing GREAT PROPERTIES as one of the leading real estate agencies in the emirate with unrivalled expertise and insights into Ajman's growing real-estate market. Keep visiting for latest Ajman News
Bonyan International Investment Group, one of the leading real estate companies in Dubai, has awarded the earthworks contract for its flagship Dh3.5 billion Eye of Ajman to RAM Road Contracting. Eye of Ajman real estate project is currently one of the largest master developments in Ajman and is reflective of the growth and potential within the emirate. Anas Atatreh, Vice Chairman of the Board, Bonyan International Investment Group, said, "Through the ‘Eye of Ajman', we are in a position to offer the best investment opportunities to customers who can acquire plots on a 100% freehold basis through attractive payment terms." With current prices of properties in Ajman amounting to merely a third of Dubai-based investments, the emirate has emerged as one of the fastest developing real estate hubs in the Northern Emirates. Designed to offer investors strategically located lands to accommodate modern residential and mixed-use developments, the ‘Eye of Ajman' project is set to welcome customers who are seeking to avoid the rising property prices in Dubai.
Investors are more likely to turn to 'bricks and mortar' or 'hard' assets as the meltdown in paper assets continues.
Shares, bonds, and debt instruments have fallen sharply in recent weeks in the aftermath of the subprime mortgage crisis and credit crunch.
Investors are now scouring property markets in economies that have been less affected by the downturn in global markets.
Oil-based economies in the Gulf are powering ahead with real estate projects running into the hundreds of billions of dollars.
This week's Cityscape in Dubai, an annual real estate showcasing festival over four-days attracted 70,000 visitors from all over the world, well up from last year's 60,000. Exhibitors were kept busy with orders for apartments and villas in completed projects and off-the-plan. Prices in the UAE emirate have been rising sharply. A report form international realtor Colliers, released at the start of Cityscape, said price rises had 'slowed' to 16% in the September quarter.
The government on Thursday sought to reassure local investors that the banks in the region were sound, and the real estate industry was solidy backed by government. It was pointed out that 90% of all developers in the emirate were government-owned, or had partial government ownership.
There are other pockets around the globe where real estate remains strong. Abu Dhabi, the capital of the UAE is another market forging ahead with a maze of property developments. Ras al Khaimah, Ajman, and Sharjeh are also rolling out projects. Neighboring states Bahrain, Qatar and Saudi Arabia have also been caught up in the real estate cycle.
On the other side of the world in Sydney, Australia, prices of high-end properties were also in demand. A Goldman Sachs director, Darren Harvey, spent $4.5 million on a new home in Manly, a Sydney seaside suburb.
At Northbridge a record $9.05 million was recently paid for a 1996 harbourfront house with six oversized bedrooms, the local Sydney Morning Herald newspaper reported.
With its own beach, jetty and boatshed, it had been marketed at $8.25 million-plus, having previously traded in 2003 at $7.13 million.
In Mosman, another Sydney coastal suburb, empty-nesters spent $7 million-plus this week to buy an off-the-plan harbourfront apartment.
The Ajman Naturalisation and Residency Department has stopped issuing and renewing investors' visas for freehold property owners in Ajman, Gulf News has learnt.
Property buyers and investors cannot even get a visit visa for their spouses or children, but most developers are still selling properties on promises of a residence visa.
Sources told Gulf News that no residence or visit visas will be issued to those who buy properties.
"In order to obtain a residence visa one must have a business here or a job. Unemployed people will not be issued a visa even if they own freehold property," the source said.
"We will not even renew visas of freehold owners," the official said.
Ajman is the second emirate to have made an about turn on the crucial issue after Dubai - after years of assurance of visa sponsorship linked to property ownership.
More than 20,000 foreigners have already moved to their freehold homes in Dubai, and a few hundred have been handed over to buyers in Ajman - which has seen a massive construction in recent months.
"This step was taken in order to regulate the visa rules. Some used to buy an apartment to obtain a residence visa and then sell the apartment to somebody else who already had a visa," the source said.
Ajman News, 10th October 2008
Visiting Ajman Marina's special wing at Cityscape Dubai 2008, where he was informed of the latest updates at Ajman Marina project, Sheik Rashid bin Humaid Al Nuaimi, Chairman of Ajman Municipality and Planning Department in Ajman, praised the efforts made by the Ajman Marina Company to complete the Ajman Marina project to perfection, and commended the company's contribution in presenting the perfect image of the progress the emirate has made.
The company announced that it has sold all phase one plots of the project - plots specified for sub-developers - reaping sales revenues in excess of Dhs1bn.The sold plots range from 4000 to 7000 square meter, and is distributed among investors of all Arab and Gulf nationalities, as well as investors from South East Asia and Eastern Europe.
On the subject, Ajman Marina's Deputy CEO, Abdullah Al Duheim, said:
'There are 27 private plots in this spectacular project, so it was only natural for investors from across the globe to show an interest and buy these plots which they will, in turn, convert into projects and towers. The emirate of Ajman is one of the emirates that have worked hard over the past few years to plan a revolutionary advance in all its sectors, and Ajman Marina is one of the important landmarks, serving as a benchmark for other projects. Once complete, it will present a new image of the emirate, which will enable Ajman to compete with other emirates on all levels.'
Ajman Marina is truly the crown jewel of developments in the emirate.
Stretching over an area of 25 hectares, the project will be developed in two phases over the next five years, with a total investment value of $3bn.
Upon completion, the project will offer 21 000 residential units, as well as various facilities and amenities, extending over an area of 3 million square feet with built-up areas amounting to an additional 14 million square feet.
Ajman Marina, with it influential location on the coastline of the Ajman emirate, is compatible with the emirate's rich reputation, status, openness and modern vision.
The project is positioned in harmony with the beauty of the setting, and mirrors the giant steps the emirate has taken concerning infrastructure, roads, communications, marinas and free districts.
Ajman News, 8th October 2008
Ajman Beach Games Festival is set to be held as part of the Police & Society events at Ajman Beach during the period from October 19 to October 23, it was announced on Monday. All games will start from 4pm to 9pm daily.According to Colonel Abdul Malik Jani, director of the Police Sports Association, the competition will be held under the patronage of Shaikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. “The competitions will be open for all teams and registration is free of charge,” Colonel Jani told newsmen at Ajman Kempeniski Hotel. The news conference was also attended by Fahad Mohammed and Fahad Abdullah representing Al Fahadan Advertisement along with the representatives of the sponsors and other officials. “I would like to congratulate His Highness The President Shaikh Khalifa bin Zayed Al Nahyan and His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Their Highnesses the Rulers, General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Lt. Colonel Shaikh Saif bin Zayed Al Nahyan, Minister of Interior on the occasion of the Eid Al Fitr,” he said. “This tournament will be open for all companies, establishments, schools, clubs and foreign communities to underline the positive interaction between the police and the members of the public to curb crime and promote peace and security,” he added. Meanwhile, Jani said they will set up a higher organising committee to be responsible for the technical and administrative affairs of the festival. The teams will be distributed into six groups and all arrangements will be made during a special meeting for the technical committee of the competition with the representatives of the participating teams. The organisers are expecting great response from the soccer games lovers within the country considering the mouthwatering financial prizes reserved for the winners and runners up in each competition. All international rules governing the different games will be applied in coordination with the respective associations. In the beach soccer event of this prestigious sports festival, every side will be allowed to register ten players.
Profile Group, a leading independent UAE-based international property developer, has today announced the launch of Tejarah Executive, a commercial tower located in Marmooka City, Ajman.
The tower, which will be delivered in a joint venture with Moosa Group Enterprises, will be promoted by UK boxing sensation, Amir Khan. Amir will be at Cityscape today with Profile Group (Stand RL20, Tuesday 7 October at 12 noon) to help launch the project. Tejarah Executive is a G+25 commercial tower offering pure office solution to accommodate back-end operations for businesses active in Dubai but not necessarily wishing to pay Dubai rates.
Imtiaz Khoda, co-founder of Profile Group, commented on the announcement:
“We are excited about the launch of Tejarah Executive in Ajman as a commercially viable package on Dubai’s doorstep but as a much better cost. Although in early stages of development, Ajman already benefits from prices 60% cheaper than in Dubai and it is fast becoming a popular place to live and work.
“Tejarah is the Arabic word for trading and we recognise the UAE as an international trading hub and Ajman as the next key player to emerge within it. It is a great place to start or relocate a business.”
Amir Khan, the brand ambassador for Tejarah Executive, who will be on hand at Cityscape between 12 noon to help with the launch of Tejarah comments:
“Ajman is a beautiful place offering a modern lifestyle, very compact and quite affordable. It's quite easy to fly into Dubai or Sharjah and drive down to Ajman – it only takes 30 minutes. When Ajman gets its new airport it will be even easier and I will be able to take a direct flight from the UK.
“The plans for Tejarah Executive and its wonderful park views look very attractive and I’m really pleased to promote this scheme.”
Reeyaz Moosa, Chairman of Moosa Group Enterprises, comments:
“Amir Khan is an inspiration to all of us inside and outside the ring; we all know about his incredible achievements in boxing, but there is much more to this incredible young man, from his extensive charity work to being a role model for young kids in the UK. We are proud to have him as brand ambassador for Tejarah Executive.”
Tejarah Executive will have extensive facilities for companies’ workforces including a gym, sauna, covered car parking, a range of restaurants and retail outlets located on the ground floor.
Projects include an exclusive residential property at Madinat Al Arab-Waterfront and residential and commercial towers at Al Zorah, Ajman Plus Properties, a leading real estate developer in the Middle East, today announced the launch of three major beachfront projects in the UAE - a residential property in Dubai and residential and commercial towers in Ajman - at Cityscape Dubai 2008, the Middle East's premier real estate trade show which is set to open at the Dubai International Exhibition Centre tomorrow. The projects, worth a combined AED 1.15 billion, include 'Wave Residence-2' located at the Madinat Al Arab-Waterfront, and residential and commercial towers located within Solidere's upcoming Al Zorah water front development in Ajman. "With the launch of these prestigious projects, Plus Properties further expands its portfolio and reaffirms its reputation as the fastest-growing property developer in the region," said Georges Chehwane, CEO of Plus Properties. "Plus Properties' real estate projects are distinguished by their superior construction quality and unmatched facilities, and we are committed to ensure that all three properties maintain world-class standards across all aspects of project development." Commenting on the decision to unveil the projects during Cityscape Dubai 2008, Chehwane said, "As the flagship trade show for the Middle East real estate sector that attracts a vast number of high-potential investors, Cityscape Dubai provides us unmatched visibility and immense networking possibilities. We have earlier enjoyed tremendous success at the event when we launched Wave Residence 1 at Cityscape Dubai 2007, and we are very pleased to present Wave Residence 2 at this year's exhibition." Plus Properties boasts a strong presence at Cityscape Dubai 2008, where it will occupy Stand RC20 at the Sheikh Rashed Hall of the exhibition centre. The Cityscape Dubai exhibition runs from 6th to 9th October. Situated on the first row of developments directly on the beach, with a spectacular view of Palm Jebel Ali, the AED 500-million Wave Residence-2 will be an exclusive residential concept built on the lines of the immensely successful Wave Residence-1. Taking their names from their unique shapes, these upscale properties are designed to offer tenants the elegance, comfort and ambience worthy of a 7-star beachfront residence. Wave Residence-2 will comprise 8 floors that feature studio, one, two and three bedroom apartments as well as exclusive garden apartments with private pools or outdoor jacuzzis. Due to its distinctive design, all units of Wave Residence-2 will enjoy breathtaking views of the Arabian Sea. Plus Properties will be among the first developers to start construction at the Madinat Al Arab-Waterfront. The AED 400-million freehold residential tower, located strategically within Solidere's Al Zorah development, will offer 21 floors of premium residential spaces complemented by world-class facilities including swimming pool and health club. The project will comprise approximately 160 studios, 100 1-bedroom apartments and 40 2-bedroom apartments. The freezone commercial center is designed to cater to the growing demand for quality commercial spaces in and around Ajman. Both towers will feature shopping arcades on the ground floor. Plus Properties will be among the first private developers to start construction at Al Zorah, Ajman. "The UAE property market is witnessing a phase of unprecedented growth, and industry analysts predict the upturn to continue well into the future. Likewise, Lebanon has been quickly reestablishing its reputation as a real estate hotspot, and the Government of Lebanon has done a remarkable job in improving the country's investment climate and business viability. We look forward to stepping up our investment in both these high-potential markets, while simultaneously focusing on expanding our regional reach," Chehwane added. The launch of the new beachfront projects comes close on the heels of the resounding success of Plus Properties' maiden venture in Lebanon, the USD 200 million Plus Towers located in Solidere's Downtown Beirut development. As part of its efforts to target investors from Russia and the CIS, Plus Properties is gearing up to showcase its portfolio of projects at two of Moscow's premier property exhibitions - 'Extravaganza Moscow', which will be held from October 24th to 26th at the Manege Exhibition Hall, and the 'Millionaire Fair', to be held from November 27th to 30th at the Crocus Expo International Exhibition Centre. Ajman News from Zawya, 5 October 2008
THE Emirate of Ajman, situated on the coast of the Arabian Gulf, extends over a distance of 16km between the Emirates of Umm Al-Quwain and Sharjah.
Ajman is the smallest of the seven Emirates and is centrally located on the western coast of the UAE.
Property development projects in Ajman are booming and are expected to drive growth in the tourism industry and promote the Emirate as an ideal residential and tourism destination.
Ajman has various complex but elegant unique architectural structures and golden sandy beaches. There are also many residential and commercial centres growing in the area offering a wide range of opportunities for investment. This has made Ajman another centre for the commercial activities of the UAE.
Ajman Free Zone area offers the investor many facilities and incentives which could make it an attractive opportunity.
Escape is one of Ajman's property developments and is attracting a lot of interest from foreign investors. It is an attractive freehold residential community named after the world champion Arabian stallion, Escape Ibn Navarrone.
The Saddle Homes offer luxury living set amongst the tranquil green landscape of the Escape Equestrian Community and this project is a horse and sports lover's delight.
Escape Ajman aims to offer 'fast-paced modern living alongside the vibrancy of equestrian facilities'. The rural equestrian community is situated approximately 20 minutes from Dubai International Airport.
The project spreads over 200 acres of prime land and there are more than 500 three and four bedroom villas and 16 low-to-medium-rise apartment buildings. There are also spacious two bedroom villas, all with private parking and mature gardens. There is an equestrian centre for 200 horses and state-of-the-art business, health, sport and leisure facilities such as a the 150 bedroom boutique hotel.
The development also boasts restaurants in a beautiful setting and an indoor sports complex for basketball, volleyball and badminton.
This detached three bedroom villa up for grabs is in an excellent location at the end of a cul-de-sac and overlooks bridle paths.
It has a larger plot area than most. The finishes are of high quality including stone cladding to the exterior, Spanish floor tiles and German plumbing fittings and kitchen units.
There is also a swimming pool and off-road parking for two cars.
Ajman News on Property and Real Estate
The real estate development frenzy in the United Arab Emirates continues as Sweet Homes Real Estate L.L.C. unveils plans for a new upper-upscale hotel and condominium property within the $817 million mixed-use Ajman Uptown complex in the emirate of Ajman. The project will cost an estimated $163.4 million to realize.
Still in the development stage, the sprawling Ajman Uptown complex, home to the first freehold residential community in Ajman, spans over 80 acres and boasts a direct link to the Emirates Road via a mile-long shopping walkway. Sweet Homes has tapped Dubai-based architectural firm Eng. Adnan Saffarini Office to design the new hotel and residential project, which will join the complex's list of seven recently launched commercial and residential towers. The developer is presently in the midst of conferring with leading internationally known hotel operators to determine which flag will fly above the hospitality portion of the project.
Dubai leads the emirates in the real state development race; however, Ajman is not being left in the dust. Plans for a bevy of endeavors have recently been revealed, including that of Ajman-based Aqaar Properties, which announced last week plans to expand its mixed-use Ajman One destination with the commencement of a second phase that will include a luxury hotel, residential units, three office towers and retail space. Additionally, in June, Dubai-headquartered Goldcrest Properties revealed it would kick off a new freehold residential development encompassing eight towers within close proximity to the Emirates Road.
Headquartered in Dubai, Sweet Homes has been active across the U.A.E. with projects in Dubai, Ajman and Ras Al-Khaimah. In addition to planning and building high-end residences, the company offers marketing, managing and consulting services.
Malabar Gold, a south Indian jewellery group, is undertaking a Dh35 million expansion in the Middle East which includes the opening of showrooms this year, its managing director said.
Shamlal Ahmad said the group opened its second retail showroom in Ajman on September 25 and two more were expected to open in Dubai this month. "The first retail showroom opened in Sharjah in June. We are planning to open up more retail showrooms in all GCC countries soon. Showrooms in Bur Dubai and Al Ain are planned to open this month," Ahmad said.
A branch in Kuwait is also on the cards before the end of the year, he said.
While the group felt the effects of a hike in the gold price last month, it expected the new branches to help boost sales in the region.
"It affected our volumes, the hike decreased sales. We did see a dip last week, but sales generally picked up," Ahmad said.
The showroom in Ajman was inaugurated by Shaikh Majid Bin Saeed Bin Rahid Al Nuaimi, head of the Emiri Court, in September.
According to Ahmad, it features a collection of diverse designs in gold, diamond and platinum including designs from Italy, Singapore, Kolkata, Mumbai, Jaipur and Karnataka.
Malabar imports its jewellery from India, Bahrain, Turkey and Singapore.
The Ajman showroom will house a collection of expensive diamond brands: like Felisa, Suki, Solitaire and Fusion, in collaboration with world famous diamond jewellery traders Rosy Blue as well as designer bridal items.
