The work is to begin this month on the AED 2.7 billion (US$ 720 million) 72,000 square metre mixed use development.
"The project is on track, and after negotiating with several enabling contractors Piling Tech LLC has been appointed to be responsible for all enabling work on phase 1 of the development. The work will take around 140 days, allowing 30 days for mobilization, with completion by the end of the second quarter of 2007," said Rami Dabbas, Head of Real Estate Development, ADIA and COO, Aqaar.
Phase 1, to be completed by 2009, will have 12 freehold residential towers forming the core of the development.
"We want to ensure that steady progress is maintained by implementing our construction strategy methodically, and align Aqaar with companies which are experts in the construction industry," added Dabbas.
The entire project, to be completed by 2010, will house a world-class hotel to be managed by an international operator, a freehold commercial tower, serviced apartments and a tower for leased apartments
Ajman 1 will form a seamless fusion of residential, commercial, hospitality and lifestyle elements to support the emirate's evolution into a niche tourism and business destination.
"This project will be a catalyst in terms of developing the emirate, and spearhead the creation of quality residential and commercial projects, and we are now negotiating with several international companies to be the main contractor for Ajman 1, with a deal completed by the end of next March 2007," commented Dabbas.
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Enabling contract awarded on Ajman 1 project
- United Arab Emirates: Wednesday, January 24 - 2007 at 10:46
- PRESS RELEASE
Aqaar, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, has awarded a contract for all enabling work on its first project, Ajman 1, to Piling Tech LLC - a UAE-based company.
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About Aqaar:Aqaar LLC - which translates from Arabic as 'Property' - was formed in 2006 in association with Ajman Development and Investment Authority (ADIA). Aqaar will spearhead the expansion of Ajman into a successful tourism and business hub. The organisation will develop a number of projects to support ADIA's mission of economic diversification.
Aqaar, will manage and create property related investment opportunities and offer full support for both regional and international investors.
Aqaar's long-term vision is to expand its influence outside its home emirate and beyond UAE shores.
About Ajman:
Ajman lies on the northern shores of the Arabian Gulf and forms one of the seven emirates that make up the United Arab Emirates. The emirate covers an area of 259 square kilometres comprising 16 kilometres of coastline and three distinct geographical regions in terms of topographical features which are Ajman City, the Masfout region and the Manama region.
Ajman lies just 20 kilometres north of Dubai International Airport, and has the fastest growing population of all the emirates. The government has taken many steps in recent years to implement a solid infrastructure, and has succeeded in developing certain sectors of its economy with a growing free zone industrial area and a strategically located port.
With the launch of freehold developments in Ajman, the real-estate sector has experienced increased activity due to competitive pricing and its proximity to neighbouring emirates Sharjah and Dubai. The government's efforts in improving accessibility to the emirate will further fuel real-estate and tourism growth over the coming years.
For more information please contact:
Charles Akielan
MCS/Action
Tel: 04 3902975
Posted by Janeta Novakovic, Assistant News EditorWednesday, January 24 - 2007 at 10:46 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Dec 05 2007.
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