Ajman One success paints positive outlook for Northern Emirates

The AED 2.7 billion Ajman One is a mixed-use development featuring residential, commercial, hospitality and leisure projects on a 72,000 square metre plot, and is due for completion in early 2010.

Ajman One offers 100 per cent ownership and is developed by the Aqaar Properties LLC. The project includes 12 residential towers offering a combination of studio, one, two and three-bedroom apartments.

Leading property services company Asteco, which exclusively manages the sales and leasing for Ajman One, has reported a 90 per cent sellout in the residential section, in just six months. Most buyers are GCC nationals and UAE-based expatriates who continuously explore affordable housing options in the UAE.

"Ajman is the new real estate hotspot in the UAE," explained Rami Dabbas, CEO of Aqaar. "The success of the Ajman One project points to the growing profile of the Northern Emirates among both regional and international investors."

After the opening up of the Ajman real estate sector in 2004, the region has succeeded in attracting commercial and hospitality investors as well as developers who are launching properties with international standards in the fast developing emirate, he added.

James Knowles, Sales and Leasing Director at Asteco, added that Ajman's proximity to Dubai and Sharjah along with the affordable lifestyle it offers has helped evolve the emirate as a sound investment option for expatriates and locals alike.

"With improvement in facilities such as accessibility, roads and power, along with government support to developers, an increasing number of real estate players are launching projects in Ajman," Knowles said. "Commuting to Dubai or Sharjah does not take long, thanks to expansion of the Emirates Road."

Ajman One complements Asteco's other projects in the Northern Emirates, which includes Bab Al Bahr in Marjan Island, Ras Al Khaimah..

Founded in Dubai in 1985, Asteco is the UAE's largest property services company. Its services include retail, commercial and residential sales and leasing; strategic consultancy; property management and marketing; feasibility studies and valuations; and research and investment.