Aqaar Properties says Ajman-One almost sold and signs new contract for Ajman Oasis

The Dhs2.7bn Ajman One is a mixed-use development on a 72,000 square metre plot featuring a residential, commercial and hospitality complex consisting of 16 towers, a hotel, convention centre, and leisure and retail amenities located on the coast of the UAE emirate.

The first phase of Ajman 1 will have 12 freehold residential towers that are to form the core of the $700m development. It is expected to be completed by early 2010. Investors buying into these towers will have residence visas automatically issued upon delivery of the property units. The Abu Dhabi Commercial Bank is behind much of the financing of this deal.

Aqaar has developed a competitive finance scheme for its mixed-use development, which will provide affordable access into the UAE's freehold property market.

The six year scheme requires only 30% of the total property value paid before the project's completion, through one pre-completion payment, followed by small monthly instalments and a final payment upon completion. Once the project is handed over, the remaining 70% of the value is paid in fixed monthly instalments over a three year period.

"The repayments with a fixed interest rate allow buyers to enter the freehold market without having to take large loans or mortgages of variable interest rates," explained Rami Dabbas, CEO of Aqaar.

Phase Two, which is due to be launched later this year, will feature a major hotel that will be managed by an international hotel operator.

Aqaar Properties has also signed a contract with Dubai Investments Real Estate Company LLC for the formation of a joint venture company, to be known as Ajman Oasis LLC. Oasis will be a project within the Ajman Emirate, but no details have yet been released.

Aqaar's long-term vision is to expand its influence outside its home emirate and beyond the UAE's shores.

"Aqaar is not even one year old yet - it celebrates its birthday in December - but already the signs are excellent that our first year of operations is going to break a number of records for the success of this dynamic property company," Rami Dabbas added.