Al Barakah's Dhs200m maiden project in Ajman receives strong investor interest

The company further disclosed that the remaining 25% will be reserved for investors including those participating in the International Property Show.

Reacting to the overwhelming pre-launch response received by the project, Mr. Imran Khan, chairman and the CEO, Al Barakah Group, said: "We are delighted with the tremendous investor response evoked by Al Barakah's maiden project in the emirate of Ajman. It further validates the fact that Crimson Court represents a perfect investment opportunity with the assurance of a high-quality development. The pre-launch reaction is also a confirmation of the fact that the buyers repose faith in our technical expertise, financial acumen and keen market insight to create attractive real estate offerings."

With a project value of nearly Dhs200m, Crimson Court will offer 381,000square feet for residential purposes and 120,000 square feet for services. The 30-storey tower is scheduled for completion by mid-2010 and will offer a choice of one, two and three bedroom apartments. Modern amenities available on the development will include a gym, sauna, swimming pool and children's pool.

Other features of the development include spacious prayer hall, community centre for functions and parties, in addition to a well-equipped library. The developments four-tier parking space incorporates an exclusive parking area for the physically challenged people. Residents of each flat will be able to enjoy the privileges of internet connectivity and intercom facility.

Crimson Court blends lifestyle and convenience along with the advantage of a prime location in Emirates City, the upcoming residential and commercial town-sized development in Ajman. The freehold development is a mere 20-minute drive from both Dubai and Sharjah International Airports and surrounded by picturesque lakes and parks. Additionally it has a shopping district, mosques, five-star hotels and educational and medical facilities in close vicinity.

Commenting on Ajman as destination that is fast catching up with Dubai in terms of realty boom Mr. Khan said, "Ajman is emerging as an important real estate investment destination particularly because property prices of comparable quality in the emirate are only half their rates in Dubai. With convenient road access between the two emirates, more property buyers from lower income groups are closely studying good quality and affordable housing solutions in Ajman."

Al Barakah will be announcing the developing of commercial and residential projects worth over Dhs5bn within the next 3-6 months. Al Barakah adopts a highly ethical approach to business and remains committed to traditional values like fairness, quality and transparency in its relationship with the buyer. Through its transparent dealings the company intends to make property buyers fully aware of the various aspects of property ownership in the region.