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Additionally, Aqaar will ensure that all its operations run at optimum capacity and that all key infrastructure developments are in place within community areas which will significantly enhance the emirate's residential, business and tourism landscape.
Rami Dabbas, CEO of Aqaar, said:
"Receiving a master developer licence is a milestone achievement for Aqaar and will better position us to pioneer innovative community-living concepts for Ajman. Our new role as master developer challenges us to grow and expand the emirate's dynamic real estate offering."
"Our new licence will enable us to manage the fundamental operations of Ajman's developments and create master-planned communities around the emirate that meet the homebuyers' full spectrum of lifestyle needs. Aqaar brings extensive experience to the market and will be a solid asset to community partners with our full line of management services and client focused solutions," he added.
Aqaar's first project is the Dhs2.7bn Ajman One, a 72,000 square metre fully-integrated complex consisting of residential, business and hotel facilities.
Escrow accounts for all the twelve residential towers in Phase One have been opened at Abu Dhabi Commercial Bank (ADCB), assuring full funding for the towers. The appointment of this reputable financial institution, gives buyers confidence and shows a transparent framework for Aqaar as a registered developer.
Ten towers within Ajman One are currently sold out and 30% of the initial residential phase is already complete. Investors are expected to receive the handover of units in the first quarter of 2011.
Posted by Rana Mesbah
