Sweet Homes Holdings applauds efforts to build investor confidence in Ajman

This is the result of the master developer's compliance to all regulations, which include its prompt registration and opening of an escrow account with the Dubai Islamic Bank (DIB) for the project. Expressing its appreciation of the firm resolve to build confidence within the Ajman real estate market, SHH also revealed that construction works on the project is continuing non-stop to hit the project's deadline by first quarter of 2011.

The first published list of approved developments comprises projects by 24 developers - 10 of which are master developers including Sweet Homes - and includes 172 towers, more than 1,500 villas and 109 plots. The announcement was made following the implementation of new regulations for developers, such as registration and an escrow account for investor funds to be used exclusively for the construction costs. 'Ajman Uptown' is one of the few projects located along Emirates Road and is comprised of 1,504 G+2 villas and townhouses and seven G+4 buildings spread over 4 million square feet of land.

"This move will give much more strength to the Ajman market in terms of investor confidence, as it lends a much needed reassurance to investors with regard to the capacity of developers to deliver their projects. This is also a strong motivator for developers to work harder in order to meet the delivery date. The inclusion of our 'Ajman Uptown' project in the first batch of approved projects underlines our strength as a property developer with a deeply etched commitment to deliver our quality project by 2011,"

said Fahad Sattar Dero, CEO, Sweet Homes Holdings.

'Ajman Uptown' will also house a school, healthcare centre, fire fighting station, several mosques, health and recreation club, swimming pool, markets, shopping mall, hotel and hotel apartments, and convenient and spacious parks. In addition, the seven towers within the community development will be connected by a single 1.15 kilometre pedestrian pathway and will each incorporate retail shops, offices and residential units. SHH has taken on all aspects of development within 'Ajman Uptown' and has employed no outside subcontractors, with its construction arm - Sweet Homes General Contracting (SHGC) undertaking the Dhs2.2bn main contract, as well as the project's initial groundworks.

"With its prime location and its distinction of being the first freehold villa and townhouse community in the emirate, 'Ajman Uptown' has become a highly sought after project among local, regional and international investors. We are achieving significant milestones in the construction of this project through our effective construction processes and collaboration with leading industry partners. Our strategy is to leverage this, combined with positive regulatory developments in Ajman, to hit our delivery targets," concluded Dero.