Monday, September 17, 2007

Ajman Holding plans complete expansion by investing $1.5bn in realty ventures

Ajman Holding has revealed its plan to invest more than $1.5billion in real estate and associated ventures in Ajman, during the coming three years.

The company, launched in 2000 with Ajman as its base, is a diversified group of companies. The company says substantial chunk of the money will be kept aside for the Boulevard project, which will be developed by a property, the real estate branch of Ajman Holding Group.

The planned projects include 14 commercial and residential towers ranging from 14 to 30 storeys, a mall, a five-star business hotel, 2000 or more podium and basement parking spaces. Certain other amenities being planned include health clubs, swimming pools, a nursery and day-care for children.

According to officials, the whole project offers freehold ownership with a residence visa. The Phase one of the project is scheduled for completion by the second quarter of 2009. aaproperty confirmed that it has already entered into a contract with Adnan Safarini Consultancy to implement the design process of the project.

The Chairman of Ajman Holding, Shaikh Abdul Aziz Bin Humaid al Nuaimi, said "Ajman Holding decided to develop premium real estate projects, as this compliments the basic idea of moving into infrastructure related projects. "

He continued "Ajman is already witnessing an increasing demand for premium real estate developments. We are planning a full-fledged expansion to move beyond the boundaries of Ajman into the neighbouring emirates and into international markets, so that we can accomplish our mission and increase value for our shareholders."

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