Sunday, November 25, 2007

Ajman I development meets 75% sale within a year of launch

Ajman I development
Aqaar LLC has announced that nine out of twelve residential towers of the Dh.2.7billion mixed-use development in Ajman 1 has been completely sold out.

Spread over an area of 72,000 square meters of area, the Ajman 1 realty comprises 16 towers, a convention center, and retail and leisure amenities.

The Head of Ajman Municipality, H.H. Sheikh Rashid bin Humaid Al Nuami, said that they had targeted a sale of 50% of the project within the first year, and now 9 out of 12 towers have already been sold out, within a year of launch.

Aqaar has announced that it has entered into a deal with the Abu Dhabi Commercial Bank for a major package for financing the construction of Ajman 1. As per the deal, the Bank will provide a fixed term loan of Dh.600 million for construction of the real estate project in Ajman.

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