Saturday, June 21, 2008

Triple Towers - a Dh 500mn project launched in Ajman

Triple Towers Ajman
An Abu Dhabi-based developer, Saleh Amer Al Katheeri, together with International Capital Trust (ICT), the German investors, have launched a Dh.500mn project - Triple Towers at Park View development in Ajman.

Being a cluster of three towers, it includes 1160 units comprising studio, single, and double bedroom apartments, spread across a built-up area of 65,400 square meters.

The Chairman of High Sky Properties, Saleh Amer Al Katheeri, said "These are being offered at a pre-launch price of Dh.465 to Dh.480 per square feet, which is an attractive option for investors. The total value of the project exceeds Dh.500million. We see strong investor response for these projects."

The construction of the development is likely to begin in August and will be ready by end of 2010.

High Sky plans to launch a 120-plot residential community in Ajman within next five years, and is aiming a portfolio of more than Dh.37billion ($10billion).

In the meanwhile, there is increasing concern about the shortage of power supply on completion of the buildings. But, Katheeri has assured that the government has promised a steady power supply, and in case of any shortage, a generator will be installed to power the buildings.

Located just thirty minutes from Dubai, it is easily accessible to Dubai Media City, Dubailand, and Dubai Internet City. Residents can have an easy access to major roads such as the Emirates road and Sheikh Zayed Road.

ICT is a new German investment house established for conception and marketing of closed-end funds and leading investment vehicles. High Sky Properties is a local developer, which brings in affordable apartments to expatriate population.

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