Friday, September 26, 2008

Aqaar plans increase in Ajman portfolio through new major developments

Aqaar Properties, the Ajman-based developer, is hoping to increase its portfolio to Dh.7bn towards end of this year, following announcements of two major developments in Ajman next month.

Aqaar will launch phase two of its first project, the Dh.2.7bn Ajman One, a mixed use development, covering 775,001 square feet.

Ajman is getting highly popular as an investment opportunity and more luxury developments are coming up in the emirate. In line with this, Aqaar is likely to launch the first waterfront development early next month.

The Chairman of Municipality Planning Department, Shaikh Rashid Bin Humaid Al Nuaimi, said "With the launch of phase two of Ajman One and new luxury development, Ajman is entering into a new era of exciting progress and growth. Ajman is transforming itself from a quite emirate into a progressive, vibrant tourism and business destination."

The Phase two Ajman One is located at the core of the new freezone in Ajman, the Ajman One Business District. It will include residential units, four-star hotel with serviced apartments, three office towers and other hospitality facilities.

The office towers are called Apex Business Towers, and will house 640 offices on the whole. The towers one and three will have 27 storeys, while tower two will have 26 storeys. The sizes of office range from 1292 square feet to 2174 square feet. It will also include a four-star hotel, convention center, all of which will be operated by French hotel group Accor SA under the Novotel brand.

The new development targets high-end markets and include retail units, a luxury hotel, a health spa and a souq.

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