Tuesday, July 21, 2009

Marmooka City development down-sized

Ajman's largest planned community located along Emirates Road, the Marmooka City, has been scaled back from 206 towers to just 20 buildings, owing to downturn in investor demand, a senior official at Real Estate Investment Establishment (REIE), the master developer, revealed.

The luxury sub-urban development was projected to have 206 residential and commercial buildings, featuring 'Manara Ajman', the tallest tower in the emirate comprising a school, large shopping mall, clinics, and five-star hotels, as per the initial project plans.

The project is due for completion next year. The developers have paid more than Dh.1billion so far to purchase a plot within the planned Marmooka project. They will be partially refunded, although not in cash, for the projects that have been cancelled or shelved.

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