Aqaar Seeks To Raise Portfolio To Dh7b With Two New Projects (24 September 2008)
Ajman-based developer, Aqaar Properties, is hoping to raise its portfolio to around Dh7 billion by the end of this year, following two major new developments in Ajman to be announced next month.
Aqaar will launch phase two of its first project, the Dh2.7 billion Ajman One, a mixed-use development which covers over 775,001 square feet.
Ajman is becoming increasingl popular as an investment opportunity and as such more luxury developments are underway.
In line with this, Aqaar will launch Ajman’s first waterfront development at the beginning of next month.
"With the launch of phase two of Ajman One and a new luxury development soon to be announced, Ajman is entering a new era of exciting growth and progress. Ajman is transforming from a quiet emirate into a vibrant and progressive tourism and business destination," Shaikh Rashid Bin Humaid Al Nuaimi, chairman of the municipality and planning department, said.
Phase Two of Ajman One is at the centre of Ajman’s newest free zone, the Ajman One Business District.
Phase Two will include residential units, a four-star hotel with serviced apartments, three office towers and hospitality facilities.
The three office towers are called Apex Business Towers and will have 640 offices in total. Towers one and three have 27 storeys and tower two has 26 storeys. Office sizes range from 1,292 square feet to 2,174 square feet.
Business visitors
There will also be a convention centre and a four-star hotel which will be operated by French hotel group Accor SA under the Novotel brand, according to Rami Dabbas, chief executive of Aqaar Properties.
"Despite much speculation, Aqaar’s new waterfront development has been something of a closely guarded secret," said Dabbas.
The new development will target the high-end market and will include a luxury hotel, retail units, a souq and a health spa.
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