Ajman-based developer Aqaar said that main construction work on its Dh2.7 billion ($736 million) initial project – ‘Ajman 1’ – had entered its first phase.

The Dh 1.4 billion ($382 million) main construction contract for its mixed-use residential, commercial and hospitality complex has been awarded to the UAE-based Sino Construction Group.

Rami Dabbas, CEO of Aqaar and head of Real Estate Development, ADIA, said the project will be a catalyst in terms of developing the emirate, and lead the creation of quality residential and commercial projects.

Phase one, of the 72,000 square metre project, to be completed by early 2010, will have 12 freehold residential towers forming the core of the development. Investors buying into these towers - seven out of them have been already launched to the public- will have residence visas automatically issued upon delivery of the property units.

“The residential offering targets the mid-range segment and prices are highly competitive. The residents will be able to utilize ongoing services including 24 hour security and full maintenance,” added Dabbas. 

The Ajman 1 community can take advantage of the retail area which will house a convenient supermarket, restaurants and a community centre complete with men’s and women’s gyms, indoor and outdoor playgrounds for children, and two swimming pools.

William Chan, regional manager of Sino Construction Group, said that they are very excited to be part of a project, which highly contributes to the evolution of the emirate of Ajman and proud to be affiliated with a prominent developer such as Aqaar, which is a well respected player in the real estate market of the UAE.

The entire development will house a world-class hotel with serviced apartments and a convention centre which will be managed by an international operator. There will also be three other freehold commercial towers, making a total of 16 towers in all.

“The construction industry has witnessed not only a remarkable growth, but also an increasing demand for quality projects. We want to ensure that balanced progress is sustained by implementing our construction strategy methodically, and align ourselves with companies which are professionals in the field of construction,” added Dabbas.

Aqaar – meaning ‘Property’ in Arabic – was formed in 2006 in association with Ajman Development and Investment Authority (ADIA).

Aqaar will spearhead the expansion of Ajman into a successful tourism and business hub.

The organisation will develop a number of projects to support ADIA’s mission of economic diversification.

Aqaar will manage and create property related investment opportunities and offer full support for both regional and international investors.

Aqaar’s long-term vision is to expand its influence outside its home emirate and beyond the UAE‘s shores.

Aqaar is a real-estate and property development company, headquartered in the Arabian Gulf emirate of Ajman.TradeArabia News Service