Sweet Homes has launched a Dh2.5-billion ($687.47-million) ‘Ajman Uptown’ project – the first freehold villa and residential community in the emirate.

Ajman Crown Prince Sheikh Ammar bin Humaid Al Nuaimi unveiled the project during a ceremony held at the Ajman Kempinski Hotel in the presence of Ajman government officials, dignitaries, leading business figures, and top management officials from ‘R Holdings’ and Sweet Homes Group & Real Estate Investment Establishment.

The launch of the project follows the successful near sell out of ‘Rainbow Towers’, the developers’ maiden offering, and the company now expects to achieve similar success for the ‘Ajman Uptown’ project, the developers said in a statement.

Ajman Uptown is set to offer a total of 1,504 G+2 villas and townhouses and seven G+4 buildings spread over four million square feet of land that is directly accessible from the Emirates Road and adjacent to Emirates City.

Taking inspiration from classic French architecture, the project offers 8 different types of two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas, all carrying the overall theme ‘L’ Art De Vivre’ or ‘Redefining the Art of Living’. Bringing more value to its offerings, the developer is also offering a unique flexible four-year self-financed payment scheme, which will allow investors to pay up to 50 per cent of the value until the project’s completion, 25 per cent upon delivery and the remaining 25 per cent after the handover.

The developer has announced that its offices are now set to accommodate interested customers for their queries and for viewing schedules.

 “The Emirate of Ajman has attracted considerable interest particularly from developers due to its potential to accommodate large-scale residential property developments that will address the burgeoning demand for luxurious living spaces in a suburban setting. Ajman Uptown is a welcome addition to the emirate, and will serve to elevate Ajman’s real estate sector status and bring it on par with emirates like Abu Dhabi and Dubai. We are confident that our newest project will present investors with a unique community project that is faithful to our promise of redefining the art of living,” said Sweet Homes Group Chief Executive Officer Fahad Sattar Dero.

Upon its completion by the end of 2010, the prime residential development will boast of a school, a healthcare centre, a fire fighting station, several mosques, a health and recreation club, a swimming pool, markets, shopping mall, hotel & hotel apartments complex and a number of lush and spacious parks.

The seven buildings within the community are expected to include retail shops, offices and residential units and will be connected by a single 1.15-kilometre pedestrian pathway.

Amidst the luxurious residential spaces and amenities, the townhouses are reasonably priced at Dh800,000-Dh825,000 for two-bedroom units, Dh900,000 for three-bedroom units, Dh1.1 million-Dh1.45 million for four-bedroom townhouses and Dh3.5 million for the five-bedroom VIP villas.

“The Ajman Uptown project is another realisation of our long term commitment to providing our customers with absolute exclusivity combined with the benefits of a freehold property, including resident status for the investors and their families. Ajman is a promising location for first-rate residential projects, which we have recognised and developed to bring to our clients an opportunity to experience the modern art of living. Our continuous commitment to offer value to our customers has inspired us to launch ‘Ajman Uptown’, where they can enjoy life’s simple pleasures within the comfort of a relaxed and secure community,” said Dero.

Sweet Homes Group’s diversified business activities include general engineering and contracting, general trading, Media Communications, management consultancy, and the marketing and mana