Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it has sold out 70 per cent of its Dh3 billion ($817 million) ‘Ajman Uptown’, the first freehold residential township in Ajman.

The announcement follows a GCC-wide roadshow organised by Sweet Homes in line with the developers’ Dh2 billion investment plan for 2008.

The strong sales reflect the vibrancy of Ajman’s real estate industry and the appeal of ‘Ajman Uptown’, which comprises seven commercial and residential towers, a hotel and hotel apartments complex, and villas and townhouses, despite a 40 per cent hike in property prices in Ajman in 2008, said a company official.

“As the third largest property market in the UAE, Ajman is strategically positioned to attract more foreign investments into the real estate sector, with over 33 per cent of development projects in the area owned by expatriates, as compared to 11 per cent in other emirates," said Fahad Sattar Dero, chief executive officer of Sweet Homes Group.

"Further, the recent signing of an Dh7.34 billion contract between the Ajman Government and Malaysia-based power producer Malaysian Mining Corporation (MMC) to build the first coal-fired power plant in the region is set to build investor confidence, and we are positive of an increased response to our projects," he added.

Reports also indicate that investments into Ajman’s property sector have crossed the Dh400 billion mark this year, which augurs well for the success of the ‘Ajman Uptown’ project.

The strong performance follows Sweet Homes’ successful participation in high-profile property exhibitions as part of an extensive region-wide campaign to promote its ‘Ajman Uptown’ project.

The impressive sales indicate that the global financial crisis might actually have a positive effect, as Arab and expatriate investments into the US and European markets are expected to flow back to the local and national property sectors, he added.-TradeArabia News Service