Aqaar, the leading real estate and property development company headquartered in the emirate of Ajman, has received a master developer licence from the Ajman Real Estate Regulatory Authority (ARRA).

The new licence will enable Aqaar to develop larger master communities in Ajman’s real estate sector and provide integrated services and solutions to sub developers. As a master developer, Aqaar will create, sustain and enhance the value of future projects, said a senior official.

Additionally, Aqaar will ensure that all its operations run at optimum capacity and that all key infrastructure developments are in place within community areas which will significantly enhance the emirate’s residential, business and tourism landscape.

Rami Dabbas, CEO of Aqaar said, 'Receiving a master developer licence is a milestone achievement for Aqaar and will better position us to pioneer innovative community-living concepts for Ajman. Our new role as master developer challenges us to grow and expand the emirate’s dynamic real estate offering.'

'Our new licence will enable us to manage the fundamental operations of Ajman’s developments and create master-planned communities around the emirate that meet the homebuyers' full spectrum of lifestyle needs.'

'Aqaar brings extensive experience to the market and will be a solid asset to community partners with our full line of management services and client focused solutions.'

Aqaar’s first project is the Dh2.7 billion ($735 million) Ajman One, a 72,000 sq m fully-integrated complex consisting of residential, business and hotel facilities.

Escrow accounts for all the twelve residential towers in Phase One have been opened at Abu Dhabi Commercial Bank (ADCB), assuring full funding for the towers. The appointment of this reputable financial institution, gives buyers confidence and shows a transparent framework for Aqaar as a registered developer.

Ten towers within Ajman One are currently sold out and 30 per cent of the initial residential phase is already complete. Investors are expected to receive the handover of units in the first quarter of 2011.-TradeArabia News Service