High Sky and ICT launch Dh500m project

Dubai: An Abu Dhabi-based developer, Saleh Amer Al Katheeri, and German investors International Capital Trust (ICT) on Wednesday launched a Dh500 million project, Triple Towers, at Park View development in Ajman.

It is a cluster of three towers that includes 1,160 units (studio, one- and two-bedroom apartments) over a built-up area of 65,400 square metres.

"We are offering these at a pre-launch price of Dh465 to Dh480 per square feet, which is very attractive for investors," Saleh Amer Al Katheeri, chairman of High Sky Properties, told Gulf News.

"In total, the value of the project will exceed Dh500 million and we have seen a strong investor interest in these projects."

He said construction of the project will start in August and completion is slated for end of 2010.

"High Sky is preparing to launch a 120-plot residential community in Ajman and in five years. We expect our portfolio to cross Dh37 billion ($10 billion)," Al Katheeri said.

However, there is a growing concern about the lack of power supply once the buildings are completed.

Katheeri said Ajman's GDP is growing at 27 per cent to Dh10 billion while population growth is estimated at 18 per cent which will continuously put pressure on its infrastructure.

Assurance

"We have been assured by the government of a steady power supply. However, in case there is a shortage, we will install our own generator to power these buildings," he said.

"Despite these issues, Ajman is the most sought after destination for investment in property sector."

Positioned within 30 minutes of Dubai, and easily accessible from Dubai Media City, Dubai Internet City and Dubailand, ICT and High Sky's first residential project consists of three 30-storey towers scheduled for delivery in the second quarter of 2010. Residents will enjoy easy access to major roads like Shaikh Zayed Road and Emirates Road.

ICT is a new German investment house established for the conception and marketing of closed-end funds and pioneering investment vehicles. High Sky Properties is a local developer bringing affordable apartments to the expatriate population.