Business | Property
JCA launches Dh252 million Emerald Tower to be built in Ajman
JCA Real Estate on Monday unveiled Emerald Tower, a 100 per cent freehold residential tower to be built in Ajman at an estimated cost of Dh252 million.
- By Suzanne Fenton, Staff Reporter
- Published: 14:13 August 4, 2008
- Properties at Emerald Tower have a starting price of about Dh450 per square foot, making it one of the most affordable options in the real estate market.
- Image Credit: Supplied picture
Dubai: JCA Real Estate, the real estate arm of Jitendra Group of Companies, on Monday launched the Dh252 million Emerald Tower, offering an 11 per cent per annum buyback guarantee per unit.
Emerald Tower is a 50-storey residential tower located in Emirates City, Ajman. It has six floors of parking and 40 residential floors.
A refreshing change from the usual scenario of investors throwing money at off-plan properties, buyers of Emerald Tower units will have a guaranteed buyback of 11 per cent per unit or 12 per cent per floor.
However, buyers must put down 100 per cent in order to receive a cheque for their investment plus 11 per cent for the first year.
But JCA is quietly confident that even those who pay monthly will see security and profits from their units.
"Inflation is high but we are confident that prices will increase 25 or 30 per cent," said Jitendra Gianchandani, chairman of JCA Real Estate and founder of Jitendra Chartered Accountants.
Starting prices are around Dh450 per square foot, making Emerald Tower one of the most affordable options in the real estate market today.
Units range from 730 square feet to 1,070 square feet.
Although Ajman has been making huge efforts recently to improve its image in the eyes of investors, especially with infrastructure and water and electricity networks, such improvements may mean prices in the emirate may not stay affordable for long.
Power plant
"Ajman's coal-fired power plant will increase prices," Gianchandani said.
Construction of Emerald Tower will start in the next two weeks and be completed in December 2011, according to Christina Cabading, president of BSEL Infrastructure Realty, developer of Emerald Tower.
Emerald is BSEL's fifth tower. The other four are Pearl, Fayrooz, Kahraman and Almas.
Two more towers will be launched at a later date.
Cabading said, "With the recent landmark real estate law and the $2 billion 1,000 megawatt power plant announcement, Ajman is fast emerging as the emirate of choice."
All seven towers are spread over about eight million square feet of land in Emirates City, with a total value of over Dh4 billion.
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