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Majestic Towers in Ajman to offer affordable apartments to expats

Monarque Properties and Investments has said that its first venture, Majestic Towers, comprising freehold apartments, "will offer affordable prices for the expat population".

  • Staff Report
  • Published: 00:00 June 17, 2007
  • Gulf News

Dubai: Monarque Properties and Investments has said that its first venture, Majestic Towers, comprising freehold apartments, "will offer affordable prices for the expat population".

Sujul Bose, brand manager for Monarque Properties and Investments, said what differentiates their development plan from the others is that it offered a competitive pricing structure. He added that this was because the company is aiming to encourage the expat community to climb onto the property ladder.

Bose said: "There are more than 120 different communities residing in Dubai and it looks like this figure will continue to rise. The Dubai government is more liberal towards non-UAE nationals.

"Now, more expats are making Dubai their permanent place of residence, which is a good opportunity for us, as we are in the position to provide affordable homes for what appears to be a growing sector."

The Majestic Towers, worth Dh250 million, will consist of one- and two-bedroom flats. The smallest will be 739 square feet and will come with an asking price of Dh265,000, going up to Dh445,000 for the largest one.

According to Bose, anyone earning between Dh12,000 and Dh15,000 a month would be able to afford the apartments.

He added: "All that is required is a 10-15 per cent down payment. Then the buyer would pay Dh6,000 a month for two months before moving into their new home."

Situated in Ajman, Monarque Majestic Towers, consisting of two towers, will have 29 storeys. The project will be completed by the middle of 2009.

Riyaz Mohammad, vice-president of Monarque Properties and Investments, said there were plans build three other apartment blocks in Sharjah, Dubai and Abu Dhabi.

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