Business | Property
Peace Builders unveils Dh60m tower project
Ras Al Khaimah-based Peace Builders and Developers on Saturday announced here its maiden project - Peace Tower - in Ajman to be built at a cost of Dh60 million.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:09 August 3, 2008
Abu Dhabi: Ras Al Khaimah-based Peace Builders and Developers on Saturday announced here its maiden project - Peace Tower - in Ajman to be built at a cost of Dh60 million.
The freehold residential project will be built in Ajman's Marmooka City, located 35 kilometres from the Dubai International Airport, Peace Builders' managing director Nasir Mahmoud told a news conference. He said the company purchased 125,000 square feet of land for Dh10 million for the development.
"The introductory price, valid until August 31, is Dh475 per square foot. It's lower than the prevailing market price in Ajman, which is about Dh500 per square foot," Mahmoud said.
He said in all, there will be 154 apartments on the proposed 14 floors. In addition, there will be a five-level parking with facilities including a business centre, swimming pool, health club and library.
The buyer will have the option to buy studios, one- and two-bedroom apartments. The size of the apartments ranges from 552 square feet to 1,140 square feet of carpet area, Mahmoud said.
Peace Tower is scheduled for completion in November 2011, Mahmoud said. "The drawings for the project are likely to be approved by authorities by the end of August this year," he said.
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