Business | Property
Saudi and UAE firms collaborate on Dh15b Berjal City project
Ajman's latest venture expected to be home to 15,000 residents.
- By Cleofe Maceda, Staff Reporter
- Published: 00:02 May 26, 2008
- Computer-generated image of the proposed Berjal City in Ajman. The project will feature 91 residential, commercial and administrative towers as well as a unique shopping mall.
- Image Credit: Supplied picture
Dubai: More than Dh15 billion in investments will be poured into the development of Berjal City in Ajman, the latest venture of two companies in Saudi Arabia and the UAE, that is expected to attract nearly 150,000 residents.
The mixed-use project, launched yesterday by Saudi company Berjal Real Estate and Ajman's Al Rashid Real Estate, will feature 91 residential, commercial and administrative towers, as well as a unique shopping centre that will be as big as the Mall of the Emirates in Dubai.
A considerable portion of the project's 30 million-square-foot area has been earmarked for green hills and lakes, while the towers and buildings will feature water parks and green spaces. The community will also have schools, mosques and clinics.
"In terms of size, the project may be smaller compared to the similar developments in Dubai, but in Ajman, it will be a unique, fantastic site," Berjal's executive manager Abdullah Ali Al Nasser told Gulf News.
The two companies are offering land plots to investors and real estate developers on a freehold basis and are expecting the investment volume to exceed Dh15 billion. Investors can choose to invest on plots by building commercial and residential towers ranging between 19 and 60 floors.
Al Nasser said work on the project's basic infrastructure will start in two months and the developers can start building the towers within six to eight months.
"For the coming five to six years, the whole project will be ready," Al Nasser added.
"The unique thing in this project is that there is ease in payment. The company allows investors to pay in instalments of up to 30 months without interest. Plus, if you pay 10 per cent this month, the next month will be free. This gives the developer the chance to sell, buy in that period. So, it gives more movement in the market," Al Nasser explained.
Plots
During the press conference, Berjal Real Estate executive director Al Nasser said 123 land plots have been earmarked for residential towers, as well as for commercial and administrative uses, thus giving investors good opportunities to achieve promising investment returns.
Berjal Real Estate is tasked to pave the project site and set up the necessary infrastructure, while Al Rashid is exclusively marketing the project.
Al Rashid Real Estate chairman Ahmad Al Ka'abi said they will market the plots of Berjal City internationally by participating in real estate exhibitions in other countries such as South Korea, Saudi Arabia, Qatar and Pakistan.
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