Al Zorah reports pre-sales of about Dh10b

Dubai: Al Zorah, the master-planned Dh220 billion coastal development launched in Ajman earlier this month, announced pre-sales of around Dh10 billion at Cityscape Abu Dhabi yesterday, representing the first wave of sales for Phase One of the project.

The interest in the project from the Al Zorah Development Company, a joint venture between the Government of Ajman and Solidere International Limited, came during the two week pre-launch sales process which ended on May 7. Investment has been secured from regions including Asia, Europe, the Indian sub-continent and the GCC.

Nasser Chammaa, chairman and chief executive officer of Solidere International said that Al Zorah has already captured the imagination of international investors as a sustainable residential, business and leisure community spread over a vast expanse of 12 square kilometres.

"Al Zorah has arrived at the right time, from the right place. The level of interest in the project shows investors are excited about the concept and master-plan for this new mixed-use urban community of around 200,000 people. Al Zorah presents a unique opportunity and is a project that will benefit from Solidere's city-making development approach, as well as Ajman's business friendly policies and varied innovations."

Located along Ajman's beachfront and creeks, Al Zorah will build on the emirate's natural beauty, tradition, openness and culture of innovation to transform Ajman into a world class residential, tourism and investment destination.

The city will be self-contained with varied residences, offices, retail, schools, hotels, hospitals and leisure facilities including a championship golf course, marinas and a number of five-star resort hotels.

Construction will be restricted to 235 million square feet with the remaining expanse reserved for beaches, green spaces, and open squares, an approach that will provide over 60 per cent of the total land area for public spaces.

Overall, the project will have 16 kilometres of waterfront, including three kilometres of original white sandy beaches.

The Government of Ajman has granted free zone and freehold status to the project to facilitate investments and ownership.

A new 8.5 kilometre highway will link Al Zorah to the Emirates Road, thus offering excellent connectivity to international airports and the neighbouring emirates.