Dubai: Aqaar, the real-estate and property development company headquartered in Ajman, will appoint the contract for enabling works - valued at Dh70 million - this month on its initial project Ajman 1, with the appointment of the main contractor before the end of March.
The company will work in conjunction with the Ajman Development and Investment Authority (ADIA), to support the emirate's evolution into a niche tourism and business destination, by spearheading the creation of quality residential and commercial projects.
Super-structure construction of phase one of the 72,000 square metre project will get off the ground within the second half of 2007.
"We are negotiating with several international contractors for all aspects of construction on Ajman 1. Aligning Aqaar with industry experts will ultimately help to deliver on our promises of building quality and efficiency," said Rami Dabbas, COO, Aqaar and Head of Real Estate Development, ADIA.
Phase one, to be complete by 2009, will have 12 freehold residential towers forming the core of the development. The entire project, to be completed by 2010, will house a world class hotel to be managed by an international operator, a freehold commercial tower, serviced apartments and a tower for leased apartments.
"Plans are on track for work to begin on phase one of Ajman 1. We are concentrating on making sure that a solid foundation is in place so that construction will remain on course and progress methodically so that everything is delivered on time," added Dabbas.
Ajman 1 will form a seamless fusion of residential, commercial, hospitality and lifestyle elements, with the UAE-based National Engineering Bureau, one of the country's leading design consultants, behind the project master plan.
Aqaar, established in 2006, will manage and create property related investment opportunities and offer full support for both regional and international investors.
Ajman covers an area of 259 square kilometres comprising 16 kilometres of coastline and three distinct geographical regions in terms of topographical features which are Ajman City, the Masfout region and the Manama region.
