Sweet Homes, a UAE-based developer and multi-service provider to the real estate sector, has announced that it will be launching a host of projects within the AED 120 billion Ajman real estate market, as part of its AED 2 billion investment plan for 2008.According to the latest statistics released by the Ajman Chamber of Commerce & Industry, the growing popularity of Ajman-based developments among global investors has resulted in the boom in the emirate’s Foreign Direct Investment (FDI), which has exceeded the rest of the other emirates’ by 300 per cent. Through the launch of its new projects, the developer is aiming to attract greater investment into Ajman, which will further boost the real estate sector within the emirate.
Ajman has eclipsed the other emirates in terms of attracting foreign investments into the country, with foreigners now owning 33 per cent of development projects established in the booming city compared to 11 per cent in the other emirates, thereby elevating Ajman’s annual investment growth rate to an average of 6.7 per cent. In addition, expatriates and GCC nationals are also being drawn to the relatively lower prices of properties in the emirate compared to the rising costs of investments in Dubai and Abu Dhabi. As more private developers are being encouraged to launch residential properties aimed at low- to middle-income end-users, especially in the Emirates City along the Emirates Road, Sweet Homes has identified Ajman as an ideal location for a large percentage of its future projects.
“There is a strong possibility that Ajman will be able to replicate the success it has witnessed during 2007 due to its intense focus to become a leading tourist, residential and investment destination,” said Fahad Sattar Dero, CEO, Sweet Homes Group. “Amidst the government’s massive initiative to develop an investor-friendly business climate that is attracting stakeholders from all over the world, we have recognised the potential in providing a community development that addresses investor’s requirements for residential and commercial built space. Ajman definitely lives up to our expectations, and we are currently on the process of developing more high profile projects in the emirate.”
A special department has been set up by the Government of Ajman to regulate the booming real estate sector, which has been steadily growing since 2004. At present, freehold and escrow account laws in addition to STRATA regulations similar to those adopted in Dubai, are being drafted by the new Ajman Development and Investments Authority. Moreover, urban development projects worth AED 580 million, investments into maintenance services and infrastructure projects amounting to AED 174 million, and an AED 800 million sanitary water treatment project, were recently undertaken by the government in efforts to attract more local, regional and global developers and investors.
As one of the most prominent developments in Ajman, the ‘Ajman Uptown’ project has attracted elite investors and high profile developers due to its outstanding concept and offerings, which match the emirate’s strides in infrastructure, roads, service improvements, telecommunications, ports and free zone development. The AED 2.5 billion residential township is the first freehold villa and townhouse community in Ajman, which will comprise a total of 1,504 G+2 villas and townhouses and 7 G+4 buildings spread over 4 million square feet of land that is directly accessible from the Emirates Road and adjacent to Emirates City. In addition to its ideal location, the development is also catching the attention of investors due to its unique flexible four-year self-financed payment scheme.
“The investment boom in Ajman enjoys complete legal and legislative protection with laws being constantly updated for the benefit of investors and developers. By reflecting a very positive image through its massive infrastructural transformation, Ajman’s development as an emirate complements the vision we have for Ajman Uptown as a premier commercial and residential community,” concluded Dero.
Fully committed to delivering results, Sweet Homes’ diversified business activities have played an integral part in the growth of the real estate market in Dubai, Ajman and Ras Al-Khaimah. The developer has acquired extensive experience in the fields of general engineering and contracting, trading, real estate brokerage, marketing, selling and managing prestigious properties in the UAE. Through its widespread network of real estate contacts, Sweet Homes has built a name based on its professional and efficient services, in addition to its reliance on highly innovative technologies.