Friday, 22 February 2008

Big Demand for Ajman Property

The Al Naeemiya Towers project will comprise 15 residential buildings, housing some 470 units.

A large two-bedroom apartment costs Dh282,000 (around $77,000), said the report.

The project makes Ajman the third emirate in the UAE after Dubai and Ras Al Khaimah to offer properties on a so-called freehold basis to expatriates.

Al Naeemiya Towers, on Emirates Road close to Sharjah, are under construction and only about one third of the project is still available.

'Expatriates and UAE nationals alike can own freehold apartments in Al Naeemiya Towers,' Ghalib Jabir of Ajman-based Properties Investment Company said in remarks published in the Gulf News.

The project, comprising Al Naeemiya Towers 1 and Al Naeemiya Towers 2, is ready for sale.

The first phase, Towers 1, is expected to be completed by November next year and the second by August 2006.

There are seven buildings in the first phase and eight in the second.

According to Gulf News, Jabir said all apartments in Al Naeemiya Towers 1 and 25 per cent of Al Naeemiya Towers 2 had been sold.

Each building will have 16 floors and four apartments on each floor.

The towers will comprise high-quality residential apartments of different sizes including two- and three-bedroom homes.

A three-bedroom flat of 2,366 square feet is priced at Dh369,000.

Two-bedroom apartments covering 1,813 square feet are being sold for Dh282,000.

Payment has been structured in installments and a large down payment is required at the time of booking.