Sweet Homes Sells Out 70pc Of Dh3b ‘Ajman Uptown’ Project

Sweet Homes, a UAE based property developer has announced that it has sold out 70 per cent of Dh3 billion ‘Ajman Uptown’ the first freehold residential township in the emirate, despite 40 per cent property price hike in 2008. Ajman, the third largest property market in the UAE, saw the emirate’s investments into the vibrant property sector cross Dh400 billion mark this year, which augurs well for the success of the ‘Ajman Uptown’ project. With offices in the UAE, Oman and Qatar, Sweet Homes continues to undertake regional awareness campaigns and participate in high profile promotional activities. Sweet Homes has been boosting its regional presence through an extensive roadshow highlighting its ‘Ajman Uptown’ township community. This is in line with the developers Dh2 billion investment plan for 2008.

The strong sales reflect the vibrancy of Ajman’s real estate industry and the appeal of ‘Ajman Uptown’, which comprises of seven commercial and residential towers, a hotel and hotel apartments complex, and villas and townhouses. The impressive sales indicate that the global financial crisis might actually have a positive effect, as Arab and expatriate investments into the US and European markets are expected to flow back to the local and national property sectors. Ajman in particular is experiencing a property boom due to its investor-friendly property laws and reasonable project rates, with the emirate having attracted significant Foreign Direct Investment (FDI), which has exceeded the rest of the other emirates’ by 300 per cent.

Ajman is strategically positioned to attract more foreign investments into the real estate sector, with over 33 per cent of development projects in the area owned by expatriates, as compared to 11 per cent in other emirates. The Ajman Government has mandated the implementation of a solid infrastructure that will entice high-caliber real estate developers and has recently adopted Escrow Accounts and STRATA regulations similar to those adopted in Dubai. “The recent signing of an Dh 7.34 billion contract between the Ajman Government and Malaysia-based power producer Malaysian Mining Corporation (MMC) to build the first coal-fired power plant in the region is set to build investor confidence, and we are positive of an increased response to our projects,” said Fahad Sattar Dero, CEO, Sweet Homes Group. Ajman Uptown’s prime location and its distinction as the first freehold villa and townhouse community in Ajman have made it a highly sought project among local, regional and international investors.