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Dubai: Ajman Holding will invest more than $1.5 billion over the next three years in real estate and related ventures in Ajman.
The company, which was founded in 2000 as a diversified group of companies based in Ajman, says a substantial chunk of the money will be directed towards The Boulevard project, which will be developed by aaproperty, the real estate arm of Ajman Holding Group.
The project will include 14 residential and commercial towers ranging from 14 to 30 storeys, as well as a mall, a five-star business hotel and more than 2,000 basement and podium parking spaces. Other amenities include swimming pools, health clubs, a nursery and day care facilities.
Company officials say the entire project offers freehold ownership and a residence visa. Phase one of the project is slated for completion in the second quarter of 2009. aaproperty said it has signed a contract with Adnan Safarini Consultancy to carry out the design process of The Boulevard project.
"Ajman Holding decided to develop premium real estate projects as this complements the core strategy of moving into infrastructure related projects. There is already huge demand for premium real estate developments in Ajman," said Shaikh Abdul Aziz Bin Humaid Al Nuaimi, Chairman of Ajman Holding Group.
"We are expanding the full array to move beyond the boundaries of Ajman into the neighbouring emirates as well as internationally, where we fulfil our mission and increasing value for our shareholders."
Alternative
Property analysts say Ajman is being increasingly seen as a cheaper alternative to living in Dubai and has attracted investments from major Dubai-based property developers.
Close to 200 freehold residential towers are either under construction or have been completed since the city's freehold property sector kicked off in 2004.
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