Ajman unveils Dh2.7bn mega project

The Ajman Government’s Aqaar yesterday unveiled a Dh2.7 billion mixed-use real estate project, which will be home to 6,000 residents.

Ajman One, due for completion in 2009, will be a mix of residential, commercial, hospitality and leisure projects on a 72,000 square metre plot.

To be built in two phases, Ajman One will consist of 3,000 apartments housed in 12 freehold residential towers, plus a hotel, a freehold commercial tower, serviced apartments and a tower for leased apartments.

It will be situated at the entrance to the emirate’s coast road near the Coral Beach Roundabout in Sharjah The apartments are aimed at the “middle segment” of the market, with prices starting from Dh330 per square foot.

Construction of phase one of the project is expected to start early next year, and sales will be handled by Dubaibased property services provider Asteco.

“We believe Ajman has huge potential as an affordable place to live for those work ing in Sharjah and Dubai and as an alternative tourism destination blessed with wide, clean beaches and a relaxed cosmopolitan lifestyle,” said Rami Dabbas, the COO.

“Its appeal will initially be region-wide, but as the emirate’s profile builds, we envisage strong demand from further afield, including a majority of neighbouring countries.

“The project will fill the void that has been left with the development of so many super luxury projects that people are struggling to afford.” Aqaar is a semi-government company associated with the Ajman Investment and Development Authority, with the focus on improving infrastructure, particularly roads and transport connections.

http://img81.imageshack.us/img81/4871/ajar2.jpg

Aqaar to start Ajman 1

Aqaar LLC, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, will appoint the contract for enabling works - valued at AED 70 million (USD 20 million) - this month on its initial project Ajman 1, with the appointment of the main contractor before the end of March 2007.

http://www.ameinfo.com/images/news/8/34198-ajman.jpg
Ajman 1.

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 phase1 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 1, to be complete by 2009, will have 12 freehold residential towers forming the core of the development. The entire project, to be complete 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 1 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.

at least they are doin somethin :|

^^ yea they seem to be quicker than the developers of most dubai projects

^^ well that is good for them :)

Enabling contract awarded on Ajman 1 project

Aqaar, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, has awarded a contract for all enabling work on its first project, Ajman 1, to Piling Tech LLC - a UAE-based company.

http://www.ameinfo.com/images/news/8/34198-ajman.jpg

The work is to begin this month on the AED 2.7 billion (US$ 720 million) 72,000 square metre mixed use development.

'The project is on track, and after negotiating with several enabling contractors Piling Tech LLC has been appointed to be responsible for all enabling work on phase 1 of the development. The work will take around 140 days, allowing 30 days for mobilization, with completion by the end of the second quarter of 2007,' said Rami Dabbas, Head of Real Estate Development, ADIA and COO, Aqaar.

Phase 1, to be completed by 2009, will have 12 freehold residential towers forming the core of the development.

'We want to ensure that steady progress is maintained by implementing our construction strategy methodically, and align Aqaar with companies which are experts in the construction industry,' added Dabbas.

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

Ajman 1 will form a seamless fusion of residential, commercial, hospitality and lifestyle elements to support the emirate's evolution into a niche tourism and business destination.

'This project will be a catalyst in terms of developing the emirate, and spearhead the creation of quality residential and commercial projects, and we are now negotiating with several international companies to be the main contractor for Ajman 1, with a deal completed by the end of next March 2007,' commented Dabbas.

http://img99.imageshack.us/img99/4563/ajmanus6.jpg

Please tell me how can I byu a flat in a Ajman 1 project? Who is selling it? which developper and realtor? thank you
please e-mail to: info@eurofirma.ru

What a nice project for ajman.

as long as they can sort out the roads it could become an attractive alternative to sharjahs conservativism

these towers are so close together, like sardines in a tin! Finish date is March 2010 and only 3 towers released for sale so far

Hello

I have bought a 1 bed in Ajman One project, Tower 11. I will update on how it goes.

You can view progress pictures at www.ajmanproperty.com - Although early stage just now.

do i need to be citizen to buy a flat there

hello Soham - you do not need to be a resident to buy in this project

Tower 6 to be released tomorrow

When next tower will be released and is it the good investment????

who knows

The next tower should be launched very soon. Developers emailed me saying that the next tower should be launched within a month and that was a few weeks ago. However going by Dubai time that could mean a few months yet.

I think it should be a decent investment. No better or no worse than what else is around. Unknown rental returns are probably the only risk at this stage.

I'll let you know when it is launched as I am purchasing in the next tower.

Actual distance from sea.Also keepin in mind the row of towers on the opposite side of the road one should except minimum sea views.
http://img515.imageshack.us/img515/5584/ajmanoneoverlayrb1.jpg

Aqaar awards the AED 1.4 billion 'Ajman 1' construction contract to Sino Construction Group


Aqaar LLC, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, has announced that main construction work on its AED 2.7 billion (US$ 736 million) initial project - 'Ajman 1' - has entered its first phase.


http://www.ameinfo.com/images/news/0/45830-aqaar.jpg
'Ajman 1'.


The AED 1.4 billion (US$ 382 million) main construction contract for its mixed-use residential, commercial and hospitality complex has been awarded to the UAE-based Sino Construction Group.

Rami Dabbas, CEO of Aqaar and Head of Real Estate Development, ADIA, said that this project will be a catalyst in terms of developing the emirate, and lead the creation of quality residential and commercial projects.

Phase one, of the 72,000 square metre project, to be completed by early 2010, will have 12 freehold residential towers forming the core of the development. Investors buying into these towers - seven out of them have been already launched to the public- will have residence visas automatically issued upon delivery of the property units.

'The residential offering targets the mid-range segment and prices are highly competitive. The residents will be able to utilize ongoing services including 24 hour security and full maintenance,' added Dabbas.

The Ajman 1 community can take advantage of the retail area which will house a convenient supermarket, restaurants and a community centre complete with men's and women's gyms, indoor and outdoor playgrounds for children, and two swimming pools.

William Chan, Regional Manager of Sino Construction Group said that they are very excited to be part of a project, which highly contributes to the evolution of the emirate of Ajman and proud to be affiliated with a prominent developer such as Aqaar, which is a well respected player in the real estate market of the UAE.

The entire development will house a world-class hotel with serviced apartments and a convention centre which will be managed by an international operator. There will also be three other freehold commercial towers, making a total of 16 towers in all.

'The construction industry has witnessed not only a remarkable growth, but also an increasing demand for quality projects. We want to ensure that balanced progress is sustained by implementing our construction strategy methodically, and align ourselves with companies which are professionals in the field of construction,' added Dabbas.

Good morning,

i am just new member - will any of you please help me in comparing Falcon tower , Ajam one & Ajman pearl ? i see the great differance in the price.

Falcon base price - 320 per sqft
Ajman pearl base price - 425 per sqft.

(These prices are offered by ajmanproperties.com website.)

i am planning to visit UAE in third week of october - & your kind feed back would help me greatly finalysing buying falt.

warm regards

Tower 9 has just been launched with a 10% premium to previous towers.

Apparantly this will be the last tower lauched this year.

Cheers

^^ Is this a sea facing tower or inward land facing

these buildings are cool

^^ Is this a sea facing tower or inward land facing

This is one of the inward facing towers.

Personally I would not be buying these just for the sea view because it is likely that the development across the road will eventually block out the views.

I still think the close proximity to the beach however makes these an attractive option. There are not too many places left in the world where you can buy a place this close to the beach for these prices.

^^ true - so what about the sea facing apartments in corniche tower - they are more expensive ie 500 - 530 psf but a good investment?

9 of 12 towers of Ajman 1 realty development in Ajman are sold out


http://www.gowealthy.com/images/news/news_3236_2_67.jpg


Aqaar LLC, real estate and property development company headquartered in Ajman, one of the seven emirates of the UAE, has announced that 9 of the residential towers of Dh2.7 billion mixed-use development Ajman 1 has been completely sold out. Ajman 1 is spread over 72,000 square meter of area. It will consist of 16 towers, a hotel, a convention centre and leisure & retail amenities.

HH Sheikh Rashid bin Humaid Al Nuaimi, Head, Ajman Municipality, said, “Our projections were to sell 50% of the project within the first year; and here we are approaching our first birthday with 9 of the 12 towers already having been sold out”.

Aqaar has also announced that it has signed an agreement with the Abu Dhabi Commercial Bank for a major package that will help finance the construction of Ajman 1. Under the deal, the Abu Dhabi Commercial Bank will provide a fixed term loan of Dh600 million for the construction of the real estate project in Ajman, UAE.


R

Nice!!

This project has been really popular. Hopefully they will now get a move on with construction

it's already in ground work ..

When the next tower will be launced

--------------------------------------------------------------------------------

i wish to sell 1br apt. in paradise lakes B7 Tower (in Emirates City, Ajman). Area is 883 sq ft, partial lake view, 13th floor, one prking. Selling below developer's price. call 0097150 5749185

:spam1: :gaah:

no progress pics yet, pls post if someone have these???????????

This site has some (old) photos of the ground work:

http://www.ajmanproperty.com/ajmanone11-progress.asp

In light of the fact that Ajman Corniche Residences is going for around the 700-750 psf mark, what do you think the price of Ajman 1 is now? Obviously it will be lower because Ajman 1 is not directly on the beach but any thoughts....maybe around the 600-650 psf price range?

I received this update from Aqqar the other day.

Shot was apparantly taken in December and good progress has been made since then. Looks to be coming along well.

http://img81.imageshack.us/img81/7691/ajmanoneon16dec2007ak7.jpg (http://imageshack.us)

Anyone have any more recent shots?

The Tall Tower in the back is not part of Ajman One. It is a completely different project (Amber Gem).

http://img262.imageshack.us/img262/1088/020220084626ty1.jpg

http://img138.imageshack.us/img138/3112/020220084628mi0.jpg

good progress !! change it to ground work

According to Ajmanproperty.com, tower 2 has now been lauched....looks like the price has been increased quite a bit, a type B studio on the first floor now costs 646 psf

According to Ajmanproperty.com, tower 2 has now been lauched....looks like the price has been increased quite a bit, a type B studio on the first floor now costs 646 psf

All studios are sold in tower 2. Some are being resold for 699psf. Maybe they are trying to cash in before the Ajman Marina hits the market.

All studios are sold in tower 2. Some are being resold for 699psf. Maybe they are trying to cash in before the Ajman Marina hits the market.

I think you're right....and if I'm not mistaken they've still got Towers 1, 3, 5 and 7 to release so I wonder what sort of price increments we will see. I think 650-700psq is still a pretty good price considering this is going to be quite close to the sea.

http://www.jrefreehold.com/site/ajman_one/ajman_one_2.jpg
http://www.jrefreehold.com/site/ajman_one/ajman_one_6.jpg
http://www.jrefreehold.com/site/ajman_one/ajman_one_5.jpg
http://www.jrefreehold.com/site/ajman_one/ajman_one_4.jpg

http://www.jrefreehold.com/site/ajman_one/siteplan.jpg

from www.menareport.com

Aqaar LLC, the real estate and property development company headquartered in the emirate of Ajman, is about to start work on the second phase of Ajman’s premier residential, commercial and hospitality complex – Ajman 1.

The AED2.7 billion project will cover 72,000 square metres. Phase one, which started last year and will be completed in three years time, will have 12 freehold residential towers forming the core of the development.

The construction of phase 2, which is valued at AED 1.7 billion, will consist of three office towers, a convention centre, and a 4-star business hotel with serviced apartments. Two of the office towers will have 27 storeys with the middle tower having 26 floors. Their construction will bring to 16 the number of towers being built on the site.

A particular selling point, likely to appeal to investors, was introduced by the express intervention of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. Not only will the offices be freehold, but they will now be regarded as being in Ajman’s free zone as well, despite being geographically separate from the official Ajman Free Zone.

And with there being no need for a local sponsor, 100 per cent foreign ownership allowed, 100 per cent repatriation of capital, and no corporate or personal income tax, demand for phase 2 is expected to be particularly strong.

In addition, the process for obtaining a trading, industrial or professional services licence has been greatly simplified. The licence will be provided from the first date of purchase and a visa will be provided for one person until such time as the construction has been completed.


Interesting, sounds like they have made some changes to phase 2. Would like to see the plans now that they are having 3 commercial towers. I reckon the office space will sell pretty fast, imagine walking to the beach after work.

Hi guys! :wave: Any future neighbors out there? Whatcha expect of the interiors and finishings quality in general and in relation to the Corniche Residence for instance?

Hi guys! :wave: Any future neighbors out there? Whatcha expect of the interiors and finishings quality in general and in relation to the Corniche Residence for instance?

Yup my friend.. am going to be your neighbour.. looking forward to good quality and good design..

Yup my friend.. am going to be your neighbour.. looking forward to good quality and good design..

And me, looking forward to it being completed reasonably on time God willing....are you guys planning to live there or rent out?

^^Nice to meet ya all. Well, I hope they will civilize up the area by the time our Ajman One is ready to move in and it will be a pretty decent place to live actually. The area has a great potential IMO to become a candy on the coast KWIM?

Ajman One.....till now the best project in Ajman. I have heard its price is touching 800 per sq.ft.

lastest updates check it

http://www.ajmanproperty.com/ajmanone2-progress.asp

someone ask about interiors i guess check this link :
http://www.ajmanproperty.com/ajmanone2-interiors.asp

I have an option to buy in Orient Towers with a lake view at 675.

I found some units available in Ajman One without a sea view for around 750.

any advice on which property to go with would be appreciated

I have an option to buy in Orient Towers with a lake view at 675.

I found some units available in Ajman One without a sea view for around 750.

any advice on which property to go with would be appreciated

I got email recently from emiratesproperty.net they are selling sea view units in 725 and 750 per sq.ft in tower4 which is the best tower from all 12.

http://www.aqaar.com/developments/progress.aspx

Are there any apartments in Ajman that overlook the Gulf/beach in close proximity?

This is the only project with good views and prices contact them directly at www.Emiratesproperty.net

Hello there,
http://www.ajmanproperty.com/city2-home.asp

Could someone tell me who is behind this project? Unable to find info
Tks

Aqaar LLC DEVELOPER ...OR GO FOR SAME SITE N CLICK AT CONTACT DETALIS PLEASE :D

Thanks for the info. I am referring to CITY TOWER Tower B2, (Though this is a
Ajman One thread-my apologies for using this thread bizzybonita) It seems the only
Tower available is B2. Are there other towers available or all sold off? This City Tower
project is quite opposite to Ajman's Rulers Palace and Ladies Park.
When I look the Aqaar website, they have only listed Ajman One but not
City Tower if it is the same developer

it's all about updating the web site :D they need high speed internet ( just kiddin ) , don't worry i saw city tower board ( developer aqaar and elso same piling contractor like in ajman one ) ...

Have u guys heard about Ajman Marina. I think that will be a good one to hold out for?

http://wikimapia.org/#lat=25.3909176&lon=55.4429018&z=18&l=0&m=a&v=2

Need some help. When you open the above link, u will see in front of City Towers Ajman
project 4 rectangle buildings of same size, very near to main road. Its written in Arabic, which I wish could read. What does it say? Thanks for your help

Those were the old shops before now they distroyed them and going to build city towers on same place. visit there website for viewing site layout www.emiratesproperty.net

Raza01,
Thanks for taking the time for me and the clarifications. Really appreciated

Could someone estimate Ajmanone's rental value for it's studio aptmnts?

I think 40k an year would be good.

Thanks for sharing.

Khan

Can Someone post the latest construction pic of Ajman One

Can someone post pictures of City Tower project in Ajmn? (The one which near to the
Sameer shopping Centre?

Went to check on our Ajman1's progress and saw they're already bulding the parking floor. It's ok, ain't it?
Also was surprised to find another Aqaar project (they are just starting) - facing Marina right next to Kempinsky and Culture Center that's going to be demolished. If I'm not mistaking it's called Ajman Tower. Any adea about this project? Prices, completion year, etc. TIA!

Hi there,

I saw this development too when i was there in May, but aqqar people told me that this is going to be only a renting accommodation building. The wife of Sheikh owns this development and they want to keep the property.

That's what the sell people told to me, but i don't really know if this is true or they want to sell all ajman one apartments before start selling units from the new tower. ?????????

Thanks

Salvador

Progress of Ajman One is amazingly fast. They are going very well. Ajman Towers is not freehold further not for sale. Aqaar is building it for Leasing purpose

Hi guys,

Sorry about this but I'm desperately looking for info on Amber Gem Tower. I know it has it's own threat but the last entry was in 2006, so I was hoping someone here might have a clue about this project or could point me in the right direction. Much appreciated!

As far as i know it is not a freehold project and most probably they will lease it when it would be ready

Does anyone have any updates on this project? Pics would be great....

Pictures would be available shortly yesterday i went there and construction work is on schedule they are working fast .

Up ground right now ... not bad progress i can say :)

Hi guys i am the investor in the Ajman one like you all i will realy appreciate if someone can post any latest photos on this thread.

Ajman One Office Tower C has just been launched.

Details:
http://www.ajmanproperty.com/ajmanone-officeC-home.asp

Been there on Wed 13th of Aug, seen this: http://i33.tinypic.com/kb345.jpg

http://i34.tinypic.com/33205fb.jpg
http://i38.tinypic.com/29erdpl.jpg
http://i38.tinypic.com/105e1jq.jpg
http://i38.tinypic.com/2hyz4ba.jpg

http://i34.tinypic.com/33205fb.jpg
http://i38.tinypic.com/29erdpl.jpg
http://i38.tinypic.com/105e1jq.jpg
http://i38.tinypic.com/2hyz4ba.jpg


Great Pics !!! Keep them comming please :cheers:

when offices will be launched - expected price per sq ft???

Offices already launched price Aed.1200 per sq.ft

Hi

Have driven past this project on Friday and the site is in a great spot. I think as the development gathers pace the price per sq ft will increase significantly. I think this is going to be a great year for Ajman.

Lates Ajman One construction Updates on www.emiratesproperty.net

I am looking for 1 BHK in Ajman One does any body have any availabilty. Please Pm me the price and payment details

C/U 3/09/08


http://i34.tinypic.com/315lrva.jpg


http://i37.tinypic.com/2r22kat.jpg

Thanks Bizzy for the greate PICS..... But which Tower is that? By chance did you get a pic of AjmanOne Tower 2?

Ramadan MubarK!!!

C/U 3/09/08


http://i34.tinypic.com/315lrva.jpg


http://i37.tinypic.com/2r22kat.jpg

Latest Construction updates of Ajman One dated 04-09-2008

http://www.emiratesproperty.net/images/Construction/Ajman%20One/3-9-08/AjmanOne4.jpg

more pictures available on www.EmiratesProperty.net

Offices already launched price Aed.1200 per sq.ft

offices at 1200 psf in Ajman seem overpriced don't they? It is a good development and near the beach but will people buy for this price given that in some parts of Dubai (NOT business bay) you can get offices for around 1500 psf?

What are people's opinions?

i personally think that it is over priced. It should be max 900 not more than that. there are some benefits in it like freezone status and good location but still it is too much.

1200/Sft in Ajman? Errr, i don't think so. I don't care how great the project is, its still Ajman.

In fact I've been told that this is the pre-launch price......they will actually properly launch the offices at Citiscape next month for (wait for it)...1500psf

no it would be 1250 on city scape

no it would be 1250 on city scape

Really? That's interesting, I was told by an Aqaar agent that it would be 1500 on launch...

They told me 1250 ...thats strange.

Aqaar seeks to raise portfolio to Dh7b with two new projects


http://i33.tinypic.com/2011v2c.jpg

Ajman is becoming increasingly popular as an investment opportunity and as such more luxury developments are under way.


Dubai: Ajman-based developer, Aqaar Properties, is hoping to raise its portfolio to around Dh7 billion by the end of this year, following two major new developments in Ajman to be announced next month.

Aqaar will launch phase two of its first project, the Dh2.7 billion Ajman One, a mixed-use development which covers over 775,001 square feet.

Ajman is becoming increasingl popular as an investment opportunity and as such more luxury developments are underway.

In line with this, Aqaar will launch Ajman's first waterfront development at the beginning of next month.



"With the launch of phase two of Ajman One and a new luxury development soon to be announced, Ajman is entering a new era of exciting growth and progress. Ajman is transforming from a quiet emirate into a vibrant and progressive tourism and business destination," Shaikh Rashid Bin Humaid Al Nuaimi, chairman of the municipality and planning department, said.

Phase Two of Ajman One is at the centre of Ajman's newest free zone, the Ajman One Business District.

Phase Two will include residential units, a four-star hotel with serviced apartments, three office towers and hospitality facilities.

The three office towers are called Apex Business Towers and will have 640 offices in total. Towers one and three have 27 storeys and tower two has 26 storeys. Office sizes range from 1,292 square feet to 2,174 square feet.

Business visitors

There will also be a convention centre and a four-star hotel which will be operated by French hotel group Accor SA under the Novotel brand, according to Rami Dabbas, chief executive of Aqaar Properties.

"Despite much speculation, Aqaar's new waterfront development has been something of a closely guarded secret," said Dabbas.

The new development will target the high-end market and will include a luxury hotel, retail units, a souq and a health spa.

Updated PICS!!!

http://www.ajmanproperty.com/ajmanone2-progress.asp

Aqaar and Accor Hospitality team up to open new Novotel

Aqaar LLC, the real-estate and property development company headquartered in Ajman, has signed up with French hotel group Accor Hospitality to manage a world-class business hotel under the company's renowned Novotel brand.

* United Arab Emirates: Tuesday, October 28 - 2008 at 16:58

http://i37.tinypic.com/29c5o2e.jpg
Artist impressions of the Novotel Hotel in Ajman1

The four-star Novotel Hotel forms part of Phase II of Ajman's premier residential, commercial and hospitality complex - Aqaar's 'Ajman one' development, expected for completion by 2011. The hotel will comprise 200 rooms with 70 serviced apartments and a variety of facilities, including restaurants, a wellness retreat, a conference centre and swimming pool.

Novotel Ajman will be ideally located for business and leisure travellers. It is conveniently located 20km from the Dubai International Airport and just minutes from neighbouring Sharjah. The hotel will be in the Ajman city centre, close to the Ajman free zone and walking distance from the Ajman beach.

Following the signing of the contract, His Highness Sheikh Rashid Bin Humaid Al Nuaimi, Chairman, Municipality & Planning Department of Ajman, said:

'World-class alliances with partners such as Accor Hospitality emphasise the prestige of Ajman one, highlighting its position as one of the UAE's premier developments that will form a core attraction for both regional and international visitors.'

'We are moving at a strong pace in our expansion throughout the region and making a defined mark for ourselves. The UAE is clearly an important factor in this strategy, given the consistent escalation of tourism year-on-year to the region. We firmly believe Aqaar, with its signature 'Ajman one' development, is the right partner for us in this powerful growth dynamic,' said Christophe Landais, Managing Director, Accor Hospitality Middle East.

As leading developer of all hotel market segments, from budget to upscale, Accor Hospitality has continued to expand its regional portfolio of four brands - Sofitel Luxury Hotels, Mercure, Novotel and Ibis. With 45 new properties under construction, Accor fully aims to reach its ambitious target of more than 50 hotels to be opened by 2011 in the Middle East.

Landais, added:

'We are committed in building our brand recognition throughout the region. Our brands cater from budget to luxury hotels which give us the advantage to strategically place ourselves in various markets. A Novotel in Aqaar's Ajman one is a great example of this.'

With 6 operating hotels currently in the Middle East and the upcoming Novotel Ajman, there are an additional 16 Novotel hotels under development, including one in Pakistan. In the UAE itself, Novotel is building a comprehensive network with upcoming hotels in Dubai (2), Abu Dhabi (3), Ajman (1), Sharjah (1) and Fujairah (1) totalling over 2300 keys to join its two existing operations in Dubai and Abu Dhabi.

http://www.ameinfo.com/173404.html

http://www.thenational.ae/article/20081124/BUSINESS/156762294/1137

The off-plan property model that has fuelled record prices in the UAE is set to disappear as financing dries up due to the global economic crisis.

Industry insiders say Ajman is expected to suffer the most, as the majority of the emirate’s developments are off-plan and have not yet been started.
According to property agents, more than 90 per cent of projects launched in Ajman, mostly along the Emirates Road, are off-plan



Any ideas of how this will affect investors in Ajman one and other downtown projects:

• Ajman downtown will be affected as bad as Emirates road?
• Are we going to be Ok with Aqaar.
• The crisis in Emirates road will affect to the other developments in Ajman downtown ( Ajman Marina, Alzorah, Corniche….) or maybe this will mean that in the future investors will only invest in Ajman city.
•

Many thanks

Salvador

Downtown Ajman was always a good investment and still is. Emirates Road projects are little bit hurt but very little effect on downtown projects like Ajman one and Orient Towers.

Aqaar and all sisters companies are in very good shape and all their projects are on schedule especially Ajman One; very nice progress and lots of activity on site.

Downtown investors are quite relaxed inspite the fact that for some time they cant get their required returns but their projects are ahead of schedule and developers are sound and serious.

Yesterday i visited Ajman Marina also and very much impressed by the work they done uptill now. Further City Towers and Creek Towers work is also going on in full swing.

And what about Ajman Pearl Project? Is it going to suffer from the financial crisis?

In all reality, we can be sure that all projects will be hit by the GLOBAL credit crisis.

Maybe some will be worse of than others, but all will be effected.

At the end of the day investors and end users are struggling for cash and so are the developers. Things will no doubt turn around soon enough. I just don't understand all of the negativity going round at the moment!

The reasons that we all invested in Ajman remain the same. I'm fairly sure that all projects will be completed sooner of later and that everyone who holds their properties during this hard spell will come out smelling of roses.

Regards,

Dave

This is for sure that all projects are affected now and will recover very soon but the rate of returns would be much higher for downtown projects because they would be ready at least a year and half before Emirates Road projects because all infrastructure requirements are complete for those projects and they will be absorbed before more4 supply comes to market.

:ohno:how is the project going on - progress updates pleasse:ohno:

Very impressive progress a lot of activity on site. Front Towers already on fifth floor.

Here are some new pictures of Ajman one,

C:\Documents and Settings\ICE\My Documents\My Pictures\ajman\1

I am in Dubai at the moment but I will be back to Ajman next week so if anyone need any special pictuctures to be taken please let me know.


Also an Aqaar representative told me yesterday that at the moment everything is looking good; they have enought money to carry the development, there are not issues with water or electricity and nearly everything is sold already.

Cheers

Salvador

http://www.skyscrapercity.com/C:%5CDocuments%20and%20Settings%5CICE%5CMy%20Documents%5CMy%20Pictures%5CAJMAN%5C1
http://www.skyscrapercity.com/C:%5CDocuments%20and%20Settings%5CICE%5CMy%20Documents%5CMy%20Pictures%5CAJMAN%5C2
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Many thanks for the update Salvaone. Do you know if all of the Ajman One offices are also now sold out and what price are they selling at? Furthermore if you're going to be back in Ajman next week do you think you would have a chance to visit the Emirates City site, I just want to know what the progress is on plot B18 Venice Tower. I myself live in the UK and as such it is difficult for me to visit...

I would really appreciate your help.

I don't see any progress for back side towers. i boughht flat is tower 9. any specific reason for no progress

Many thanks for the update Salvaone. Do you know if all of the Ajman One offices are also now sold out and what price are they selling at? Furthermore if you're going to be back in Ajman next week do you think you would have a chance to visit the Emirates City site, I just want to know what the progress is on plot B18 Venice Tower. I myself live in the UK and as such it is difficult for me to visit...

I would really appreciate your help.


Hi Mr Abu,

I don’t know how many offices have been sold out but if you need to know the prices you may call to the Aqaar’s offices in Ajman or check the following web:
http://www.ajmanproperty.com/ajmanone-officeC-pricelist.asp

About Emirates city; I can say that I saw a good progress of this development when driving across the E311 (Emirates road). I can’t say the same of the others development in emirates road:
No much was going on in Ajman uptown, Marmooka city, Aqua city or Park view. I didn’t stop there but on my opinion a little work was done apart from few fences.
Anyway I will try to stop in Emirates city next week to see how things are going there, but as far I saw last time it look that the progress was very good.
PS
I heard that Ajman marina (individual properties) won’t be on sell until next August and that ground work in Alzohra was as plant.


Take care


Salvador

I don't see any progress for back side towers. i boughht flat is tower 9. any specific reason for no progress

Nassah,

Here are some more pictures of the ajman one development:
http://www.ajmanproperty.com/ajmanone2-progress.asp

I won’t worry about the slow construction on towers 7,8,9,10 and 11. The development won’t be completed until completion of all towers, including office and hotel. They may be working with a some kind of plant, focusing in the from towers at the beginning of the development and then going to the other ones. I won’t worry about it. In any case you can call them (aqqar) and ask about it. They are very helpful people.
Many thanks
Salvador

I don't see any pictures in post 107.....only crosses in boxes??!!

Thanks Salvador. Ajman One definitely seems to be progressing well thank God.

Hello Salvador,

Can you send me the pics, I do not see them on your post.

Many THX!

http://www.skyscrapercity.com/C:%5CDocuments%20and%20Settings%5CICE%5CMy%20Documents%5CMy%20Pictures%5CAJMAN%5C1
http://www.skyscrapercity.com/C:%5CDocuments%20and%20Settings%5CICE%5CMy%20Documents%5CMy%20Pictures%5CAJMAN%5C2
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http://i39.tinypic.com/1zbqfl3.jpg%5B/IMG%5Dhttp://i39.tinypic.com/2ezmgk4.jpg%5B/IMG%5Dhttp://i43.tinypic.com/jrdv0g.jpg%5B/IMG%5Dhttp://i44.tinypic.com/5y9suc.jpg%5B/IMG%5Dhttp://i40.tinypic.com/4uglxx.jpg%5B/IMG%5Dhttp://i41.tinypic.com/2yvq91i.jpg%5B/IMG%5Dhttp://i43.tinypic.com/24gruyt.jpg%5B/IMG%5Dhttp://i39.tinypic.com/2hf86ci.jpg%5B/IMG%5Dhttp://i41.tinypic.com/8zg3e1.jpg%5B/IMG%5Dhttp://i39.tinypic.com/2n0jyfr.jpg%5B/IMG%5D

Hi there,
I hope you can see the pictures now,

Salvador

Hi Salvaone, I hope you are fine and in best of your health. Dear friend I've booked one bedroom appartment in City towers, if possible please send me some latest pictures of the project because I dont live in UAE. I'll be very very greatfull to you. Take care.

Thanks, SALVAONE

THX SALVAONE!

Massood,

For new pictures see city towers post

I hope that next time you go to Ajman you will make some pictures from Ajman one for us.

Many thanks

Salvador

hello everyone. Can someone please tell me if these apartments come furnished. Also what sort of a rent we will be looking for studio flat.

Hi Guys!
I have invested in a sea facing 3 bed flat on 29th floor in Tower 4 and a 1 bed flat facing pool on 1st floor in Tower 6.
I went to the site last week and work is proceeding well yet mostly focussed on the towers on the main road side.
Please note, the podium portions under only 6 towers (front) are upto full ht ie. G + 3 (four floors) completed structurally. the residential portion of the tower themselves only start from the fourth floor onwards!
I had a meeting with the chief financial officer last week and they are quite willing to split the payments over a 3 to 4 months in case you do not want to or cannot make the full payments - please contact them directly.

Hello Kay,

Sounds Great! Can you provide the name and contact info of the person that you spoke to?

Thanks...

Hi Guys!
I have invested in a sea facing 3 bed flat on 29th floor in Tower 4 and a 1 bed flat facing pool on 1st floor in Tower 6.
I went to the site last week and work is proceeding well yet mostly focussed on the towers on the main road side.
Please note, the podium portions under only 6 towers (front) are upto full ht ie. G + 3 (four floors) completed structurally. the residential portion of the tower themselves only start from the fourth floor onwards!
I had a meeting with the chief financial officer last week and they are quite willing to split the payments over a 3 to 4 months in case you do not want to or cannot make the full payments - please contact them directly.

Hello Kay,

Sounds Great! Can you provide the name and contact info of the person that you spoke to?

Thanks...
The contact person's name is Ibrahim El Tohami, he is the Finance Manager. email address:
ibrahim@aqaar.com
It best if you write to him with a proposal of how you wnat to pay rather than ask them.
I hope you get what you want!

Rgds
Khalid

The contact person's name is Ibrahim El Tohami, he is the Finance Manager. email address:
ibrahim@aqaar.com
It best if you write to him with a proposal of how you wnat to pay rather than ask them.
I hope you get what you want!

Rgds
Khalid


Thanks, Khalid....

hi. I have just seen tower 7 released on ajmanone website. It also says completion in 24 months on 3 years price plan. As far as i was aware the project was due for completion by summer 2010. Are there any delays in this project.
Also i have made few purchases in tower 6 can someone tell me what is the progress like there.

We also have 2 bedroom apt. in tower 6. When we meet Aqaar rep. in May 2007 were told it will be completed late 2009 early 2010. Now they are advertising June 2010 but looking at the progress pictures I doubt if anything will be handed over before early 2011.

We also have 2 bedroom apt. in tower 6. When we meet Aqaar rep. in May 2007 were told it will be completed late 2009 early 2010. Now they are advertising June 2010 but looking at the progress pictures I doubt if anything will be handed over before early 2011.

My contract does not have a completion date, it states 3 years from the contract date...... :nuts:

The construction to me look bit slow on tower 6. I have invested in UAE in the past as well and experince say delays are normal. AQAAR is a very good company i have faith and trust in them more than any other developer. I just hope they dont have any cash flow problem.
Also to mention i wan reading the contract it says if there is a dealy in completion date than we should be compensated (bank rate + 7%). So i am confident.
Can someone also take some latest pictures and post them that will be great.

I have just checked my contract plus the Aqaar web-site and all info we were given before we put down our deposit, and guess what ? no- where is there any mention of an estimated finish date. emiratesproperty web. is telling us its Feb 2010 and until recently propertyuae were saying June 2010 (although now they are not making any claims) so please tell me how are we going to receive any compensation if the building goes beyond its due date, when we dont actually know the due date? The sales rep. who told us late 2009 early 2010 does not work for them any more, and of course it was a sales pitch nothing on paper. Maybe we all need to contact Aqaar and ask for a written quote.

My understanding is same as yours. I think it is in our best interest to contact AQAAR directly and raise our concerns. I also believe it is better to rely information which comes out of AQAAR rather t

The construction to me look bit slow on tower 6. I have invested in UAE in the past as well and experince say delays are normal. AQAAR is a very good company i have faith and trust in them more than any other developer. I just hope they dont have any cash flow problem.
Also to mention i wan reading the contract it says if there is a dealy in completion date than we should be compensated (bank rate + 7%). So i am confident.
Can someone also take some latest pictures and post them that will be great.



It doesn’t really matter:

Payment plant (6years):



10 % Down payment
10 % before completion - (34 equal monthly installments)
10 % on completion
70 % after completion - (36 equal monthly installments)

Why are we worried about any delays if we only have to pay 20% before the completion? I believe that looking the actual state of the world economy and UAE, I am please to know that they won’t finish the development until later 2011.

With this kind of payment plant the later the finish the development the better for us. So please think twice about this before asking anything to Aqaar. We should be happy knowing that at least Ajman one still going on. (I don’t think that now is the time to be asking for any compensation).

Anyway this is my opinion.

Salvador

Maybe not everyone is using the 6 year payment scheme. With this you have interest at the end. Not so much profit in your pocket when you come to sell. Maybe others are actually wanting to live in Ajman 1 when it is completed, and delays are making their move farther into the future. Finally not all towers have been released yet, let alone sold , so where do we start counting this 3 years? From the sale of the 1st. tower or the last one, when ever that might be?

Maybe not everyone is using the 6 year payment scheme. With this you have interest at the end. Not so much profit in your pocket when you come to sell. Maybe others are actually wanting to live in Ajman 1 when it is completed, and delays are making their move farther into the future. Finally not all towers have been released yet, let alone sold , so where do we start counting this 3 years? From the sale of the 1st. tower or the last one, when ever that might be?

Dear,

I think everyone who bought an apartment in Ajman need a reality check:



Property prices in Ajman have fallen by half recently because of the downturn

· 900 towers sold off plan in Ajman-zero construction progress-National newspaper Feb 15-2009


http://www.thenational.ae/article/20090215/BUSINESS/754778969/-1/OPINION
· Ajman takes over Marmooka City

http://www.thenational.ae/article/20090214/BUSINESS/215984900/-1/NEWS


You also can find more information in this web:
http://www.emiratescity.org/


Please read all this and after that come back to this forum as start asking for money to our developer.

I think that we are very lucky to still have an investment where every month one or more floors are completed. I do understand you point of view but I believe that sometimes in this life one have to know when it is possible to ask for things.

I believe that some other investors who have lost nearly 50% or more their investment in other projects in ajman would be more than happy to swab their investments for the one you have in Ajman one.

Further delays are luckily to occur but try to view this through a wide angle and in context with the global downturn.

Thanks


Salvador

^^^^ I agree with the above post. Ajman One is by far the best development in Ajman. And if any project is to finish it will be this one.
Spoke with Aqaar, and they said funding for this project came from an Abu Dhabi bank, and they are in a rush to get it completed because of the 6 year payment plan they don't get 80 percent unless they finish.
Aqaar and Real Estate Investment Est.are the only projects I could sleep at night while owning, because they are government projects. As time goes and more cancellations, it will add value to completed projects, like Ajman One Inshallah.

^^^^ I agree with the above post. Ajman One is by far the best development in Ajman. And if any project is to finish it will be this one.
Spoke with Aqaar, and they said funding for this project came from an Abu Dhabi bank, and they are in a rush to get it completed because of the 6 year payment plan they don't get 80 percent unless they finish.
Aqaar and Real Estate Investment Est.are the only projects I could sleep at night while owning, because they are government projects. As time goes and more cancellations, it will add value to completed projects, like Ajman One Inshallah.

Marmooka is now government owned! :)

Sorry but you don't fully understand why I think Aqaar needs to give us some idea when Ajman 1 will be nearing completion. There are many owners all with different reasons for buying in this 1st. class project. 1. Investment[to either sell or rent out at a later date] 2. To live in, with maybe a family 3. Or maybe just a place to retire in the sun. For these reasons Aqaar needs to make a statement of some kind. I for one am not wanting compensation, maybe something like they did in `Dubai when JBR was late in delivering [up grade the interiors or even allow us to choose for 3 or 4 samples our tiles and kitchen units as they do in most European off plans]. This is just a personal opinion but regardless of the economic crisis we are in now I would still choose Ajman 1 it has a good location for Sharja and Ajman beaches , so god willing it will finish in good time for all these people. But PLEASE Aqaar give us some idea when we might be receiving our keys. I hope its not as far away as late 2011.

Does any know if there is an Escrow Account for this project? If no, why not?

THX!

Maybe the finance dept. could answer that question. Mr. Ibrahem's e-mail address is on post 123.

Can someone please post latest pictures of ajman one construction. Also how well is the work progresing??

Can someone please post latest pictures of ajman one construction. Also how well is the work progresing??

They are working fast. I yesterday went there but could not get pictures

Was there two days ago and it looks like they've finished with G-floors and on with the living floors.
Overall guys, do you think it was worth investing into this Ajman progect? I mean will it pay in the not-so distant future or ever?

Mr Ibrahim of Aqaar replied to my email saying that Tower 2 of Ajman1 where I own a studio flat the ready date is exactly 3 years period from the day it was booked, its so weird that I have checked the agreement which they have given me and nowhere it says or highlights or in writing its written that the ready date will be early 2010
Query to Mr Ibrahim his email id is ibrahim@aqaar.com
Dear Mr Ibrahim
What is the ready date for tower 2 in Ajman1

Regards

Mohammed

Reply from Mr Ibrahim El Tohamy Financial Manager at Aqaar for Ajman1 project ibrahim@aqaar.com
Dear Mohammed
Thanks for your e mail
I would like to inform you that the compilation date of tower 2 is after 3 years from signing the contract.
Thanks & Regards

Ibrahim El Tohamy
Financial Manager

Want to know from other owners of flats in Ajman1 project as to whether the completion dates are mentioned in their agreements given by Aqaar, and what do you think overall of the project during these days of recession and global meltdown of financial markets of the whole world.

Will the project finish on time, or they will stop it for indefinate hold like other projects, or will it be delayed.
If delayed like RERA of dubai is pushing developers to meet investors and buyers and negotiate terms once again, because the cost of building material, labour cost, cement, steel etc all of them have become 1/3rd of the cost which was in the year 2008.

We friends bought flats studios in this project in the year 2008 when the second phase was announced

Aqaar awards the AED 1.4 billion 'Ajman 1' construction contract to Sino Construction Group


Aqaar LLC, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, has announced that main construction work on its AED 2.7 billion (US$ 736 million) initial project - 'Ajman 1' - has entered its first phase.


http://www.ameinfo.com/images/news/0/45830-aqaar.jpg
'Ajman 1'.


The AED 1.4 billion (US$ 382 million) main construction contract for its mixed-use residential, commercial and hospitality complex has been awarded to the UAE-based Sino Construction Group.

Rami Dabbas, CEO of Aqaar and Head of Real Estate Development, ADIA, said that this project will be a catalyst in terms of developing the emirate, and lead the creation of quality residential and commercial projects.

Phase one, of the 72,000 square metre project, to be completed by early 2010, will have 12 freehold residential towers forming the core of the development. Investors buying into these towers - seven out of them have been already launched to the public- will have residence visas automatically issued upon delivery of the property units.

'The residential offering targets the mid-range segment and prices are highly competitive. The residents will be able to utilize ongoing services including 24 hour security and full maintenance,' added Dabbas.

The Ajman 1 community can take advantage of the retail area which will house a convenient supermarket, restaurants and a community centre complete with men's and women's gyms, indoor and outdoor playgrounds for children, and two swimming pools.

William Chan, Regional Manager of Sino Construction Group said that they are very excited to be part of a project, which highly contributes to the evolution of the emirate of Ajman and proud to be affiliated with a prominent developer such as Aqaar, which is a well respected player in the real estate market of the UAE.

The entire development will house a world-class hotel with serviced apartments and a convention centre which will be managed by an international operator. There will also be three other freehold commercial towers, making a total of 16 towers in all.

'The construction industry has witnessed not only a remarkable growth, but also an increasing demand for quality projects. We want to ensure that balanced progress is sustained by implementing our construction strategy methodically, and align ourselves with companies which are professionals in the field of construction,' added Dabbas.

hello friends

my sister brought 2bedroom appt in tower 4, and has 2 questions.

1, is it possible for someone living in UK can get a mortgage in ajman/uae to finance the purchase?

2. if necessary how soon can she sell the appartment?

she is currently 2nd year of 6 year price plan


thanks in advance

hello friends

my sister brought 2bedroom appt in tower 4, and has 2 questions.

1, is it possible for someone living in UK can get a mortgage in ajman/uae to finance the purchase?

2. if necessary how soon can she sell the appartment?

she is currently 2nd year of 6 year price plan


thanks in advance

In Ajman there is no bank finance available in any project from start. Regarding selling it is not a good time to sell the properties at the moment and also she took six years payment plan so there is no burden on her as you will pay next installement on completion of project which is expected in 2011 and uptill then prices will stablize.

went to Ajman yesterday for a drive and took a few photo's of Ajman 1. Building's 1 to 5 are progressing . It looks like they have reached second floor of some towers , but when you turn the corner (right hand) towers 6 through to 12 not so advanced. In some places they have not reached the 4th floor of the car parks. Can't understand the method of building, the work force could be doubled and maybe work 24 hour shifts while the weather is still mild enough.
Here is the link to the Photos: http://www.4shared.com/dir/13645220/58810991/sharing.html

:ohno:Brothers me and you We are very tiny end users with whatever little money we had we have invested because the rents kept going up and up and were burning our pockets and hearts each passing day. We have invested and are getting cheated as our money is stuck and no future for us. We have to ask our rights collectively and ARRA is the only authorized authority which will for sure help us as its looking after the buyers investors and tiny end users like you and me, and also because the Ajman property markets will crash like anything and there will be a burst of defaulters in the months of may and june 2009.

All the reports coming either from gulf news khaleej times 7 days or the national or the arabian business websites or from any international newspapers talks only about the big burst of defaulters expected in the months of may june 2009

:ohno:AJMAN PROPERTY MARKET WILL BE A BIG BLUNDER AND MESS BY MAY 2009 Investors buyers and end users mostly will be loosing and suffering too much in Ajman property market because most of its projects are still on paper ie its only sand and no proper rules and regulation still formed by RERA in Ajman. Most of the lands bought by developers are still not 100% payments made. RERA of Ajman must force developers to pay 100% of land cost and purchase the land fully before starting construction or otherwise if developers cant do this then return the booking amounts of investors. Or even if there are delays in ready dates then the investors buyers must be fully compensated or their monies must be returned back. :banana:

For all this to happen RERA AJMAN must get fully involved like RERA DUBAI to get these cases sorted out between developers and investors buyers, before the cases of defaulters will burst like a bomb in the months of may and june 2009

Gulf News 16th March 2009 Report on how the projects are physically dissappearing and being culled so image what will happen to Ajman which is a crawling baby before Dubai which was running on its feet very fast till end of 2008
Dubai realty could see 'natural culling' this year
By Suzanne Fenton, Staff Reporter
Published: March 16, 2009, 23:01


Dubai: Some projects in Dubai are likely to "physically disappear" in 2009 as the emirate witnesses a flight to quality among investors, industry experts said on Monday.

Developers did not do adequate market research and did not factor in who they were building the projects for. This resulted in a plethora of "very, very silly projects", many of which now face extinction, Christopher Sims, chief operating officer at Gulf Housing Solutions, said.

"This natural culling of the market is a good thing&Some projects will physically disappear. Some were very far-reaching and extremely ambitious. Amateurs are going, professionals are remaining," Sims said.


--------------------------------------------------------------------------------


--------------------------------------------------------------------------------


Before the financial downturn hit Dubai, investors and speculators simply wanted a piece of the Dubai property cake. Now, investors are looking to those projects which are completed and have facilities and have good quality finishes.

"It is not a recession, but a technical correction. The market will move to a flight to quality - the Springs, Jumeirah. People don't want to live in the middle of the desert without infrastructure," Sims added.

Sims was speaking during Middle East Economic Digest (MEED) magazine's mega projects conference. A few developers due to participate and offer project updates were not present at the event.

Nakheel has had to postpone some of its projects such as the kilometre-tall tower and the Trump International Hotel and Tower as developers across Dubai and globally have had to tighten their purse strings.

Sims said his company is currently "looking for acquisitions".

"End prices have come down, there's no doubt about that. The average downturn is about 30 per cent right across the board," Sims said.

Ian Ohan, regional director, head of investment transactions at Jones Lang LaSalle, said that in terms of defaults, projects that haven't yet broken ground are easier to resolve. "Off-plan sales were used, effectively, to finance projects. Off-plan purchasers are now defaulting&this puts the developer in a difficult situation," Ohan said.

A recent Jones Lang LaSalle report said that more than 50 per cent of residential and commercial projects due to come online between 2009 and 2012 are now on hold or cancelled entirely.

Ohan said that a survey done in the Middle East and North Africa region the third quarter of 2008 showed that the issue investors were most concerned about was the level of return.

"Less than 2.5 per cent were interested in an exit strategy and that speaks volumes about the state of the market back at the peak," said Ohan.

Whereas 2009 will continue to be a year of correction, 2010 will be a year of stabilisation before the market recovers in 2011, according to Jones Lang LaSalle


indianlover

went to Ajman yesterday for a drive and took a few photo's of Ajman 1. Building's 1 to 5 are progressing . It looks like they have reached second floor of some towers , but when you turn the corner (right hand) towers 6 through to 12 not so advanced. In some places they have not reached the 4th floor of the car parks. Can't understand the method of building, the work force could be doubled and maybe work 24 hour shifts while the weather is still mild enough.
Here is the link to the Photos: http://www.4shared.com/dir/13645220/58810991/sharing.html

went to Ajman yesterday for a drive and took a few photo's of Ajman 1. Building's 1 to 5 are progressing . It looks like they have reached second floor of some towers , but when you turn the corner (right hand) towers 6 through to 12 not so advanced. In some places they have not reached the 4th floor of the car parks. Can't understand the method of building, the work force could be doubled and maybe work 24 hour shifts while the weather is still mild enough.
Here is the link to the Photos: http://www.4shared.com/dir/13645220/58810991/sharing.html

Dear AjmanOwner,

Thanks for the photographs nice,clear and good views taken by you my brother.

As rents went higher and higher in the years 2006 2007 and early 2008, they kept burning our pockets and therefore many of my friends invested in Ajman as we didnt have enough money to pay upfront and also the high installments demanded by developers in Dubai.

Because We invested in 2008 and the property market crashed totally, We are now stuck as we bought studios in Ajman1 for six year plan at a rate of above Dhs 720/sq ft, and now today's market the rates are in the range of Dhs 400/sq ft for ready properties in Ajman.

Its not only us because many expats who are stuck like us by investing in Ajman, as most of the projects are still purely sand and dust, as no construction work has started yet.

ARRA must make it very clear by announcing and declaring publicly about the cancellation procedures where buyers can collect their money back after paying 30% of the money to the developer on the total amount paid till the date of cancellation.

RERA of Dubai has already done that


Thanks once again for the pictures brother

Indianlover

My next payment is due in April, should I keep on paying AQAAR or AARA - Any updates and latest info from developer in this reagrds (thanks).

My next payment is due in April, should I keep on paying AQAAR or AARA - Any updates and latest info from developer in this reagrds (thanks).

You have to pay to aqaar. Still they dont have escrow account and further they dont need as projects progress is very good and also 80% of owners bought with 6 years payment plan and they will start paying after completion.

Unfortunately we belong to the remaining 20% who are paying with a 3 year payment scheme. Our 7th payment is due in May. If we were following the original time schedule that the Aqaar rep. fed us 2 years ago the apartment should have been handed over in around 12 months time, but as you can see from the photo's we took 2 weeks ago this is not going to be the case. You say this is fine because no further payments for 80% of the other purchasers is not needed until the building work is completed , but what dates do we have for that now. Check the post you made on 31.12.2008 "General Ajman Development" an average building of 20 floors will take around 2 years to complete. Well all the towers in Ajman 1 are well over 20 floors, so how shall we calculate the finish date? If the general attitude is "you dont pay until the work is complete" this could now take at least another 3 years plus going by your calculations. THIS IS NOT WHAT WE WERE PROMISED 2 YEARS AGO.

Unfortunately we belong to the remaining 20% who are paying with a 3 year payment scheme. Our 7th payment is due in May. If we were following the original time schedule that the Aqaar rep. fed us 2 years ago the apartment should have been handed over in around 12 months time, but as you can see from the photo's we took 2 weeks ago this is not going to be the case. You say this is fine because no further payments for 80% of the other purchasers is not needed until the building work is completed , but what dates do we have for that now. Check the post you made on 31.12.2008 "General Ajman Development" an average building of 20 floors will take around 2 years to complete. Well all the towers in Ajman 1 are well over 20 floors, so how shall we calculate the finish date? If the general attitude is "you dont pay until the work is complete" this could now take at least another 3 years plus going by your calculations. THIS IS NOT WHAT WE WERE PROMISED 2 YEARS AGO.

The expected delivery date for Ajman one was mid 2010 when it was launched but due to school building on site they dont let them demolish till end of academic year which delayed the whole project for six month. If we consider this then the expected delivery is around Jan 2011 and adding factor of normal delays in construction the new expected date in aroung August 2011. Since you bought appartment in 3 years payment term you can get one year extention. So its better to negotiate with developer i am sure they will give you some time.

thanks for the reply. I already knew about the school from a reliable source. What I dont understand is Aqaar's attitude. How many customer's do they have ? Why don't we receive any up-dates from them via e-mail etc, instead of relying on site's like this to give out small bit's of info. and photo's. I'm sure we would all appreciate this personal treatment and not feel it's all about getting our money on time.

thanks for the reply. I already knew about the school from a reliable source. What I dont understand is Aqaar's attitude. How many customer's do they have ? Why don't we receive any up-dates from them via e-mail etc, instead of relying on site's like this to give out small bit's of info. and photo's. I'm sure we would all appreciate this personal treatment and not feel it's all about getting our money on time.

In Boom times no body cares about customers relations and this is one of its disadvantages but thoes days are not far away when you will get ready property with easy installment plan, top quality construction and efficient customer services.

thanks - raza and ajman owner // I am @ 3-yaer plan also and don't have any problem to pay as scheedules - but delays should be compensated as i have personal experience wirth emaar for delays in springs projects was paid back @ 9-10% for one year and was adjusted in final payments - what do u think

hi ther,
can someone tell me if there is a electricity and water supply in ajman one project. someone told me that there is no electricity in ajman one project. waiting for reply thnaks

hi ther,
can someone tell me if there is a electricity and water supply in ajman one project. someone told me that there is no electricity in ajman one project. waiting for reply thnaks

The undercontruction plant in al zohra is for Ajman one and Al Zohra islands project along with some projects in downtown ajman.

thanks - raza and ajman owner // I am @ 3-yaer plan also and don't have any problem to pay as scheedules - but delays should be compensated as i have personal experience wirth emaar for delays in springs projects was paid back @ 9-10% for one year and was adjusted in final payments - what do u think

I do think the same way delay of year dont bother me too much. Either way 3 or 6 years plan it dont matter any delay should be compensated. Its is written in the contract if there is a delay of more than six months we should be given compensation. Its just like if you dont make your payments the developers can the property off you. I have personal experince like you and i support your vision nassah.
The construction is slow and all the investors need to be informed through the newsletter.
If any one have any problems with my views than keep your thoughts to yourself because i believe there is a person on this blog who is working as an agent.
I am paying on time so i expect my apartment to be ready on time i can take 6 months as a grace period without any hesitation but if there is more delay we should be compensated as started in our contract which says LIBOR rate plus 7%.
I still do believe ajmanone is a good project and AQAAR is a good company but with very bad customer service.
I hope not to offend anyone.

Electricity
In order to bolster its power segment, Ajman has signed AED 7.34 billion deal with Malaysian Mining Corporation (MMC), Malaysia-based power producer, which would bring Middle East's first coal-fired power plant of the region into the emirate. It would generate one gigawatt of electricity as early as last quater of 2011. Two other power plants to be built by the Federal Electricity and Water Authority (FEWA) in Ajman will begin operating in the next few months in order to supply electricity to the existing real estate developments until the MMC plant is commissioned.

Electricity
In order to bolster its power segment, Ajman has signed AED 7.34 billion deal with Malaysian Mining Corporation (MMC), Malaysia-based power producer, which would bring Middle East's first coal-fired power plant of the region into the emirate. It would generate one gigawatt of electricity as early as last quater of 2011. Two other power plants to be built by the Federal Electricity and Water Authority (FEWA) in Ajman will begin operating in the next few months in order to supply electricity to the existing real estate developments until the MMC plant is commissioned.

About FEWA new powers plants from where you get this information. Is it true or just rumors.

Its not yet confirmed that when MNC going to start their activities for power plant, no sign which location has been alloted for this power plant.

It still on the paper nothing on ground, minimum 3 years required with full swing of project to complete the power plant, not sure how it will go ahead in this current situation.

If anyone has any information about this project please share it, after announcing this project in July 2008.

Just like to add that I read a few days ago (can't remember where) that the MMC deal is off. Ajman government dont have the money at the moment. Can any-one out there verify this? Also a question to Zaheerumer what page on your contract does it state LIBOR rate plus 7%.? Hope we have same wording on all contracts.

Just like to add that I read a few days ago (can't remember where) that the MMC deal is off. Ajman government dont have the money at the moment. Can any-one out there verify this? Also a question to Zaheerumer what page on your contract does it state LIBOR rate plus 7%.? Hope we have same wording on all contracts.

hi please read page 32 Default And Termination. 12.1 it says if the seller which is Ajman one failed to deliver including any extension which is clause 6.1 page 23 (six month grace period) they should pay the penalty.
Read page 13/14 bottom penalty rate . It says EIBOR plus 7 percentage point.

Also read page 8 Anticipated Completion Date. On my contract the date is 02 january 2010 (Subject to provisions of clause 6.1)
That means if they dont deliver to me by 02 july 2010 they should pay me penalty.
I hope i have answer your question. Listen we are in it together we should all work in a team. one person voice is not enough so i purpose we should make a Ajman one owner committe and talk to AQAAR as one voice.
Please all of you read your contracts and check if that is the case.
I have enough bad experince's in UAE and i think we need one one one one voice. Hope you all understand. I expect AQAAR to deliver on time if not than we all know what to do but again as a team.

they said visas would be back on in march? whats the deal??? anyone know if they started giving visas?

also can you sell on 6 year plan in ajman one? has anyone? whats the process?

Thanks zaheerumar, checked all the pages of my contract (wonder how many other people are doing the same?) and I agree with all you say. Due date on mine is also 02 january 2010. The contract was sent out July 2007 so the problem of the school still being on site was obvious even then(check photo gallery on ajmanproperty.com for July 2007 and you can see it is still there) so the posting on page 1 saying that piling will be complete by 2nd half of 2007 is not possible. Why were we not informed back then of at least 6 month delay? This should not effect us if we decided to take action for compensation if the apartments are not ready by 02 july 2010. What do you think? Of course if there is no water or electric they won't be habitable any way. So we will still be waiting.

Hi Ajmanowner. Water and electricity is my main concern as well. I had bought few apartments in International city back in 2005 the building was ready but they did not handed me the keys for 1 years guess why there wasn't and electricity.
It is the developer responsibilty to make sure they can fulfill there promise they make to seller, They show you dreams only to find out later there are problems. I think we need to have more people with us and than one of us talk to AQAAR and raise our concers in regards to delay. We should aslo notify them if they dont deliver by time we will be asking for compensation. The combined pressure will do a lot. Secondly i was speaking to some reliable resources who informed me that all the major projects in ajman are either delayed or on hold the guy told me there is enough electricity and water to provide ajmanone. That project has priority because it belong to Government of Ajman.
Know how much is true and how much is rumors i dont know but i dont believe governement authorities my experince in the past is quite bitter. Listen stay in touch. This forum is important as we can share information. Get some more people on board to come with us.

This is true that project is delayed and it is also true that they are working fine now a days. They waisted time because of school and then due to the cancellation of deal with chinese construction company which got the contract but unfortunately they did not get licience to operate in U.A.E.

Now a days they are working around the clock to meet the dead line but i personally think this project will be delayed atleast one year. So keeping this fact in mind we have to see what is in our best interest. Should we ask of compensation(which they are willing to pay) or delay the ongoing installments. I am going for the second option because this will give me a little more time to hold the units. If you people got 6 year payment plan then ask for compensation next year.

they said visas would be back on in march? whats the deal??? anyone know if they started giving visas?

also can you sell on 6 year plan in ajman one? has anyone? whats the process?

I was very much sure that they will start giving visa last month but still no news .

You can not sell unit untill you pay 30% to developer. If your buyer can arrange 30% upfront then there is no problem.

hi to all,
I am very much agreed with the idea presented my mr. zaheer i think we should make a committee in this way our voice will be heard more efficiently. i urge all the owner to stand together and we can make our voice heard.

Hi
I think we should start making online spreadsheet. All of those who want to pursue and communicate with AQAAR should do so from that platform. At least than they will have to answer our queries ASAP because it wont be one customer it will be investor group. Also i purpose AQAAR should do once in month meeting with all investors onsite and keep us informed. I am based in Uk but those who are in UAE can attend.
Guys what do you think . I am not been fussy but it our right to get our voice heard. I hope to get as many people on board currently i have 4 investors who are willing too join and i believe more will follow as time go pass. AJMANOWNER what do you think i need few active members who can help me share a burden no money is needed in it. I hope if you can be one of them as you have interest in this project. Also to NAVEEDUK i have recieved your massage which you sent me it would be great to have you as an active member of committe as you have multiple properties in ajmanone.
Thakns PM me with your details so i can make a list.

Hello I have invested in a 1 bed flat in the Ajman One development - T11 from 2007. From what I have been told, the development is progressing (slowly) and there is likely to be a delay, with the project finishing end 2010 - am I right.

If this is the case, then I am happy to continue paying (on 6 yr contract) to make up the 10% until 36 months complete, then pay nothing until the apt is built.

With reference to the setting up of committee, is this due to the fact that the project will be delayed and you are looking for compensation via this committee, just wondering?

thanks

Hi zaheerumar , this platform sounds like a good idea and should be lead by someone who has knowledge of these things. My main concern is to establish some kind of communication with Aqaar. The sales manager who sold us our unit left over 6 months ago. She would always answer my e-mails and even gave us her mobile no. . I think there is now some kind of void as my last two e-mails have been ignored. Aqaar has it's own web-site but my feeling is it's very misleading. The handful of photo's that they have bothered to post are all taken from the front of the building, so progress looks steady, but other parts are not so advanced. If you can get any co-operation out of them via e-mail etc. let us know. GOOD LUCK

Its a wonderfull idea. My past experience with EMMAR was same we made committee and they had to listen to us. WHY because the knew i wasn't alone. I am happy to join the AJMANONE Committee.
My objective to join is pretty clear 1) I have investment in that project and it should be completed by mid 2010. 2) AQAAR should send us Newsletter every month or Quarterly. 3) Last of all i want AQAAR to understand our circumstances if there is delay we should all be compensated accordingly.
Mr zaheerumar i was reading my contract last night which till today i never had a look. You are correct about timescale and also as you say it state clearly in about Delay. I started paying back in 2007 i was told it will be ready end 2009 or early 2010 but for sure i cant wait till the end of 2011. My intention was to live in one of my apartment know i will have to rent and that is extra money which i have to fork out.
Please count me zaheerumar and ajmanowner in it many thanks i have PM you my details.

Making a committee is a good idea but what would be the objective of this committee; to force Aqaar to finish in Feb 2010 which is impossible or to ask for compensation now which does not make sense.

Regarding communication problem what I feel is they don’t have too much staff for answering too many email so they ask those customers who bought from Aestico to contact them for updates.

By the way I yesterday visited the site and Tower No 4 is now on 4th floor in which I have units other front towers are around 2 or 3rd floor.

Raza can you post some latest pictures. It would be a grate help to see what is happening. Also as you said contact AESTICO. i didn't buy from them also i dont believe what agencies staff tell me because the will only tell what they have been brief which is a very limited information.
If they have too little staff to answer for soo many inqueries than it is better for them to post information on this website so we all can see it. I excatly understand they wont be able to finish by FEB 2010 and neither we are asking compensation as yet i wont AQAAR to know keeping people in the dark is not doing them any good. We want them to start sending us monthly newsletter surely its not a big ask. What if there are more delays in future for various reason what would you do than by having a committee they know they are dealing with people who are keeping a check.
THIS PROJECT BELONG TO US WE ARE THE BUYERS AND AS A CUSTOMER WE HAVE LEGAL RIGHT TO BE AWARE ABOUT THE SPEED OF PROGRESS.
My experince is telling me that they wont be able to finish by early 2011 and that is only if they really press hard.

You could see the pictures from this website www.emiratesproperty.net

At the moment the progress is looking good and they are working around the clock but still because they started late it would be delayed. This is good for us that we have that clause in contract and they have to pay us some thing.

Raza you seem to be a person with a lot of inside information of the Ajman property scene, therefore I would like to address a couple of questions to you.
(1) Why is it only towers 1-5 that keep getting talked about? How is the progress on the others going? If these apartments are finished first will there LUCKY owners get to move in before the rest of us? I think not, therefore the man power and equipment needs to be doubled so that we all progress at an even speed.
(2) The question of compensation. We only want to discuss with Aqaar what they intend to do about this. The delay of a year was know by them back in 2007, it has nothing to do with the recession we are now facing.Therefore why did they not inform us , maybe some customers could have sold- on their apartments while the prices were still high.It's called freedom of choice. We did not have this luxury.
(3) Lack of communication due to a shortage of staff is not a good excuse coming from a company why advertise a project that is worth million(or is it billions) of Dirhams. How much would it cost to employ a part time secretary to send out muliple e-mails 4 or 5 times a year? As for the idea of informing us via the web-site forget it, that would be negative advertising for any new would be custmers out there.

Tower 6 is where i have few apartments. It consist of 4 parking plus 32 typical floors.
At the moment they have 32 floors to construct, We are April 2009 how on the earth are they going to construct 32 floors by the end of next year. That is my main concern.
Also my past experince have shown me when few investors wanna get togther to raise there concern they can not manage to do so because investors cant agree the due course of action. There is always someone telling different views. Most of the times the developer is behind the strategy to keep people apart. That seem to be the case here as well. People keep arguing and the developer gets away and when someone shout more than some MYSTERY BUYER apears and the person who is doing the strugle to bring investors togther suddenly dissappear.
It would not cost more than 100,000 AED to get a Full time employ to send people newletter and e-mails. That is just fraction the cost of a small studio.Why cant it be done is there something more to it.
I want AQAAR to tell us the revise date of completion so we all know where we stand because they are hidding a lot.
THE CAT IS OUT THERE AND THE PEIGEON HAVE CLOSE IT EYES THINKING IT CANT BEE SEEN. I agree with ajmanowner concerns because we are in the same boat no reply by mail, no newletter, staff cant speak good english, AQAAR website is given conflicting information and just carry on.

Lack of communication is a big problem with these companies from start and we cant do any thing about it; we cant say to them to employ a person to answer our emails. So best course of action is to get information from other sources becuase information from Aqaar could not be entirely true.

Sorry Raza I'm going to disagree with you . English is a universal language and these companies are targeting customers from all over the world not just the GCC , therefore they have an obligation to have personal who have a good level of English as well as Arabic. The problem is these people cost money and something all these contracting companies dont like is to spend more than they consider nesacery . As for getting information from other sources PLEASE TELL WHO THAT IS you seem to know more about this than the rest of us

hi to all,
I will still urger all the owner to stand together. Mr Zaheer seems to be person with lots of knowledge and experience about Uae properties. we want people like him to speak on our behalf. I also request all the owners to stop aurguing with each other and comeup with some solution.

Hi guys...i am Ziad from UK....invested in a 2 bedroom apartment in ajman1....am also well disapointed with the lack of communication from Aqaar,,,,no emails no newsletter etc..enquiries i made regarding the receipt of my payment i was passed on forth and back between aqaar and Asteco,,please include me if any one is making a group etc.

Hi.. I am from the UK too and I have a two bedroom apartment in tower 9. What really irks me is that I have called twice from the UK asking for escrow account details and both times they have mailed me their standard bank account details to pay my installment. They claim that it is an escrow account which it really isn't.

Secondly, I bought into Ajman 1 in 2007. I have no idea what the current per square foot price is and my contract says the tower will be complete in January 2010. They haven;t even broken sand on tower 9 so I do not know which world they are living in. When I complained about this they said that it will be built by Jan 2010. I mean come on, how stupid do they think I am. The contract says that I can take them to court incase the tower is not built around a year after the promised date... but do I have the energy or the resources to fight a case in the Ajman courts from the UK... I don't think so.
Lets do something people.

I'm going to e-mail ARRA right now and ask if Ajman 1 has an escrow account yet. All Ajman projects should be registered by 1st. May and payments made into escrow account not to the developers bank accounts. I need to pay 7th payment of 2 bedroom apt. at end of May and dont see why my money sit's in their B/A gaining interest while my apartment is well over a year behind schedule. Are the new ARRA's laws going to make payments in line with construction progress ?

info@arra.ae

For the 6 year payment plan, in my contract it states that on completition I have to pay the second 10% and post completition the remaining 10% and then every month payments for the remaing 70%, does this mean that when the building work is finished I have to pay the second 10% ( only paid 10% with booking)
Thank you inadvance...

Got an answer back from a M's Amal Al Housani of ARRA. "Aqaar developer is not registered with ARRA so stop payments until they open an escrow account" We all need to contact Aqaar and ask what's going on.

I got similar advice also. Is there anyone in Ajman that can followup on this...? We really need to stop getting yanked around by these guys....

Very dissapointing to hear they havnt set up an escrow account!

On a positive note, the Aqaar website has updated their photos. Construction has really picked up on the rear towers and looks like things are moving along nicely now. The new photos really give you an impression of how big this development will be.

"very dissapointing" I guess you don't have any money invested with them

So what do we(investors) want in particular, which points should we negotiate with Aqaar at this time?
To postpone the second 10% installment - if so, for how long?
Not to pay any at all until... - on what ground?
To get some kind of compensation in advance?
What do we really want and can ask for right now?
I just want to hear your respectful opinions, fellow investors because my 2-nd 10% is due in a couple of days.

Well my points would be
a) When are the apartments going to be built. I work in the construction industry and there is a thing called a schedule that everything project adheres to. So what is the new end date based on their schedule.
b) Arrange our installments such that we pay based on the new schedule on the same terms as the last schedule. I.e If it was going to be 30% upto apartment completion then we really pay 30% till then.
c) Frequent updates to what is going on. Not knowing is really cumbersome for us that consider living there.

Thanks,



So what do we(investors) want in particular, which points should we negotiate with Aqaar at this time?
To postpone the second 10% installment - if so, for how long?
Not to pay any at all until... - on what ground?
To get some kind of compensation in advance?
What do we really want and can ask for right now?
I just want to hear your respectful opinions, fellow investors because my 2-nd 10% is due in a couple of days.

Also, does anyone have any idea what the present per square foot market price is for Ajman one. Ajmanproperty.com show it at around 500 + per apartment.. is this realistic or just wishful thinking.. if there is anyone who has a good insight to the local market please offer your opinion...

Best Regards,

At the moment there is no market rate and every body is selling at different prices. some are selling at 500 , some 600 and some in original prices but since there is no buyer in market at this moment these rates are not making any difference.

But the good thing about this project is that there is very few distress sale available as compared to other projects and as soon as market pick up every body will get its required returns.



Also, does anyone have any idea what the present per square foot market price is for Ajman one. Ajmanproperty.com show it at around 500 + per apartment.. is this realistic or just wishful thinking.. if there is anyone who has a good insight to the local market please offer your opinion...

Best Regards,

Hello I am a UK investor as well, I am getting more worried about the situation and have sent an e-mail to Aqaar and as soon as get reply I will happily share. I have booked in T11 and want to know where we stand in relation to release date. All the best

Spoke with ARRA on the phone this morning and they are still saying that Aqaar have not registered with them and only have until Friday to do so. If after this date they still don't comply with these new laws a penalty will be imposed on the company. As for us the investor's DO NOT PAY ANOTHER CENT TO THEM UNTIL THEY REGISTER. This advice is coming from some-one sitting in an office but for me who has already paid over 300,000AED it is a little worrying what to do next. If I pay the next installment that is due in a couple of weeks I guess I'm not protected by ARRA if anything happens to this company, but if I don't pay can Aqaar pressure me with threats of defaulting on my payments (as stated in the contract) . Have tried to phone Aqaar for a comment but no-one is answering . Will try another e-mail. Does any-one have any more surgestions?

Hi Ajman Owner

I may be wrong here but as far as I know Aqaar is partly government owned and is a pretty reliable company. Speak to Nancy there in customer services as she's normally quite helpful. I don't think they're the sort of company to run away with anyone's money (God Willing) - I personally have experience of that as they reimbursed me fully for an office that I booked in the project, however when they decided not to go ahead with the full launch they gave ALL of my money back.

Try and get in touch with Nancy in customer services and speak with her regarding their escrow account and ARRA registration. Insha'Allah I wouldn't worry too much.

Hello from Russia. I invested into 2 bedroom apartment in Ajman One, Tower 9.
I have 6 year shedule plan. In a contract Anticipated Completition Date is 02.01.2009
I see you want create a commitee by concerns. It's good deal I guess.

Does anybody may ask on some questions?
1. What is progress on Tower 9?
2. The project completes as a whole project or tower by tower?
3. What is the rent price for 2 bedroom apartment for month in Ajman?
4. What are supposed tax or another fee for the property, water, electricity, etc. for 2 bedroom flat in Ajman?

The main questions are about payment scheme? I have a headache because of uncertainty.
In my payment scheme I see next:
On booking - 10%
On Completion - 10%
Pre Completion in EMI - 10%
Post Completion in EMI - 70%

Pre Completition EMI - 34 months
Post Completition EMI - 36 months

5. I am a second investor. All terms in a contract is continued or begin from scratch?
6. I must pay a instalment every month during 34 months. The sum of these payments must be 10% of a bedroom price. Am I right?
7. What does mean Completion? In a contract I see Completion Date. It's a day when the project gets certificate of completion and ready for occupation. May I freeze my instalments until Completion Date without penalty?

i was told ajman one office has now moved ? and now it is at ajman freezone?
any body know address or directions?

i am not so worried about escrow this is gov. project and they are directly involed. i have not seen any ajman project move as fast as this one even early projects like rashidayh towers and horizon towers.dispite what appears to be slow.

i was told ajman one office has now moved ? and now it is at ajman freezone?
any body know address or directions?

i am not so worried about escrow this is gov. project and they are directly involed. i have not seen any ajman project move as fast as this one even early projects like rashidayh towers and horizon towers.dispite what appears to be slow.



I called their office and their new number is 06-747 9777.

From Kempinski Hotel (Previous Office) you have to go to the next roundabout turn to the left (on your right is the Eppco) then the next roundabout turn left again. You'll pass by one traffic light, just go straight and youll see the Ajman Port in front of you. The corner to your right is the Ajman Freezone office.

They are on the 5th floor of C1 building.

^^^^thank very much^^^^

wish this company could notify their investors of this change of address/phone no. either via e-mails or Aqaar web-site.!!!!!!!!!!!!!

Hello from Russia. I invested into 2 bedroom apartment in Ajman One, Tower 9.
I have 6 year shedule plan. In a contract Anticipated Completition Date is 02.01.2009
I see you want create a commitee by concerns. It's good deal I guess.

Does anybody may ask on some questions?
1. What is progress on Tower 9?

You can have a look at the pictures from Aqaar website. I am not familiar with the T9 but the tower where I have a unit (which can be seen from the road) I think the work is on a steady pace. They have started with the office building too.


2. The project completes as a whole project or tower by tower?
3. What is the rent price for 2 bedroom apartment for month in Ajman?

Looking through the newspapers, a 2 bedroom flat in Rashidiya Towers ranges from 35 to 40K per year. It has gone down in the past months.

4. What are supposed tax or another fee for the property, water, electricity, etc. for 2 bedroom flat in Ajman?

The main questions are about payment scheme? I have a headache because of uncertainty.
In my payment scheme I see next:
On booking - 10%
On Completion - 10%
Pre Completion in EMI - 10%
Post Completion in EMI - 70%

Pre Completition EMI - 34 months
Post Completition EMI - 36 months

5. I am a second investor. All terms in a contract is continued or begin from scratch?

I can relate to this one, as I am a second investor too meaning I got the unit on a resale. I bought the unit from an agent and according to the real estate website "this" much money i should pay no more no less.
Then months past by, Aqaar called me up telling me that I was 2 months delayed on my payments.
The unscrupolous real estate agent did not tell me about the "resale clause". So I paid the 2 months to Aqaar.
To answer your question, that means... paying starting from scratch!


6. I must pay a instalment every month during 34 months. The sum of these payments must be 10% of a bedroom price. Am I right?

Yes.

7. What does mean Completion? In a contract I see Completion Date. It's a day when the project gets certificate of completion and ready for occupation.

Yes.
I dont think you can freeze your payments.
May I freeze my instalments until Completion Date without penalty?
1111

1111
Thank you very much for your answers. You say that a rent rate is near 35-40K in an year. Is it in AED?

Anyone know if these guys have registered with ARRA yet?

Anyone know if these guys have registered with ARRA yet?

Yes they got registered with ARRA this month. Yesterday visited site but could not take pictures. Progress was very good front towers on almost 7th floor and back towers around 3rd or 4th floor.

Regarding rents Rashidiya Towers is 35k to 40K but the quality of construction is junk. There are many towers in Ajman with less quality and location than Ajman One and for 60,000 for two BHK.

Yes they got registered with ARRA this month. Yesterday visited site but could not take pictures. Progress was very good front towers on almost 7th floor and back towers around 3rd or 4th floor.

Regarding rents Rashidiya Towers is 35k to 40K but the quality of construction is junk. There are many towers in Ajman with less quality and location than Ajman One and for 60,000 for two BHK.

Cheers Mate. Thanks for the update.

I also got an e-mail confirmation that they have now set up their escrow account. It is apparently the same account that they have been using in the past.

They are saying that they have escrow account but I dont think so it will give any benefit to investors as they are not going to issue any new payment plan linked to the construction.

I wonder if some one post the construction updates in this fourum please, Thanks

Front towers are on 9th or 10th floor.

Can anybody tell me what is the expected completion date of Tower 2?

All towers would be ready one time in Mid of 2011, thats what i expect.

Ajman One project on track for 2011 completion
Posted: 16-06-2009 , 08:24 GMT
Ajman One, the emirate’s first fully-integrated complex, will be completed on schedule, confirmed Aqaar LLC, the project developer.
http://www.menareport.com/en/business,real_estate/248162


The initial phase of the development has completed 30 per cent of Phase One which is the residential component of the project, and handover of the units to investors will take place in the first quarter of 2011.





Ten of the 12 residential towers of the AED2.7 billion (US$ 720 million) mixed-use development have already been completely sold out. Comprising 72,000 square metres, the complex consists of residential, business and hotel facilities.



"We aimed from the beginning to build a long-term strategy, based on three key elements: professionalism, by partnering with reputable contractors; sustainability, by developing self–funded projects; and pro-activity, by offering a unique and flexible payment scheme which can meet our clients' needs under any circumstances. Despite the current tough situation, our investors, who are mostly end-users, can look forward to receiving their keys without any hassles. This strongly demonstrates our forward-thinking values and strategic plans are well in place," said Rami Dabbas, CEO of Aqaar.



As a fact, Aqaar is one of the first developers to register with Ajman Real Estate Regulatory Agency (ARRA). It is also one of the first developers to sign an agreement with the Abu Dhabi Commercial Bank for a major financial package to assure construction of the AED 2.7 billion project. Under the terms of the deal, Abu Dhabi Commercial Bank has provided a fixed term loan of AED 600 million.



With full commitment from its investors, Ajman One has zero defaults in payments and is one of the few developers who did not face any serious investors’ problems. “Our clients are our key assets and we value a long, fruitful relationship with them. This can be achieved only by working closely with them, listening to them and openly communicating ideas that can help those who faced difficulty in paying. Aqaar has offered different flexible solutions based on the clients' specific individual needs,” Mr. Dabbas explained.



He stressed that the market witnessed confusion due to costs of developments. "Most of the investors are wondering why the developers are not re-considering their prices with the current reduction in price of construction materials. The fact is that the developers are unable to pass on the cost saving to end-users, even if they want to, because the contractors have been fully paid at market prices applicable during the time the companies have signed the contracts," Mr. Dabbas concluded.



Two years ago, Aqaar developed a competitive finance scheme which has provided affordable access into the UAE’s freehold property market. The six year scheme initially required investors to pay only 30 per cent of the total property value before the project’s completion through one pre-completion payment. This was followed by small monthly instalments and a final payment upon completion. Once the project is handed over the remaining 70 per cent of the value is paid in fixed monthly instalments over a three year period.



Ajman’s One Phase One targets the mid-range segment and prices are highly competitive. The 3,000 apartments will have the highest quality finishing throughout including large fully equipped bathrooms and balconies.



Infrastructure work on Phase 2 of the project has also been completed. This comprises three office towers, a convention centre, and a world-class four-star business hotel with serviced apartments.

Very good news from the developer, even now they delay with one or two months its not going to punch the invester.

They are focused and know who they have to go ahead and still respecting their own commitments.

Bravo, in all negativity they are the first developer where faith on invester go high and high.

Hope other master developer will come up with same approch, its all depand about the how management staff guide the owner or promoters of the any mega project.

All the best

Aqaar to complete Ajman One by 2011

http://i40.tinypic.com/2hn2p9x.jpg
AJMAN ONE: Handover of units will take place in first quarter of 2011, says developer.

by Alex Delmar Morgan on Tuesday, 16 June 2009

Aqaar, the developer behind the AED2.7bn ($720m) real estate project Ajman One in the UAE, said on Tuesday it would be completed on schedule by 2011.

The first residential phase of the 72,000 sq m mixed use project in the emirate of Ajman is currently under construction and infrastructure work on phase two has been completed, the company said in a statement.

Handover of units to investors will take place in the first quarter of 2011, with 10 of the 12 residential towers sold out, the developer said.

While there have been widespread investor defaults on many real estate projects in the UAE in the wake of the global crisis, Aqaar said it had experienced none.

Aqaar is registered with the Ajman Real Estate Regulatory Agency (ARRA) and received a fixed term loan of AED600m from the Abu Dhabi Commercial Bank to finance the development, which will feature 3,000 apartments.

http://www.arabianbusiness.com/559008-aqaar-to-complete-ajman-one-by-2011

Today

http://i41.tinypic.com/2n7qvj9.jpg

I have next payment due in August, Should I keep on paying to Aqqar account or I should pay to AARA account, Advice pls,

Hello every1,

I have 2 bedroom flat in AJMAN1 tower 4 & I want to sell that, anybody intersted

Hello every1,

I have 2 bedroom flat in AJMAN1 tower 4 & I want to sell that, anybody intersted

PM me the details and price

Hi Raza,

It’s a 2 bedroom, 3 baths with a direct sea view apartment. The price is 1 million dhs.

Hi. Any idea on what rate is going on for Ajman One resale for Studio, 3 yr payment plan?

I am looking to sell my 2 bd 2bath flat in tower 2 on the 24th floor. I purchased it on the 6 year plan. Please let me know if anyone is interested. THX

Hi, guys, look at new pictures :banana:
http://www.aqaar.com/en/developments2/progress2.aspx

Hi Raza,

It’s a 2 bedroom, 3 baths with a direct sea view apartment. The price is 1 million dhs.

It will be very difficult to sell your unit at this time. Prices are going down to the graveyard in Dubai, and Ajman is following it.

what is the market rate for 2 bedrrom Apartment in 21 floor now in Ajman1

See late news on Aqaar web page:
http://www.aqaar.com/en/presscentre/news.aspx

Escrow certificates accounts for all 12 towers.
Also has anyone new pictures about this development?

Salvador

Hi,

Do any of the Boarders who live in Dubai / Ajman area have any update on the construction status of Ajman 1?

When I had passed by the site in mid August, the front towers were around 16 Floors, and the back Towers were around 4-5 Floors.

Also, had seen work going on at night.

Any updates , with or without pictures will be much appreciated.

Construction is going fine front towers are on 22nd or 23rd floor and back towers look like above 10.

Thanks, Raza 01.

This would be parking + 10 in the back Towers?

can someone from UAE post some progress photos

No total around 10 or 11 floors.



Thanks, Raza 01.

This would be parking + 10 in the back Towers?

Thanks for the info.

Does'nt seem to be fast progress. When I had seen in mid August, back Towers were about 5 Floors on top of the Parking and the front ones were about 16 on top of the Parking.

It would be appreciated if any Boarders can upload some latest pictures.

what's the excpected completion or official by aqaar now ??/

I think in the new payment schedule they have mentioned 1 July 2011 as the due date for 30% payment due on completion.

So I assume that they are now saying July '11 as the completion date.

Construction updates :cheers:

Visit www.EmiratesProperty.net for more photos.

http://www.emiratesproperty.net/images/Construction/Ajman%20One/DSC03556.JPG

Thanks Raza, So easy for someone who lives and works in Ajman and much appreciated by us investors who live outside. Hope you can keep us up- dated on a regular basis from now on.

Thanks , Raza.

I am sure all the Ajman Investors who do not live in the UAE thank you and others who post pictures .

Unfortunately, there is no channel of regular communication and updates from the Developers.

I had requested Raza01 for a ranking of the Ajman city projects.

I am quoting below from the post from Raza01.

Originally Posted by Raza01
Location and long term investment point of view in downtown Ajman following projects are good ( in my view).

Ajman One
Corniche Towers
Horizon Towers
Orient Towers
City Towers
Falcon Towers
Ajman Pearl

As a constrution progress point of view.

Ajman One
City Towers
Orient Towers Ajman Pearl
Corniche Towers ( now going fast but it is a delayed project)
Horizon Towers ( Now ready)
Falcon Towers (Delay of 1 year)

So if we talk about location, investment and above all good for living then Ajman One is on top of the list.

Raza,

Thank you very much for the updates.

Is people making payments of instalments for Ajman One? I have some payments due now. I hear people in many Ajman projects not paying .

Is people making payments of instalments for Ajman One? I have some payments due now. I hear people in many Ajman projects not paying .

Dont even think of not paying to this developer. They are working on this project very honestly and trying there best to finish it as early as possible. If you dont pay them they will cancel your unit without informing you.

We have paid all our 70% installments on time so are hoping that the July 2011 deadline will be honored by Aqaar. Lately we have been wondering if there are any hidden costs on the hand over that we had not been advised of (taxes, connection for the AC's , etc)

We have paid all our 70% installments on time so are hoping that the July 2011 deadline will be honored by Aqaar. Lately we have been wondering if there are any hidden costs on the hand over that we had not been advised of (taxes, connection for the AC's , etc)

I dont think so you have to pay any thing except service charges for the next year on hand over.

Thanks for the guidance, Raza.

I have heard of many people not paying to Ajman projects like Ajman Pearl, as well as Emirates City, Humaid City etc.

Do you know if Aqaar is agreeing to some extended payment terms, as construction is delayed by more than 1 year ( original promise date was early 2010).

Also, do you know if any resale is happening in Ajman one project?

Best Wishes

Most of the people are not paying for the projects on Emirates Road and it make sense as there is no sign of construction but if the project is going good then there is no need to stop payments as it may affect the progress of project.

The only projects selling now a day are the ready one so I think Ajman One will start selling at good price next year.

Regarding payments extension I don’t think so they will agree now as markets are getting better so for them cancellations are the best option.

So in short if you can pay then pay and don’t listen to the investors of Emirates Road as those are entirely different projects with different developers and different policies.





Thanks for the guidance, Raza.

I have heard of many people not paying to Ajman projects like Ajman Pearl, as well as Emirates City, Humaid City etc.

Do you know if Aqaar is agreeing to some extended payment terms, as construction is delayed by more than 1 year ( original promise date was early 2010).

Also, do you know if any resale is happening in Ajman one project?

Best Wishes

Most of the people are not paying for the projects on Emirates Road and it make sense as there is no sign of construction but if the project is going good then there is no need to stop payments as it may affect the progress of project.

The only projects selling now a day are the ready one so I think Ajman One will start selling at good price next year.

Regarding payments extension I don’t think so they will agree now as markets are getting better so for them cancellations are the best option.

So in short if you can pay then pay and don’t listen to the investors of Emirates Road as those are entirely different projects with different developers and different policies.

Thanks, Raza. Got your point.

Does anyone know of a person who has defaulted on this project? What will happen if one is not able to keep making payments?

Thanks, Raza. Got your point.

Does anyone know of a person who has defaulted on this project? What will happen if one is not able to keep making payments?

Yes, can anyone update on any discussion with Aqaar regarding getting more time for the payments?
I was thinking of visiting Aqaar the next time I am in Dubai( for more time to pay).

Happened to pass by Ajman One site last night. Work was going on even at night.

The towers seemed much higher than I remember from a few months back.

From last month they are mainly working on back towers and they are now seems to be approx on above 20th floor. If they could keep up with the same speed then i hope they will complete the structure of front towers within 4 months.

Yes, Raza it seems that way.

Was good to see work going on in full flow.