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Old December 29th, 2007, 06:47 AM   #1
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Ajman and Korea to build $4b mini-city

Ajman: UAE-based Real Estate Investment Establishment and Korea's dsec International will jointly develop a mini city in Ajman at an estimated cost of $4 billion (Dh14.68 billion), local media reported on Friday.

"Two months from now, the masterplan will be ready for Ajman municipality's approval on the environment aspects of the project, and by mid-2008 the ground-breaking is expected," dsec International president and CEO Sungdol Kim said after the signing ceremony.

He added that the master plan contains the full spectrum of a modern city with Arabic, Oriental and Western architect designs.

Kim said that work on the first phase is slated for September 2008 and includes kindergartens, elementary schools, mosques, clinics and a post office.

He indicating that the total investment in the entire project is estimated at Dh15 billion ($4 billion), and is expected to be completed within five years.

Four years from now, Al Helio, Ajman, will be built around a mixed-used mini-city. About five million square feet of land at Al Helio, Ajman, along the Emirates international highway, will be developed.

The agreement to develop the site was signed by Real Estate Investment Est. director-general Galeb Kamel Jaber and dsec's Kim in Ajman on Thursday.

Ajman Crown Prince Shaikh Ammar Bin Humaid Bin Rashid Al Nuaimi also attended.

The mini-city will include commercial centres, residential apartments, towers, villas, hotels, restaurants, retail and shopping malls.

This is in addition to the services area and landscaping, which will occupy about 60 per cent of the land area that will go into the designs of the towers and infrastructure services.

Dsec has more than 25 years of experience and knowhow in real estate development in Korea and the UAE. In the UAE, desc is developing The Oval Tower in Business Bay.

The agreement signing ceremony was also attended by other dignitaries including Jong Hun Kim, chief vice-president of South Korea's Hana Investment Bank, Jong Geun Kim, deputy ambassador of South Korea, Yong Suk Kim, deputy director general of Korea's trade and investment promotion agency in UAE and Neil Cuthbert, managing partner of international law firm Denton Wilde Sapte.
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Old August 13th, 2008, 07:56 AM   #2
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Is there a location map for this one?
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Old August 4th, 2009, 07:16 PM   #3
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Future of Dh4bn Al Helio clouded without escrow account

Parag Deulgaonkar on Tuesday, August 04, 2009

The future of Al Helio Downtown, a Dh4 billion master development in Ajman, remains uncertain as D'seco, the project's master developer, has yet not registered the project with Ajman Real Estate Regulatory Agency (Arra) or opened an escrow account, Emirates Business can reveal.

"The developer has purchased six plots from Ajman Real Estate Investment Establishment (REIE). They, however, have neither registered the project nor opened an escrow account," an Arra official said on condition of anonymity.

Arra had set a deadline of July 1 for property developers to complete their registration procedures. The deadline was extended from May 1. A fine of Dh100,000 per month was likely to be imposed on erring companies. Sung Dol Kim, Chief Executive Officer of D'seco, a South Korean developer, could not be reached on his mobile phone for comment. Phone numbers mentioned on the company's website were not connected.

Al Helio Downtown was launched in June 2008 in partnership with Property House. The development was to cover an area of 115 acres and consists of 65 freehold plots – commercial, residential, and mixed use.

The project was scheduled for completion in 2013.
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