Ajman One ... completion scheduled for 2011 Q2.
Right on track
01 November 2010
WORK on the first phase of the estimated Dh3.2 billion ($871.3 million) Ajman One project is 75 per cent complete with cladding works set to commence on the 12 residential towers that make up this phase.
The Dh1.5-billion ($408.7 million) first phase of the 72,000 sq m mixed-use project in Ajman is scheduled for completion in the second half of 2011.
Phase One, which was launched in late 2007, consists of a combination of 32- and 26-storey towers offering 3,500 residential units in total. The towers sit on a four-storey podium housing the car-park, retail units and the public areas such as the landscaped areas, a health club and a pool.
“Cladding work on 12 residential towers is due to commence shortly with the podium and structure of the towers now complete,” says Rami M Dabbas, CEO of Aqaar Properties, the developer of the project. “Internal walls and tiling have also been completed while MEP (mechanical, electrical and plumbing) works are currently on.”
A total of more than 1,500 piles have been driven to support the whole structure, he adds.
The project occupies a 70,811-sq-m plot located in downtown Ajman, 500 m from the corniche and bordering Sharjah, and will offer a total built-up area of 697,000 sq m on completion.
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Phase Two consists of the commercial development, which is made up of three office towers, a convention centre and a four-star business hotel with serviced apartments. This phase has gone through the design stages and foundation and shoring works have been completed on site with construction expected to commence when the project and market dynamics are right, according to Dabbas.
The cost for the second phase is currently estimated at Dh1.7 billion ($462.8 million) but will be reviewed before construction commences.
Describing the project as a world-class residential, commercial and hospitality complex, in a place of significant investment potential for investors, businesses or residents, Dabbas says: “Setting new trends for contemporary design, Ajman One combines all the needs of a modern business lifestyle in a one-stop destination, offering shopping, leisure, residential, business and hotel facilities within a single development. Ajman One is a sound investment at a reasonable price.”
He continues: “The whole project is driven by the needs of our customers. It is designed, constructed and will be managed in such a way that it will have a positive impact on living landscapes. Great care has been taken to design on a human scale, allowing us to get closer to our investors – understanding their requirements and implementing them accordingly.”
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Almeria Bay ... another of Aqaar’s major projects. |
The main consultant for Phase One is National Engineering Bureau (NEB), which designed the project and is also supervising the construction. The main contractor is Al Zamalek Contracting, which has an extensive portfolio of projects in the Northern Emirates.
Besides Ajman One, Aqaar is also involved with Almeria Bay, a unique waterfront residential and retail development of five distinct precincts harmoniously woven together, each providing a complete range of services for residents, according to Dabbas.
While Aqaar has completed detailed design of the Almeria Bay project, construction is currently postponed, says the developer.
“This waterfront project in Ajman is a high-quality development on partially reclaimed land and is guided by strong ‘green’ design guidelines to reduce the energy impact. The project will consist of seven towers (1,700 units) with a mix of residential and retail units, 101 townhouses, a car-park, a boutique hotel and a private beach,” he says.
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Dabbas |
The project has been designed in order to allow for Leed (Leadership in Energy and Environmental Design) certification, application for which will be made when project is live again, according to Dabbas.
“As one of the biggest developers in Ajman, the aim behind these projects is to create world-class real estate developments in places of significant investment potential,” says Dabbas.
Commenting on Aqaar’s plans, he says: “In the short term, our main focus is on weathering the current market conditions and supporting our existing investors and stakeholders, wherever possible. One of the main reasons behind Aqaar’s success has been the close relationship with all of its investors and we aim to develop that relationship further.
“For the future, we remain committed to our vision of developing world-class projects that add strategic value to Ajman and have strong investment fundamentals. We also have some more exciting projects, on which a lot of design work has been undertaken and will be launching them at appropriate times.”
“With the UAE real estate market having gone through an extensive and stable period of growth over the last decade and the industry facing new challenges over the last two years, the players in the market have to be willing to re-invent themselves in terms of the services and products they are willing to offer,” he continues. “The GCC construction market is still very lucrative and those adapting fast enough, will be able to reap its benefits. The UAE has always been a trading hub in the region and as such will continue to attract great investment. With the many lessons learnt, the UAE will come out in a stronger position to compete in the world market.”
“Aqaar Properties is concentrating its team on existing projects and looking at ways to maximise the investment potentials for all of its customers and investors. The belief is that improved relationships now will create stronger roots which will give Aqaar a better advantage when the market starts to improve,” he concludes.
