Ajman developers 'unite' to retain investors

Developers of ongoing projects in Ajman are in talks with other developers, unlikely to go ahead with their projects, asking them to move their investors to the under-construction projects, Emirates 24|7 has learnt.

“We are building two projects in Ajman and they are 50 per cent sold. We will look to lease our remaining units when the buildings get completed, but we are also in talks with other developers, who aren’t going ahead with their projects, to move their customers to our projects,” said Christina Cabading, President, BSEL Infrastructure Realty FZE.

She added that they have commenced talks with a number of developers and trying are to work out a deal that would benefit all parties.

“We might have a joint venture with the other developer and try an fix a price that will benefit us and the investor.

It takes time for such deal to materialise so we can‘t give any exact date.”

Cabading refused to give the names of the developers, but said that once they have finalized their deal they will approach Ajman Real Estate Regulatory Agency (Arra) for their approval.

BSEL, which had launched four towers, has commenced construction on two - Pearl and Fayrooz. The company expects to complete the project by 2014.

A senior executive of a development company, who refused to give his name, confirmed they were also in talks with other developers, but had not concluded any agreement.

“It is not easy… quite tough for us as there are a lot of things that we need to take care of,” he added.

This website had reported earlier that Arra had mooted the idea of allowing investors to swap their properties from stalled projects to under construction projects.

Former Arra Director-General Omar Al Barguthi had said in January that 98 out of 160 registered projects were under construction in the emirate.

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