Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it has sold 70 per cent of its Dh3 billion Ajman Uptown, the first freehold residential township in Ajman.
The announcement follows a GCC-wide roadshow organised by Sweet Homes and is in line with the developer's Dh2bn investment plan for 2008. The strong sales reflect the vibrancy of Ajman's real estate industry and the appeal of Ajman Uptown, which comprises seven commercial and residential towers, a hotel and hotel apartments complex, and villas and townhouses, despite a 40 per cent hike in property prices in Ajman in 2008. Reports also indicate that investments into Ajman's property sector have crossed the Dh400bn-mark this year, which augurs well for the success of the Ajman Uptown project.
The strong performance follows Sweet Homes' successful participation in high-profile property exhibitions as part of an extensive region-wide campaign to promote its Ajman Uptown project. The impressive sales indicate that the global financial crisis might actually have a positive effect, as Arab and expatriate investments into the US and European markets are expected to flow back to the local and national property sectors.
Ajman is experiencing a property boom due to its investor-friendly laws and reasonable project rates.
"Ajman is strategically positioned to attract more foreign investments into the real estate sector, with over 33 per cent of development projects in the area owned by expatriates, as compared to 11 per cent in other emirates. The Ajman Government has mandated the implementation of a solid infrastructure that will entice real estate developers and has recently adopted Escrow accounts and Strata regulations similar to those adopted in Dubai," said Fahad Sattar Dero, CEO, Sweet Homes Group.