Al Zorah Development Company, a joint venture between Solidere International and the Government of Ajman, yesterday announced pre-sales of around Dh10 billion of its Dh220 billion master-planned Al Zorah project.
The sale represents phase one of the project.
The overwhelming interest in the project came during the two weeks pre-launch sales process, which ended on May 7.
Investment has been secured from regions including Asia, Europe, the Indian sub-continent and the GCC.
"Al Zorah is aimed to further enhance Ajman's reputation as a destination for high-value investment," Al Zorah Development Chairman Sheikh Rashid bin Humaid Al Nuaimi said.
Nasser Chammaa, Chairman and Chief Executive of Solidere International, said Al Zorah has already captured the imagination of international investors as a sustainable residential, business and leisure community spread over a vast expanse of 12 square kilometres.
Mounib Hammoud, COO of Solidere International, said: "The success of our pre-sales is the strongest endorsement for the project. Al Zorah will be a unique accomplishment that embodies Ajman's vision for the future. It aimed to be a sustainable city in all respects, adopting best practices in environmentally friendly construction and living."
Imad Dana, Chief Executive of the Al Zorah Development Company, said developers would conform to the master plan requiring them to leave the natural beauty of the project location unharmed and employ energy-efficient construction methods as well as materials.
Construction will be restricted to 235,000,000 square feet with the remaining expanse reserved for beaches, green spaces, and open squares, an approach that will provide more than 60 per cent of the total land area for public spaces. Overall, the project will have 16 kilometres of waterfront, including three kilometres of white sandy beaches.
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