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Aqaar LLC, the real estate and property development company headquartered in the emirate of Ajman, is about to start work on the second phase of Ajman’s premier residential, commercial and hospitality complex – Ajman 1.
The AED2.7 billion project will cover 72,000 square metres. Phase one, which started last year and will be completed in three years time, will have 12 freehold residential towers forming the core of the development.
The construction of phase 2, which is valued at AED 1.7 billion, will consist of three office towers, a convention centre, and a 4-star business hotel with serviced apartments.
Two of the office towers will have 27 storeys with the middle tower having 26 floors. Their construction will bring to 16 the number of towers being built on the site.
A particular selling point, likely to appeal to investors, was introduced by the express intervention of HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. Not only will the offices be freehold, but they will now be regarded as being in Ajman’s free zone as well, despite being geographically separate from the official Ajman Free Zone.
And with there being no need for a local sponsor, 100 per cent foreign ownership allowed, 100 per cent repatriation of capital, and no corporate or personal income tax, demand for phase 2 is expected to be particularly strong.
In addition, the process for obtaining a trading, industrial or professional services licence has been greatly simplified. The licence will be provided from the first date of purchase and a visa will be provided for one person until such time as the construction has been completed.
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