Real estate developer Star Giga has launched its new Ajman residential project targeted at mid-income earners.

The twin-tower, 25-storey Goldcrest Dreams 3 will bring 600 freehold units into the market. Construction on the Dh700 million ($190.6 million) project, which is located in the Emirates City master development on Emirates Road, is scheduled to start early next year and be complete in three and half years, said a report in the Gulf News.

The project is the third installment in Star Giga's Goldcrest Dreams series of projects. Star Giga is a joint venture between ETA Star and Mazyood Giga.

'By virtue of its freehold laws and geographical convenience, Ajman is becoming an ideal residential choice within the UAE,' vice-chairman of Mazyood Giga International Amir Pardesi is quoted to have said in the report.

Units within Goldcrest Dreams 3 are priced at Dh500 per square foot, making a one-bedroom flat Dh525,000, a two-bedroom flat Dh625,000 and a three-bedroom unit Dh725,000.

Star Giga is offering a five-year interest free payment plan with a 10 per cent down-payment, installments starting from Dh2,999 a month (for a one-bedroom apartment) and certain bulk payments to meet the total apartment price.