Solidere showcases $59.89bn project in London
Dubai, September 18, 2008
Solidere International, one of the Mediterranean region's largest and most successful masterplan developers is displaying its ambitious Dh220 billion ($59.89 billion) mixed use development, Al Zorah, in London for the first time at the Property Investor Show, at ExCel, from September 19 to 21, 2008.
The landmark development brings the city building skills of Solidere International, famous for its reconstruction of Beirut City Centre, to Ajman, the newest real estate and investor destination in the Arabian Gulf.
One of the seven emirates that make up the United Arab Emirates, Ajman is 20 minutes drive from Dubai International Airport, and boasts a long coastline of pristine beaches, wetlands and rich marine flora and fauna.
Located along the coast, Al Zorah will be a self-contained, masterplanned city comprising varied residences, offices, retail, schools, hospitals and leisure facilities including a championship golf course, marinas and 5-star resort hotels.
The 12 sq km project will have 16 km of beaches and waterside walks with the built-up area limited to 22 million sq m, leaving 60 per cent of the area, approximately one-third of the density of the average city, for public spaces. By the time it is complete in 2015, Al Zorah is expected to have a population of 200,000.
"Al Zorah is a truly spectacular project that will transform the beautiful but relatively unknown emirate of Ajman into a world-class residential, business and leisure destination," said Nasser Chammaa, chairman and CEO of Solidere International.
"In line with the vision of the emirate's ruler it will be built to reflect the tradition and culture of the region. Al Zorah is a milestone for Ajman."
Since its May 2008 launch in Ajman, Al Zorah has secured pre-sales of EUR10 billion ($14.3 billion) with investors from Asia, Europe, the Indian sub-continent and the Middle East showing substantial interest in the project.
Rami Dabbas, Head of Ajman's Real Estate Development and Investment Authority, added that the development will adopt best practices in environmentally friendly construction and living.
"The natural beauty of Al Zorah will not only be left unharmed, but also enriched with lush landscaping, parks, islands and waterways. It will be an example of sensitive and sustainable development. The nature of Al Zorah and its location in one of the fastest growing real estate regions of the world are its greatest assets and will make it an attractive choice for investors exploring new opportunities at the Property Investor Show."
Solidere International is also planning to expand its investment and development portfolio to include landmark projects in Turkey, Portugal and Montenegro. The company has also been shortlisted to develop the 'Urbanisation en mer' real estate project in Monaco, in partnership with VINCI.