Memon eyes Ajman for new projects
Dubai, April 6, 2009
Memon Investments, a leading Dubai-based property developer, has revealed that it is eyeing high profile city developments in Ajman as locations for its upcoming projects.
This comes in light of the Ajman government’s efforts on improving the infrastructure. It invested $375 million in building roads and intersections, bridges, as well as maintenance and renovation of public facilities in 2008, according to a recent report.
In addition, the Ajman government has also unveiled plans for an international airport to be built in the Al-Manama district.
This government initiative is expected to have a significant effect on the tourism as well as business sectors in Ajman, which will in turn drive the need for built spaces to accommodate the influx of tourists and expatriates.
The government has also recently introduced the Ajman Real Estate Regulatory Establishment to regulate the emirate's property and construction sector.
Memon Investments, which is also a part of the international business conglomerate Memon Group of Companies, has identified the demand for relatively affordable but high quality residential properties among middle-income end-users, prompting it to explore plans to undertake several projects for this segment within Ajman.
“We are focusing much of our resources in identifying viable locations for future projects, and our search has taken us to Ajman, whose development in the fronts of public infrastructure as well as real estate regulation is continually shaping the emirate to be the next important real estate destination in the region,” said Muzammil Shaikhani, director, Memon Investments.
“We applaud the initiatives taken by the Ajman Government to enhance the attractiveness of the emirate, and we are looking forward to developing our next projects in Ajman.”
Amidst the reported decline in the construction cost within the UAE since the onset of the economic crisis, the developer has also committed to further strengthening its partnership with leading construction companies, in line with its aims to hit the delivery of two of its projects - the Dh75 million ($20.5 million) Champions Tower I and the Dh80 million Cambridge Business Centre - by the end of 2009.
“In spite of the financial crisis sweeping across the globe, Ajman remains a potential-laden market given its stable economy and robust financial structure,” added Shaikhani.
“The strategy that we will employ in our foray into this emirate will involve partnerships with leading construction companies, as well as with financial institutions to enable us to provide investors with flexible and extended payment plans. We are currently in the process of consolidating our expansion plans to Ajman, and we are looking forward to announcing further details of our plans very soon,” he concluded.
To date, Memon Investments has launched a total of seven projects in the UAE, including four towers under the Champions Tower banner, and Frankfurt Sports Tower I in Dubai Sports City, Gardenia I & II in Jumeirah Village, and Cambridge Business Centre in Dubai Silicon Oasis. – TradeArabia News Service
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