How about Ajman

[Roshan]

Ajman was not in the news a few years back but now stands out as a place to contend with.

I could be wromg but there could be a situation that this place will be what Dubai was when it all started.

Positives : Prices are comparitively low. The Govt is bringing in laws like what we have in Dubai.

Negatives : Lack of good developers. Poor payment plans to support the investor.

In time to come, I feel that the people who cannot afford living in Dubai would get into Ajman, since Sharjah does not have freeholds as yet.

It would be good to discuss the pros and cons in this emirate.

Regards

Roshan

[alexft]

Hi folks,

Ajman 1 seems like a nice development in the area. Payment plan if I am right was 30% before completion.

The AED 2,700 million ($740 million) project is made up of 15 towers surrounding a courtyard built on a podium. It is developed in two phases. The first phase involves the construction of 12 residential towers ranging from 26 to 32 storeys and offering a total of 3,850 residential units.

The built-up area will be 72,000 square metres. Completion is planned for early 2010.

More recent news

According to statistics released by the Ajman Chamber of Commerce and Industry, foreigners now own 33 percent of development projects established in the city, in comparison to 11 percent in the other emirates, Khaleej Times reported. Statistics further showed that economic analysts estimated Ajman's annual investments to expand at a rate of 6.7 percent. The economic success is attributed to the emirate and its all-encompassing investment growth plan adopted by the government

MENA English

Ajman-based Tech Group subsidiary Wood Tech has announced the signing of around Dhs31.7m contracts with Falcon City; Atlantis, the Palm; and the Fairmont Palm Residence

Financial Times


Regards,

Alex.

[ITMASTER]

Please who is familirar with Fortune Residency Tower in Emirates city is this good project to buy and which state is construction? Please give your opinions

[Roshan]

Originally Posted by ITMASTER

Please who is familirar with Fortune Residency Tower in Emirates city is this good project to buy and which state is construction? Please give your opinions

Is it Chapal residency tower ??. Can you give us more details on the developer.

Rgds

Roshan

[alexft]

ITMASTER,

Fortune Residency - an exclusive tower in the Paradise Lakes district of Emirates City, a residential and commercial town-sized devwas.

Developer - Fortune Homes Real Estate

Launch date - September 17, 2006

Is it a good project? Depends on the current price and a payment plan.

Detailed information can be provided to interested parties.


Regards,

Alex.

[mpat]

Originally Posted by Roshan

Ajman was not in the news a few years back but now stands out as a place to contend with.

I could be wromg but there could be a situation that this place will be what Dubai was when it all started.

Positives : Prices are comparitively low. The Govt is bringing in laws like what we have in Dubai.

Negatives : Lack of good developers. Poor payment plans to support the investor.

In time to come, I feel that the people who cannot afford living in Dubai would get into Ajman, since Sharjah does not have freeholds as yet.

It would be good to discuss the pros and cons in this emirate.

Regards

Roshan

About Ajman

Positive : Less price .

Negative : unknown developers , master developer also non responsive ( R holding )
Negative : Location does not have more than one or two main roads to reach to the dubai and Jebel ali.( where most of the movement is )
Negative : Road and other utilities are not existent, Ajman was in water till 10 days after the heavy down pour in January in UAE.
Negative : Competition from Dubai projects will not let their price to appreciate much ( You have ICs which are cheaper and are going to be cheaper once supply meets demands in another 5 years time )
ITS ONLY GOOD FOR THOSE FAMILIES WHO WORK AND LIVE HERE ,NOT TO THINK FOR RENTAL RETURN OR PRICE APPRECIATION.
Above are my views and I might be wrong in it.I just gave my openion.
Thanks and regards

[alexft]

Dear Mpat,

Two main roads in not enough in your opinion? How heavy is traffic on these roads?

Road and other utilities are not existent.

are you referring to roads inside emirate? What about Ajman sewerage company and its plant? That sound like good piece of infrastructure to me.

What are other cheaper Ics? Can you provide more details please.


Unknow developers? You mean in terms of delivery and quality?

For example Ajman 1 developer Aqaar - semi-governmental company in association with Ajman Development and Investment Authority (AIDA).

Company CEO is His Highness Sheikh Ammar Bin Humaid Bin Rashid Al Nuaimi, Crown Prince of Ajman.

As to quality of apartments I have not got time to check it yet, maybe some other members can contribute this information.


Regards,


Alex.

[ITMASTER]

Dear Alexft check your PM box.

[alexft]

Dear Itmaster,

I will reply once I finish eating


Regards,

Alex.

[Roshan]

Originally Posted by mpat

About Ajman

Positive : Less price .

Negative : unknown developers , master developer also non responsive ( R holding )
Negative : Location does not have more than one or two main roads to reach to the dubai and Jebel ali.( where most of the movement is )
Negative : Road and other utilities are not existent, Ajman was in water till 10 days after the heavy down pour in January in UAE.
Negative : Competition from Dubai projects will not let their price to appreciate much ( You have ICs which are cheaper and are going to be cheaper once supply meets demands in another 5 years time )
ITS ONLY GOOD FOR THOSE FAMILIES WHO WORK AND LIVE HERE ,NOT TO THINK FOR RENTAL RETURN OR PRICE APPRECIATION.
Above are my views and I might be wrong in it.I just gave my openion.
Thanks and regards

mpat,

I agree with you when you say infra stucture. The roads might not support the development. As you said the rain had it's effects around the emirate. Sometime back they had a problem with quality of water, they must have eliminated that problem, I do not know.

Ajman would be a solace for people who cannot afford to stay in Dubai. Now one needs to analyse the segment he is going to service. A landlord in such circumstances would be catering to tenants who would not be cash rich and will be working on budgets.

Prominent developers are not there. Chapal is coming up with a villa project which will be launched in the next one month or so.

I still feel that a 15% appreciation per year is possible considering the prices have just started. Investing at the beginning of a cycle in an emerging market has it's advantages.