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Property in Dubai

Major property deal worth signed at Ajman

A major real estate deal worth more than a billion dirham has been struck at Ajman, said a statement by the Plus Stock Exchange in London, which is one of the parties involved.

The Dubai-based Bonyan International Investment Group has sold out 67 plots out of the total 109 plots in its ‘Eye of Ajman Project’ worth Dh.3.5bn, to Prime Investments Group Limited.


Prime is a Cayman Island-incorporated company on the Plus Stock Exchange in London. The purchase is worth Dh.1.4bn for 67 plots, and has been fully settled by allotment of shares in Prime, said a company statement.


Being a master planned community, the Eye of Ajman is located at the junction of Emirates Road and Sheikh Khalifa bin Zayed Street in Ajman. It comprises 109 multi-use plots spanning total area of 2,258,197 square feet.


The plots will be so designed to take the shape of human eye, and will include hotels, schools, Mosque, health club, clinic, all amidst sprawling urban landscape.


The property prices in the emirate has dropped by 20percent this year, in comparison to last year, although the prices are likely to stabilize by next year, said Ajman Real Estate Regulatory Agency (ARRA) Executive Director, Al Faraj, during a recent interview.

Posted on 3/10/2011

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