Aqaar, the property development company, headquartered in Ajman, will begin its second phase of work on the premier residential, commercial and hospitality complex, Ajman 1, the Company announced.
The construction of Phase One, covering 72,000 square meters, began last year, and is likely to be complete within three years time. It will house 12 freehold residential towers that form the core of the development.
The construction of phase 2, valued at Dh.1.7bn, will comprise three office towers, a four-star business hotel with serviced apartments, and a convention center. Two of the office towers, will have 27 storeys each, while the other will have 26 floors. With this, the total number of towers in the project site will touch 16 in number.
The offices will be freehold, and will be regarded as Ajman’s free zone, despite being away from the official Ajman Free Zone, geographically. Also, as a local sponsor is not required here, 100 percent foreign ownership will be allowed, and nor corporate or personal income tax will be charged. This is likely to be a strong selling point which would appeal to investors and the demand for Phase two is expected to be really strong.
Also, the process for obtaining a trading, professional or industrial services license has been simplified. The license will be provided on the day of purchase, and a visa will be provided for one person until the completion of construction.
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