The Ajman Real Estate Regulatory Agency (ARRA) has approved 122 projects, comprising 172 towers, more than 1,500 villas and 109 plots.
The first published list of approved projects follows the recent implementation of new regulations for developers requiring registration and an escrow account for investor funds to be used exclusively for the construction costs, amongst other stipulations.
“This move will give much more strength to the Ajman market in terms of investor confidence, as it lends a much needed reassurance to investors with regard to the capacity of developers to deliver their projects. This is also a strong motivator for developers to work harder in order to meet the delivery date,” said Fahad Sattar Dero, CEO of Sweet Homes Holdings whose Ajman Uptown development was amongst those approved.
The inclusion of our Ajman Uptown project in the first batch of approved projects underlines our strength as a property developer with a deeply etched commitment to deliver our quality project by 2011.”
In total, 24 developers – including 10 master developers, such as Sweet Homes – saw their projects approved.
Company Name: Sweet Homes
Contact Person: Aime
Country: United Arab Emirates