Al Zorah, the master-planned AED220 billion coastal development launched in Ajman earlier this month announced pre-sales of around AED10 billion at Cityscape Abu Dhabi today, representing the first wave of sales for Phase One of the project.
The overwhelming interest in the project from the Al Zorah Development Company, a joint venture between the government of Ajman and Solidere International Limited, came during the two week pre-launch sales process which ended May 7th. Investment has been secured from regions including Asia, Europe, the Indian sub-continent and the GCC.
The project is an initiative launched by His Highness Sheikh Humaid bin Rashid Al Noaimi, UAE Supreme Council Member and Ruler of Ajman, who has the vision to transform Ajman’s coastline into a world class residential, business and leisure community. This resulted in the creation of the Al Zorah Development Company, a joint venture between Solidere International and the government of Ajman, which is headed by Sheikh Rashid Bin Humaid Al Nuaimi, who is the Chairman.
“Al Zorah is a truly spectacular project that is in line with the vision of His Highness Sheikh Humaid bin Rashid Al Noaimi, UAE Supreme Council Member and Ruler of Ajman to further enhance Ajman’s reputation as a destination for high-value investment,” said Sheikh Rashid.
Nasser Chammaa, Chairman and CEO of Solidere International commented that Al Zorah has already captured the imagination of international investors as a sustainable residential, business and leisure community spread over a vast expanse of 12 square kilometers.
“Al Zorah has arrived at the right time, from the right place. The level of interest in the project shows investors are excited about the concept and master-plan for this new mixed-use urban community of around 200,000 people. Al Zorah presents a unique opportunity and is a project that will benefit from Solidere’s city-making development approach, as well as Ajman’s business friendly policies and varied innovations.”
Mounib Hammoud, COO of Solidere International added: “The success of our pre-sales is the strongest endorsement for the project. Al Zorah will be a unique accomplishment that embodies Ajman’s vision for the future and Solidere International’s capabilities.”
A special ground-breaking ceremony at the Al Zorah site was held recently in the presence of His Highness Sheikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council Member and Ruler of Ajman, His Higness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Rashid Bin Humaid Al Nuaimi, Chairman of Al Zorah Development Company and Dr Nasser Chammaa, Chairman and CEO of Solidere International. Guests also included VIPs, investors, developers, fund managers and the media representatives.
”Al Zorah will be a sustainable city in all respects, adopting best practices in environmentally friendly construction and living,” said Imad Dana, CEO of the Al Zorah Development Company. “Developers will conform to the master plan requiring them to leave the natural beauty of the project location unharmed and employ energy-efficient construction methods as well as materials.
“The city will also promote conservation and outdoor life by providing an integrated network of walkways, canals, waterways, bicycle paths and public transport facilities, jogging tracks and equestrian centre. It will make Ajman the best place to live and work comfortably in close proximity to the major hubs and gateways in the UAE,” he concluded.
Located along Ajman’s pristine beachfront and creeks, Al Zorah will build on the emirate’s natural beauty, tradition, openness and culture of innovation to transform Ajman into a world class residential, tourism and investment destination. The city will be self-contained with varied residences, offices, retail, schools, hotels, hospitals and leisure facilities including a championship golf course, marinas and a number of 5-star resort hotels.
Construction will be restricted to 235,000,000 square feet with the remaining expanse reserved for beaches, green spaces, and open squares, an approach that will provide over 60 per cent of the total land area for public spaces. Overall, the project will have 16 kilometers of waterfront, including three kilometers of original white sandy beaches.
The Government of Ajman has granted free zone and freehold status to the project to facilitate investments and ownership. A new 8.5 km highway will link Al Zorah to the Emirates Road thus offering excellent connectivity to international airports and the neighboring emirates.
© 2008 Al Bawaba (www.albawaba.com)
