The launch of a Dh2.8 billion mega development comprising in Ajman was announced on Sunday by the Ajman Investment and Development Authority (AIDA).
The mixed-use development will be comprised of 12 freehold residential towers offering 3,000 apartments, and be located at the entrance of Ajman's coast road after the Coral Beach roundabout in Sharjah, according to Khaleej Times.
The 12 towers will be built on a podium structure with parking underneath.
The project will be developed in two phases and undertaken by AIDA's newly formed company Aqaar. Construction will commence in the first quarter of 2007.
"To be competitively priced, apartments at residential towers will start at around Dh330 per square foot. Compared with a majority of developments in neighbouring emirates, the price is incredibly competitive," said Shaikh Rashid bin Humaid Al Nuaimi, Head of Ajman Municipality and CEO, Aqaar.
The formation of the new entity and the launch of its first project, Ajman I, reflect Ajman's determination to transform into a niche residential and tourism destination, said Shaikh Ammar bin Humaid bin Rashid Al Nuaimi, Crown Prince of Ajman.
