Aqaar develops finance scheme for its first mixed-use project

Aqaar, the real-estate and property development company headquartered in the Arabian Gulf emirate of Ajman, has developed a competitive finance scheme for its Dh 2.7 billion (US$ 720 million) mixed-use development, Ajman 1, which will provide affordable access into the UAE's freehold property market.The six year scheme requires only 30% of the total property value paid before the project's completion at the end of 2009 through one pre-completion payment, followed by small monthly installments and a final payment upon completion. Once the project is handed over the remaining 70% of the value is paid in fixed monthly installments over a three year period.

Phase 1, to be completed by the end of 2009, will have 12 freehold residential towers forming the core of the development.Investors buying into the towers, which will be built on a podium structure allowing up to four storeys of covered car parking, will have residence visas automatically issued as part of the sales process once the project is completed.The 72,000 square metre plot, at the entrance of the emirate's coast road after leaving the Coral Beach roundabout in Sharjah, will be a seamless fusion of residential, commercial, hospitality and lifestyle elements only a short walk away from the beach. Source