This is the third and final part of our three part Ajman property market overview. In part one we looked at the high potential Ajman’s property market has right now. Then in part two we covered the recently updated Ajman property law, allowing overseas investors to buy freehold.
Infrastructure and Developments to Watch in Ajman
With rising interest from overseas investors, Ajman’s officials are investing a lot of effort and money into updating the current outdated infrastructure.
Last year some Dh 500 million (£70m) has been invested to update the road network, intersections, bridges and renovation costs. This year, the anticipated total of all the monies already spent for infrastructure totals some Dh 1.38 billion (£220m).
This doesn’t include the Ajman Marina which is estimated to cost $2 billion and expected to be completed in 2015. It will be home to some 21,000 residents offering freehold property ownership.
The following are but a few places where the Ajman government is investing money to update their current infrastructure:
An approximate AED 3 billion (£480m) has been allocated to update the Emirate’s roads over the next few years. Many roads need to be widened to accommodate growing traffic. Construction of new bridges and highways are also a must if Ajman wants to keep ahead of the property game.
Back in July this year MMC Corp Bhd won exclusive rights to build a new power plant in Ajman to provide up to 1,000 megawatts of power to the emirate. The coal fired plant is the first of its kind in Ajman and expected to be in operation as soon as 2012.
In the meantime, the local authorities will utilize power from two new power plants that are being built to keep up with the supply for the demand.
A new international airport is set to be constructed in Ajman. The development has been designed to spread over an area of 60 million SQ. FT situated 3.5 km from Al Manama. Expected construction start is anytime soon and the airport will open as soon as 2011 for service if all things go to plan.
This new airport will be big enough to accommodate 1 million passengers a year when the airport first opens and then consequently up to 10.4 million by the year 2046.
Where there is a lot of development and construction, sewerage is often a problem that needs to be controlled early on. Ajman’s government is going to invest some AED 800 million (£128m) to do just this. This will protect the environment as well as protecting the health of Ajman residents through sanitized installations that are up to date with modern style living.
An expected launch of a low cost bus and taxi service in the emirate has set tongues wagging as these services will provide transportation two fixed routes in the emirate for a small fee. The project is estimated to cost AED 1.5 million providing visitors and residents alike with much needed public transport infrastructure.
Developments in Ajman
The following new developments in Ajman have also made headlines and are worth a mention to showcase how much is going on in the emirate right now.
Escape is an equestrian themed community worth Dh1.8 billion. It will feature villas, houses, apartments, horse riding, activities facilities, a sports arena and also a world class hotel.
Princess Resort is a Dh3.5 billion city that will be built around the town of Ajman. The development is designed to incorporate equestrian trails, palaces, entertainment venues, lagoons and more fancy gimmicks like snow capped towers. Some call it a mini Vegas and celebrity Patrick Swayze is said to have his fingers in this pie.
Dana Mall is going to be the largest shopping mall in Ajman, catering to the influx of people in the emirate. The mall will incorporate luxury and state of the art technology to please a wide range of shoppers. It is situated in the heart of the emirate and expected to open late 2008 or early 2009.