Awali unveils four towers in Ajman
July 17, 2008 by UAERush · Leave a Comment
Awali Real Estate Investment yesterday announced the launch of four towers valued at Dh1.2 billion located within the Dh20 billion Awali City in Ajman.
The 25-storey Mashrabia Residence will be residential twin towers, comprising of 800 apartments. The residence will be around 14,965 square feet on each floor. Mashrabia Residence will also have a swimming pool, health club, retail space and seven levels of parking facilities.
The two Chevron commercial towers will be 25 storeys each and will offer a total of 15,000 square feet of office space on each floor. There will be 304 offices in each tower and also include a health club, gym and retail space.
Prices start at Dh575 per square foot, with an extra Dh3 added per floor for Mashrabia Residence.
In Chevron commercial tower, prices start at Dh650 per square foot with Dh3 added per floor.
Both projects are due for completion at the end of 2011 and have a combined value of Dh1.2 billion.
Mohammad Al Nemer, chief marketing officer of Awali Real Estate, said that Awali City was the “first in a series of projects” that Awali will launch this year.
“The demand for real estate has grown significantly over the last few years, prompting developers to launch a number of mega projects in the emirate, in a bid to fill the gap between supply and demand,” Al Nemer said. He added that the Government of Ajman has developed a sound infrastructure system and reformed its laws to ensure complete accessibility and transparency of the Ajman real estate market.
Awali City is a Dh20 billion development in Ajman on Emirates Road and is being developed on 33 million square feet of land.
Of the Dh20 billion, Awali Real Estate investments represent around 30 per cent, or Dh8 to 8.5 billion, according to Al Nemer.
It will include 136 plots of land designated for residential and commercial use. There will also be a range of towers, varying from 17 to 50 storeys, thought to eventually accommodate 120,000 people.
Al Nemer said the Dh65 million design and engineering contract for 15 residential and commercial towers in Awali City had been given to Adnan Saffarini Engineering consultants.
The 15 towers include 11 towers of 32 storeys each, which form the northern and southern gates of the city and four 50-storey buildings, which form the entrance to Awali City from Emirates Road.
Around 60 per cent of Awali City will be open space with only 40 per cent representing the built-up area.
