Ajman Marina, a prestigious US$3 billion waterfront project under development by Tanmiyat Group  on the shores of the emirate of Ajman, has announced commencement of plot registration for the project's development plots.

 

The Ajman Marina project represents a milestone in Ajman's real estate sector, providing a host of facilities and amenities all within a single area, and boasting state-of-the-art residential and business developments designed to the highest of standards. The project will be constructed in two phases over a period of five years.

Abdullah Al Majed, member of Ajman Marina's Board of Directors and head of the Executive Committee, commented on the registration event by saying, "Ajman Marina is one the most exciting projects in the region at the moment, and we are extremely proud to take this step forward, and to have been given this opportunity. We look forward to promoting this project on behalf of Tanmiyat, and we are confident that this will prove to be the beginning of a long, mutually rewarding relationship between our two companies."

 

The project, whose master plans have been designed by world renowned design firm HOK, is set to transform the emirate of Ajman - the smallest of the seven - into a vibrant, bustling seaside hub  for business and leisure. The company's board, chaired by H.E. Sheikh Rashid Bin Humaid Al Nuaimi,  head of Ajman Municipality and Planning Department, was selected and confirmed in early June,  and construction of a dedicated sales centre is underway.

 

Ajman Marina will be one of the largest tourism, residential and commercial projects in Ajman upon its completion,  providing 8,000 freehold residential units, covering 14 million square feet of built-up area, as well as a number of commercial and entertainment areas covering over 3 million square feet.

The project will feature a yacht club, residential towers with a view of the Marina and the shores, restaurants,  entertainment facilities, hotels, and offices. Other facilities include covered car parks, 24-hour security, swimming pools, restaurants, coffee shops and pharmacies.

 

 

Dubai's Real Estate Regulatory Agency (Rera) has put together a list of real estate developers that have signed up with it in accordance to Law No 8 of 2007.

 
Marwan bin Galita, chief executive of Rera, has said that the list, which includes more than 400 companies, will make it very difficult for companies that haven't signed up with Rera to carry out any activities within the country.

Last year, Rera said that those that failed to register by January 1, 2008 would face penalties including being  ‘named and shamed', imprisonment, or payment of a fine not less than US $27,230 (AED100,000), or both for developers without the licence.

Speaking to Construction Week, Adel Lootah, CEO, National Properties, said it has signed up with Rera and is now looking forward to working only with those that are signed up with the agency.

"We always abide by the laws here and are happy to do so," said Lootah. "This regulation is good for all and will only make the real estate market more stable and trustworthy. Whenever we do business now with another party we always ask for their Rera certification and that is what everyone in the industry should do in order to encourage good practice." Rera has also said it will publish full-page adverts in local newspapers that will have a ‘green' and ‘red'  list of developers. Those in the green list will have adhered to the escrow account law, while the red list will contain names of developers that have failed to register. Galita said investors should make sure they are dealing only with licensed companies.