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Dubai: With its Jack Nicklaus designed 18-hole golf course nearing the finish line, the Al Zorah development in Ajman has timed its new residential launches to perfection. On offer are upscale villas close to the course as well as beach-side villas.
The golf residences will carry prices of Dh2 million to Dh6 million, while the beachfront properties carry a premium Dh5.7 million-Dh8 million sticker price. Developing the two projects will cost an estimated Dh1.5 billion, which will add to the Dh2 billion that the developer has spent on infrastructure needs and creating the other components within the sprawling area.
Both sets of homes will see the start of construction early next year and to be ready within a timeframe of 36 months and 24 months, respectively. It was last year that the developer released the first residences there, with 42 villas. The golf course is looking at a December opening date.
“Across the entire development, we are looking at creating between 700-800 units, of which 200 would be villas,” said Emad Dana, CEO of Al Zorah Development Co, a joint venture between the Ajman Government and Beirut headquartered Solidere.
Launched just before the financial crisis of 2008, the development has stayed the course through the subsequent turbulence and upturn.
The project’s profile will get a boost with the scheduled opening of a hotel (operated by the Oberoi Group) in the first-half of 2016 and thereafter followed by another one six months thereafter.
“There are talks being carried out for other hotels to be based at Zorah,” said Dana.
Early 2016 should also see the first of four marinas opening up for boat and yacht owners. All landscaping and infrastructure related works will also be complete by then.
“The entire project should take 10 years for completion — there’s a lot more that can be done with it,” said Dana. “Once the infrastructure is ready, we could hopefully bring in other developers or the original investors who had acquired plots. There are quite a few possibilities.”
Source: Manoj Nair, Associate Editor, gulfnews.com