By IANS
Ajman (UAE) : The United Arab Emirates (UAE) based Real Estate Investment Est. and Korea’s DSEC International will jointly develop a mini city in the emirate of Ajman at an estimated cost of $4 billion, WAM news agency reported Saturday.
“Two months from now the master plan will be ready for Ajman municipality’s approval of the environmental aspects of the project, and by mid-2008 the ground-breaking is expected,” DSEC International President and CEO Sungdol Kim said.
He added that the master plan contains plans for a modern city with Arabic, Oriental and Western architectural designs.
Ajman is the only emirate in the UAE that offers investors of any nationality freehold ownership on real estate, which has attracted a huge number of local and international investors to the emirate.
Kim said that work on the first phase of the project is to begin from September 2008 and would include construction of kindergartens, elementary schools, mosques, clinics and a post office.
The mini-city will include commercial centres, residential apartments, towers, villas, hotels, restaurants, retail and shopping malls. Landscaping will occupy about 60 percent of the total land area.