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206 tower Ajman project scaled back to 20

Maktoob Business
206 tower Ajman project scaled back to 20 - UAE - property - developers - project - Ajman - reduce

The UAE property sector slump has forced the developers of the largest residential project in Ajman to reduce its size drastically, UAE daily the National reported on Monday.

The Marmooka City development, which was to have Ajman’s tallest building, along Emirates Road has been scaled back from 206 towers to just 20, a senior official at master developer Real Estate Investment Establishment (REIE) told the newspaper.

“We have cancelled 170 contracts,” said the official, who was not named in the report.

“As for the remaining plots, some of them had not been sold and were vacant, and the others belong to developers who are either in prison or have left the country. Maybe we will take them to the court, or we might register a case. We will see.”

Developers in Ajman, which followed the lead of neighbouring Dubai in announcing large-scale property developments during the real estate boom, have been forced to abandon or delay their projects as buyers have deserted the market due to a credit squeeze.


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