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Ajman homes come with relaxed payment terms

ajman - The scale and ambition of Al Zorah has been revaluated

Property developers across the UAE and the rest of the Middle East will have to contend with challenging conditions in the market for a while longer. However, the situation has created a very good "buyers' market", said Imad Dana, CEO of Al Zorah.

Speaking at a media roundtable on Tuesday, Dana said that real estate developers across the UAE are facing a slowdown in sales, which is expected to continue for a few more years before the market picks up again. In light of this, he noted that the developer is offering relaxed payment plans on the new townhouses that it is developing across the Al Zorah golf community.

"Last year, we completed the first phase of our golf villas, ranging in size between 5,200sqf and 7,500sqf, which are all sold out to end-users," Dana said. "Today, we are working on the second phase, which includes smaller townhouses that are more affordable without compromising on the quality and lifestyle that residents in the community have come to expect from us. Included in the second phase are 80 townhouses that will be ready for handover by the second quarter of 2020."

Speaking about the Al Zorah community, Dana offered several updates about the work that is proceeding onsite. He noted that the scale and ambition of the project had to be revaluated as a result of the 2008 downturn.

"We were quick to rescale and right-size the project," he said. "Between 2009 and 2018, we delivered the first phase at a speed that was very well calculated to the market's demands. During this period, we spent around Dh700 million on infrastructure work. All the roads, parks and utilities are complete. We have also installed 4 marinas; the first of which is ready and has a capacity of around 50 boats."

Asked about developments in the next phase, Dana said the company is cautiously limiting the amount of its offerings to what they believe is a good market absorption rate.

"We have signed an agreement with GEMS to develop a school with some resemblance to the North American college lifestyle. Recently, we also offered a limited number of strategically located plots of land for residential development near the golf course. This offering is available on an attractive payment plan to third party developers."

"We will look at more joint ventures across Al Zorah," he added. "After the feedback we received from the sale of homes in phase 1, we know that families are looking for a location that offers them a relaxed lifestyle and convenience."

- rohma@khaleejtimes.com