UAE-based Real Estate Investment Establishment and Korea's dsec International will jointly develop a mini city in Ajman at an estimated cost of $4 billion.
"Two months from now, the masterplan will be ready for Ajman municipality's approval on the environment aspects of the project, and by mid-2008 the ground-breaking is expected," dsec International president and CEO Sungdol Kim said after the signing ceremony.
He added that the master plan contains the full spectrum of a modern city with Arabic, Oriental and Western architect designs.
Kim said that work on the first phase is slated for September 2008 and includes kindergartens, elementary schools, mosques, clinics and a post office.
He indicating that the total investment in the entire project is estimated at Dh15 billion ($4 billion), and is expected to be completed within five years.
Four years from now, Al Helio, Ajman, will be built around a mixed-used mini-city. About five million square feet of land at Al Helio, Ajman, along the Emirates international highway, will be developed.
The agreement to develop the site was signed by Real Estate Investment Est. director-general Galeb Kamel Jaber and dsec's Kim in Ajman on Thursday.
Ajman Crown Prince Shaikh Ammar Bin Humaid Bin Rashid Al Nuaimi also attended.
The mini-city will include commercial centres, residential apartments, towers, villas, hotels, restaurants, retail and shopping malls.
This is in addition to the services area and landscaping, which will occupy about 60 per cent of the land area that will go into the designs of the towers and infrastructure services.
Dsec has more than 25 years of experience and knowhow in real estate development in Korea and the UAE. In the UAE, desc is developing The Oval Tower in Business Bay.
The agreement signing ceremony was also attended by other dignitaries including Jong Hun Kim, chief vice-president of South Korea's Hana Investment Bank, Jong Geun Kim, deputy ambassador of South Korea, Yong Suk Kim, deputy director general of Korea's trade and investment promotion agency in UAE and Neil Cuthbert, managing partner of international law firm Denton Wilde Sapte. ( Gulf )