Sorouh’s $6.8bn master development on track
Abu Dhabi, April 20, 2010
Sorouh Real Estate (Sorouh), the Abu Dhabi-based real estate developer, said that Shams Abu Dhabi, its Dh25 billion ($6.8 billion) master development, is on schedule for delivery starting mid-2010.
Shams Abu Dhabi, on the investment-zoned Al Reem Island, will comprise 5.2 million sq m of built up area adjacent to the new central business district on Al Sowwah Island.
Sorouh is responsible for developing the Sun and Sky Towers and Shams Gate on Shams Abu Dhabi.
Once complete, Shams Abu Dhabi, which will feature canals, marinas and parks incorporating world-class master-planning practices, will be home to 53,000 people.
The Sun and Sky Towers are nearing handover and the first residents are due to start moving in as soon as June or July, a statement said.
Infrastructure being developed on the surrounding land remains on track and will be completed in time for the handover.
The Gate Towers - the four towers that form part of Shams Gate - are rising steadily by approximately one floor every 10 days. Towers 1, 2 and 3 have risen to levels 21, 17 and 13 respectively, the statement added.
The Arc, which also forms part of the Gate Towers, is above ground and the basement is complete. The Gate Towers is due for completion in 2012, according to the statement.
The Towers will offer residents the opportunity to enjoy quality finishings and excellent amenities including a shopping mall, private gym, spa, tennis courts, childcare facilities and more.
The retail podium, which is close to 70 per cent pre-leased to premium retail brands, will be completed in tandem with the Sun and Sky towers and is due to open to the public in the fourth quarter of this year once the towers have sufficient residents.
Sorouh recently launched the Why Rent? promotion on the Sun Tower, targeting long-term Abu Dhabi residents, and offering them an opportunity to own a luxury apartment for Dh6,500 per month.
The sales offer, which has the best mortgage rate in the market of 4.99 per cent for both existing and new owners, has been very well received with over 500 sales leads generated, the statement said.
“Despite the economic climate Sorouh has shown that it can deliver its projects,” said Abubaker Seddiq Al Khouri, managing director of Sorouh.
“The high level of interest in the Why Rent? campaign is a strong indicator of the appeal of the development combined with the demand for quality housing in Abu Dhabi as the city expands in line with the growth outlined in Plan Abu Dhabi 2030,” he added. – TradeArabia News Service