Sweet Homes has generated huge investor interest in Oman for its Dh3 billion ($0.81 billion) ‘Ajman Uptown’ project following the completion of road show organised in Oman.

Sweet Homes is a leading UAE-based developer and multi-service provider to the real estate sector.

The developer has a state-of-the-art sales office in Muscat and has attributed the success to growing interest from Omani investors towards villas and townhouse communities, said a company official.

Sweet Homes had previously opened its offices in Oman to market ‘Ajman Uptown’, a community development that is set to offer a total of 1,504 G+2 villas and townhouses and 7 G+4 buildings spread over 4 million square feet of land in Ajman, UAE.

Recent studies show that real estate investments in Oman totalled $4.2 billion in 2007, up from the $0.75 million figure posted in 2005, and this is expected to further consolidate and reach $20.8 billion by 2010.

As part of a programme to reduce the oil sector's contribution to GDP to nine per cent by 2020, Oman has been actively pursuing a development plan that focuses on industrialisation, privatisation and diversification, particularly in high-potential investment platforms such as real estate developments.

In addition, investors are also actively looking at investment opportunities in the UAE real estate market, with many having set their eyes on ‘Ajman Uptown’, which offers the benefits of community living within the commercial and residential towers, hotel and hotel apartment complex, and villas and townhouses comprising the development project.

“The growing interest for ‘Ajman Uptown’ shows that our intensified marketing campaigns in Oman are paying off. With a growing number of Omani players looking to invest in residential communities outside of Oman, we are confident that ‘Ajman Uptown’, which offers eight different types of two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas, will be met with overwhelming response,“ said CEO, Sweet Homes Group, Fahad Sattar Dero.

The opening of Sweet Homes’ Oman operations coincides with the country’s growing boom in economic growth. In 2007, Oman’s GDP posted a 12.9 per cent growth attained through a notable rise in non-oil activities and an 18.3 per cent increase in non-petroleum activities.

Despite the fact that its real estate sector is considered to be in its infancy stage and only posts 3.8 per cent of Oman’s GDP, developers such as Sweet Homes are strategically positioning themselves in a sector that is forecasted to grow exponentially in the coming years. – TradeArabia News Service