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Sorouh to Deliver 10,000 Homes in Abu Dhabi

They disclosed this while addressing a Press conference here to announce the details of the ensuing Arabian World Construction Summit (AWCS), and during the informal discussions with the Khaleej Times on the sidelines of the Press conference.

The Chief Operating Officer of the Sorouh Real Estate Samer Abu-Hijleh said the most notable projects of his company were located at the Gate district at SHAMS Abu Dhabi on Reem Island. Sorouh has made remarkable progress since development in SHAMS Abu Dhabi began.

The 64-storey residential Sun Tower has just reached the 60th floor on the lift core and will shortly reach the same milestone with the floors. Its sister, the mixed use 74-storey Sky Tower, has reached level 55 on the lift core, and now stands 48 floors tall.

“We in Sorouh are committed to supporting buyers when it comes to finance solutions for their homes, and Sorouh has recently signed agreements with three established financial institutions to help investors in The Gate Towers on Reem Island, find conventional and Sharia-compliant mortgages. Aseel Finance, ADCB and RAK BANK will offer their mortgage products for The Gate Towers, to ensure that customers can finance their properties quickly, easily and with full confidence,” he said.

The Chairman of the Dubai Pearl Abdul Majeed Al Fahim said the financial meltdown has not yet affected his company and the Dh15 billion Dubai Pearl project would be completed in 2011 as was originally scheduled.

“I wanted to complete it in 2010 itself, but the engineers said it would not be possible because of technical reasons. This has nothing to do with any financial constraints we were facing. We have completed the piling work and had awarded the construction contract last week for the project.”

Asked whether the company faced any deferred payments from the buyers of its properties he said, “Our payments are up to date till November.” On the possibilities of lay-offs from Dubai Pearl he said, “We are not laying off anybody. In fact we are now recruiting people.”

The Chief Executive Officer of the Bloom Properties Hani Shammah said the first phase of the Dh2 billion Bloom Garden project in Abu Dhabi would be completed in June 2011 as per the original plan.

The project will have 638 residential units including villas.

“We are also not planning any lay-offs or delays in implementation of the projects in view of the financial crisis.”

“We will be supporting our customers by arranging finances for them. We have entered into agreements with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and National Bank of Abu Dhabi for arranging mortgage loans to our customers.”

“Bloom Properties are now recruiting staff for our expansion programmes. The company will be announcing the sale launch of the units at the Abu Dhabi Marina project next year.”

The senior Marketing and Media manager of Aldar Properties Sami Eid said the projects of his company would also be completed as per the schedule in spite of the meltdown.

AWCS being organised here by MEED from February 9 to 11 is expected to anyalyse the impact of the global economic crisis on regional projects.

· ramavarman@khaleejtimes.ae