AED 1.7 billion Rainbow Towers project 90 per cent sold
Sweet Homes to commence construction as Emirates City hands over 208,278 square feet plot for the 9 towers
January 20, 2008
Sweet Homes, a leading UAE-based developer and total solutions
provider for the real estate sector, has announced that 90 per cent of
its AED 1.7 billion Rainbow Towers, a residential development
comprising of a total of 9 towers has been sold, with the first six
towers achieving 100 per cent sales prior and shortly after the
project’s launch in mid 2007. With 70 per cent of the remaining three
towers already sold to investors and following the recent acquisition
of a 208,278 square feet plot in Emirates City, Ajman as the site for
the prestigious project, the developer is all set to commence the
tower’s construction, which is expected to be complete by mid 2010.
Designed by the award-winning architectural and engineering firm
Eng. Adnan Saffarini Office, the project will boast of residential
towers conveniently located along the Emirates Road. With easy and
comfortable living as the project’s inspiration, each of the 31-storey
towers will be equipped with high speed elevators, a state-of-the-art
fitness club, jacuzzi and sauna facilities, sports bar, recreation area
and a rooftop swimming pool. Also within the vicinity is the
Entertainment Zone, a 15,274 square feet developed recreational
facility, which will provide entertaining activities to be enjoyed by
tenants. More notably, the project offers a unique and flexible
four-year self-financed payment scheme, which will allow investors to
pay up to 50 per cent of the value until the project’s completion, 25
per cent upon delivery and the remaining 25 per cent after the handover.
“As Ajman steadily gains momentum in terms of real estate
development, we are proud to be one of the first developers to
recognise its outstanding potential as evident in the success of our
initial offering,” said Fahad Sattar Dero, CEO, Sweet Homes Group. “In
addition to the benefits of a strategic location, the high level of
confidence, which we have earned from our customers by providing
quality built spaces for their specific requirements has also played a
vital role in the tremendous sales performance of Rainbow Towers. We
are definitely looking forward to starting the first phase of
construction and we are confident that our clients will see significant
appreciation in their investment.”
With a current project portfolio valued at AED 3.5 billion, Sweet
Homes has also recently announced its plan to invest AED 2 billion in
high profile residential, commercial and mixed-use real estate
developments across the Middle East in 2008. In addition, Sweet Homes
is looking into penetrating other emirates of the UAE by launching new
developments in Dubai and Abu Dhabi and in the neighbouring states of
Qatar, Oman and Saudi Arabia. The recent launch of the AED 2.5 billion
Ajman Uptown project, the first freehold villa and townhouse community
in Ajman, marks the first phase of the developer’s massive regional
expansion.
“The overwhelming appreciation we have received for the work we have
done with our maiden venture has heightened our expectations with the
launch Ajman Uptown, which is only the initial stage of an aggressive
movement to augment our project portfolio we have outlined for the
year. Our strategy is to expand our presence in the regional property
market by offering a diverse range of projects, coupled with value
added services designed to ensure profit for our clients’ investments.
Through this, we are confident that the Sweet Homes brand will earn a
reputation synonymous to quality projects and services across the UAE
and the GCC,” concluded Dero.
Delivering a holistic range services to its clients, Sweet Homes
plans to leverage its extensive regional experience in the promotion,
marketing and overall management of several high profile projects such
as Paradise Lake Towers, International City, Rufi Twin Towers, DEC
Towers, Al Naemiyah Towers, Al Khor Towers, Corniche Towers, Falcon
Office Tower and Falcon Residential Tower. In addition, the company has
also announced its plans to expand its roster of high value offerings
to include general contracting, engineering consultancy, general
trading, feasibility studies and research, and funds management, which
are being developed to deliver excellent after sales services and
ensure customer satisfaction.
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