Sweet Homes to deliver first phase of residential villas in ‘Ajman Uptown’ by August 2011
Sweet Homes Holdings, a leading UAE-based developer and multi-service provider to the real estate sector, has announced its plans to deliver the first phase of its residential villa projects within the AED 2.2 billion 'Ajman Uptown' community development by August 2011. The master developer further revealed that they are expecting to handover a total of 555 units to customers who are paying on time according to the construction-linked payment plan for the project. Sweet Homes added that majority of the investors who have signed up for the said payment scheme have acquired villas from phase one, which is driving the completion of the project's initial phase.
At present, two important sub-contracts for the 1,504 villas have already been awarded by Sweet Homes General Contracting L.L.C (SHGC), the in-house contracting arm of Sweet Homes Group and the main contractor for the 'Ajman Uptown' project. This includes the MEP, air conditioning and fire fighting sub-contract, which was given to Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting; and the civil sub-contract to Liwa Building Contracting. The main contractor also reported that the sub-structure of all villas has been completed and superstructure works are progressing rapidly across all two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas within the project.
"The imminent delivery of the first phase of the villas within 'Ajman Uptown' is the realisation of a vision, and we are very proud of this massive achievement amidst the crisis that plagued the entire industry this past year," said Fahad Sattar Dero, CEO, Sweet Homes Holdings. "We are one of the few developers who remained faithful to our commitment to our customers, and the trust we have established with our customers is the basis of the success we have been reaping so far. We are very excited to finally deliver the first of our high quality villas to our most esteemed investors."
To ensure transparency and as a testament to the developer's commitment to the project's completion, Dubai Islamic Bank, the appointed custodian institution where the escrow account for the community project was opened, is conducting regular monthly site inspections through their technical team and is giving satisfactory remarks on the project's progress. This includes the villas comprising the project's first phase, which includes nine different designs, namely 'VIP',' Acacia', 'Camellia', 'Begonya', 'Erica', 'Erica-1', 'Erica-2 Horizontal', 'Erica-2 Vertical' and 'Dahlia'. It is also being closely monitored by the Ajman Real Estate Regulatory Agency (ARRA), while third party construction auditors and quantity surveying companies provided positive feedback after assessment of the construction progress and verifying the actual items of constructional components on site.
"Many of our investors from phases two and three are also expressing their interest in shifting to available villas in the first phase that are similar to units they have initially invested in. Driven by our foresight and knowledge of our customers' needs, these initiatives are all part of our commitment towards taking necessary steps to buffer their investments from the ill effects of the global economic crisis," concluded Dero.
- Home prices in Israel makes making ends meet impossible for families
- Putting their eggs in tourists' baskets: why Dubai's real estate developers are shifting to hospitality
- Is Dubai's property market finally displaying 'affordable' tendencies?
- Ironic much? Sharjah's 'affordable' rents is the exact reason they're now skyrocketing
- Mounting supplies: Dubai's impending property correction
- Sweet Homes launches seven commercial and residential towers collectively valued at AED 1.3 billion
- Sweet Homes to invest AED 2 billion into booming Middle East real estate sector in 2008
- Construction progress report on AED 3 billion ‘Ajman Uptown’ reflects aggressive development
- Sheikh Humaid Bin Rashid Al Nuami inspects construction progress of AED 2.2 billion ‘Ajman Uptown’ project