Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it has generated huge investor interest in Oman for its AED 3 billion ‘Ajman Uptown’ project following the completion of roadshow organized in Oman. 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. 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 USD 4.2 billion in 2007, up from the USD 0.75 million figure posted in 2005, and this is expected to further consolidate and reach USD 20.8 billion by 2010. As part of a program to reduce the oil sector's contribution to GDP to nine percent by 2020, Oman has been actively pursuing a development plan that focuses on industrialization, privatization 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 8 different types of two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas, will be met with overwhelming response. Our project has generated positive ROI’s for our investors and we’re aiming to do the same with investors in Oman,“ said Fahad Sattar Dero, CEO, Sweet Homes Group.
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 percent growth attained through a notable rise in non-oil activities and an 18.3 percent 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 percent of Oman’s GDP, developer’s such as Sweet Homes are strategically positioning themselves in a sector that is forecasted to grow exponentially in the coming years.
"We are definitely expecting to generate more market response for our projects from these intensified campaigns as there is a huge pool of potential investors and property buyers who are very interested in our unique real estate offerings. Further, the success of our expansion initiatives in Oman and also in Qatar have further emboldened us to reach out to more areas in the region, providing international customers an exclusive and convenient platform to facilitate the acquisition of their dream properties and real estate investments in the UAE," concluded Dero.
With a current project portfolio valued at AED 4.7 billion, including its two primary projects in Ajman, ‘Rainbow Towers’ and ‘Ajman Uptown’, Sweet Homes has earmarked exclusive projects in Dubai and Abu Dhabi as part of its extensive expansion plans. The developer is positive that its future projects within the UAE will set new records for the company, strengthening the solid reputation it has built in Ajman and building a significant presence in the entire UAE real estate market. With offices in the UAE, Qatar, and Oman, Sweet Homes continues with its vision of providing more residential developments in the region and to further expand operations to cater to the growing interest across the region.