Sorouh Real Estate Company, the Abu Dhabi-based real estate developer, has started a phased handover to owners of their new homes in Sun and Sky towers, part of Sorouh’s Shams Gate District on Al Reem Island.
Sorouh’s Customer Service team has informed a number of customers that their homes are ready for possession, pending final settlement of the outstanding portion on their overall payment. Once they have finalised payment, they will be handed the keys to their units as well as a detailed information pack on the development.
As Sorouh hands over units it will start recognising revenue on the project. Once all units have been handed over, Sorouh will have recognised in the region of AED 2.3bn in revenue.
The Sun and Sky towers are Abu Dhabi’s first Strata-compliant structures, and Sorouh has already started the process of educating owners about their rights and responsibilities under Strata via seminars and information on its website.
In a first for Abu Dhabi, Sorouh has also signed leading upmarket supermarket chain, Waitrose, to be the anchor tenant of the retail podium, BOUTIK, which is rapidly moving towards completion, on track for opening in the second half of this year. The Waitrose deal represents the first move into Abu Dhabi for the upmarket retailer. Some 70% of the tenant agreements for BOUTIK have already been signed.
Sun and Sky towers are landmark projects both for Sorouh and for the city, as they are also the first ‘Grade A’ buildings to be delivered in Abu Dhabi’s new investment zone on Al Reem Island. The 74-storey Sky Tower and 65-Storey Sun Tower are the two tallest buildings in the Shams Gate District, a cluster of eight towers located at the entrance of Shams Abu Dhabi on Al Reem Island, and the highest completed buildings in Abu Dhabi. The two towers represent a new style of living in the capital, and comprise a mixture of commercial and residential space, creating the perfect mix for people living and working in the towers.
Both towers feature one, two, three and four bedroom apartments and penthouses with panoramic views of the Arabian Gulf and Abu Dhabi skyline. Sky Tower has 474 residential units and 800,000 square feet of commercial office space. Sun Tower will accommodate 680 residential units. There are 10 penthouses between the two properties, bringing the total number of units to 1,154.
The towers offer a range of quality amenities. They are joined by the Podium, which houses a shopping mall, three gymnasia, including a Ladies-Only facility, cafés and restaurants. The open-air leisure deck above the podium offers three swimming pools, a Jacuzzi, tennis courts, a yoga lawn and children’s playing areas.
HE Saeed Eid Al Ghafli, Chairman, Sorouh, said:
“This is a very important moment for Abu Dhabi as it marks the first delivery to customers of their homes on Al Reem Island. For Sorouh, it represents an important milestone in the Company’s five year history. Sun and Sky represent Sorouh’s commitment to execute and deliver successful projects. We are confident that our customers will be pleased with the quality of the development.
“In 2011, we will deliver a number of projects that will generate significant cash for the business and profits for shareholders.
“We would like to thank our customers for their continued support. I would also like to reiterate the commitment of Sorouh to delivering our projects under development and those currently in planning in Abu Dhabi, as we work towards the fulfilment of Plan Abu Dhabi 2030 and the greater economic vision of the Emirate.”