Sun and Sky towers are the first Grade A buildings to be delivered in Abu Dhabi’s new investment zone on Al Reem Island
Sorouh Real Estate Company “Sorouh”, the Abu Dhabi-based real estate developer, today provides a detailed update on the progress made at Shams Abu Dhabi, its flagship master development on Al Reem Island.
Shams Abu Dhabi
Sorouh has invested AED 1.7 billion in the infrastructure of Shams Abu Dhabi over the last three years and the infrastructure works are now complete. This investment has enabled sub-developers to move ahead with their developments, with 10 plots now under construction, three developers are expected to complete by the beginning of 2012.
Sun and Sky Handover Update
Sun and Sky towers are the first Grade A buildings to be delivered in Abu Dhabi’s new investment zone on Al Reem Island. At the beginning of March Sorouh began the phased handover of units to owners in Sun and Sky towers.
Since handover commenced on 1st March, a substantial number of commercial units have been handed over
There has been promising leasing interest in Sky Tower’s commercial space from numerous corporate entities, and we have already signed a 10-year lease with the Austrian Embassy for their new offices.
Sales and leasing of unsold inventory are progressing well during the handover period, with a number of new sales and leases being executed.
Sorouh recently signed a deal for Sun and Sky’s available retail space to house Abu Dhabi’s first Waitrose. The high-end supermarket will be the anchor tenant in BOUTIK, the retail podium linking Sun and Sky Towers. Fit-out has already begun and the store is expected to open in the second half of the year.
Over 70% of space of the retail space at BOUTIK has been leased and the mall is scheduled to open during the second half of the year.
The Gate Towers
The Gate Towers - the three towers that form part of Shams Gate - are advancing rapidly, and the core walls have reached 63, 63 and 59 storeys respectively and are due to top out in the second half of 2011. Progress to date is within the projected construction timetable.
Abubaker Seddiq Al Khouri, Managing Director of Sorouh, commented: “We continue to make significant progress across Shams Abu Dhabi and I am pleased to be able to say that we are the first developer to deliver finished product on Al Reem Island, Abu Dhabi’s largest investment zone. The delivery of our landmark buildings, the Sun and Sky towers, has revealed the true demand in the market, which will be boosted even further by a future reduction in mortgage rates. We have also seen our significant work and investment in infrastructure on Shams, pay off, as it has enabled our sub-developers to continue to build and raise construction financing. The pick up we are seeing combined with the ongoing work and unit handovers means that Shams Abu Dhabi is beginning to take real shape. ”