Sorouh Real Estate PJSC (“Sorouh”), the Abu Dhabi-based real estate developer (ADX: SOROUH), today confirms that its Shams Abu Dhabi projects are moving forward on schedule for delivery starting mid-2010.
Shams Abu Dhabi, the AED 25 billion master development on the investment-zoned Al Reem Island, will comprise 5.2 million square meters of built up area adjacent to the new Central Business District on Al Sowwah Island. Sorouh is the master developer of Shams Abu Dhabi and is responsible for developing the Sun and Sky Towers and Shams Gate on Shams Abu Dhabi.
Once complete, Shams Abu Dhabi will be home to 53,000 people who will enjoy a quality urban lifestyle. The development offers attractive features such as canals, marinas and parks, all incorporating world-class master-planning practices.
Good progress continues to be made at Shams Gate. The Sun and Sky Towers are nearing handover and the first residents are due to start moving in as soon as June or July. Infrastructure being developed on the surrounding land remains on track and will be completed in time for the handover.
The Gate Towers - the four towers that form part of Shams Gate - are rising steadily by approximately one floor every 10 days. Towers 1, 2 and 3 have risen to levels 21, 17 and 13 respectively. The Arc, which also forms part of the Gate Towers, is above ground and the basement is complete. The Gate Towers is due for completion in 2012.
The Towers will offer residents the opportunity to enjoy quality finishings and excellent amenities including a shopping mall, private gym, spa, tennis courts, childcare facilities and more. The retail podium, which is close to 70% pre-leased to premium retail brands, will be completed in tandem with the Sun and Sky towers and is due to open to the public in the fourth quarter of this year once the towers have sufficient residents.
Earlier this year, Sorouh launched the Why Rent? promotion on the Sun Tower, targeting long-term Abu Dhabi residents, and offering them an unparalleled opportunity to own a luxury apartment in the capital for the first time from as little as AED 6,500 per month. The sales offer, which has the best mortgage rate in the market of 4.99% for both existing and new owners, has been very well received with over 500 sales leads generated.
Sorouh continues to work closely with sub-developers on nearly 100 land plots in the wider Shams Abu Dhabi to address any issues that they are facing due to the current economic climate. More than ten sub-developers have commenced construction on their plots already.
Abubaker Seddiq Al Khouri, Managing Director of Sorouh said;
“We are very pleased with the progress at Shams Abu Dhabi. Despite the economic climate Sorouh has shown that it can deliver its projects. The high level of interest in the Why Rent? campaign is a strong indicator of the appeal of the development combined with the demand for quality housing in Abu Dhabi as the city expands in line with the growth outlined in Plan Abu Dhabi 2030. “
