Sweet Homes one of the first to register with Ajman Real Estate Regulatory Authority

Sweet Homes one of the first to register with Ajman Real Estate Regulatory Authority

Developer currently in the process of registering escrow accounts to cover all projects

April 21, 2009

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector and part of Sweet Homes Holdings (SHH), has announced that it is one of the first private master developers to register with the newly-formed Ajman Real Estate Regulatory Authority (ARRA). The master developer of the AED 3 billion ‘Ajman Uptown’ project has also revealed that it is currently in the process of registering escrow accounts for all of its projects, in accordance with the rules and regulations set by the agency. Established under the Emiri Decree No. 8 for 2008, ARRA reflects the Ajman Government’s commitment to provide a secure investment climate, thereby allowing growth and ultimately a sustainable economic development for the emirate.

According to the regulations set by ARRA, developers looking to build projects in Ajman are required to open an escrow account in one of the banks approved by ARRA, wherein they have to deposit all the money paid by investors in the account. The move seeks to protect investors, and to guarantee the security of the investment of end-users. Sweet Homes’ prompt response to ARRA’s call for regulatory compliance underlines its adherence to rules and procedures that are aimed at protecting the investors’ funds, and its deep resolve to contribute to the growth of Ajman as a real estate destination.

“The current economic crisis has made it important now, more than ever, to remain vigilant to ensure that all aspects of the property development business are in accordance to the law,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “Our move to register escrow accounts for ‘Ajman Uptown’ and ‘Rainbow Towers’ projects underlines our commitment to the implementation of laws in order to support ARRA’s deep resolve to implement all the rules and regulations, which are aimed at setting new industry benchmarks in the emirate. We are confident that our investors will appreciate our zealous efforts to ensure that their investments are looked after, which will ultimately garner the excellent returns they are aiming for.”

The main focus of ARRA is to regulate the business and real estate development within Ajman and to set the policies and legislations for licensing the real estate projects in the emirate. Moreover, the agency maintains the overall supervision for the implementation of these policies, regulations and plans of action. It also organises the joint ownership among investors of the property units within these projects.

“Our eagerness to follow all the rules, legislations and regulations set by ARRA reiterates our strategy of building on the confidence of potential customers to attract them into investing in our projects. We commend the excellent efforts of the Ajman Government in terms of establishing an important component to a successful real estate market in the form of ARRA, and we are optimistic that this initiative will result in major improvements in organising of the real estate market in Ajman and in the way real estate transactions are done in the emirate,” concluded Dero.