Residential properties within ‘Ajman Uptown’ and ‘Rainbow Towers’ to be delivered by 2010

Ajman to add 150,000 housing units within next 3 years

Residential properties within ‘Ajman Uptown’ and ‘Rainbow Towers’ to be delivered by 2010

May 25, 2009

Approximately 150,000 housing units will be completed in Ajman within the next three years, according to estimates by leading industry sources. This includes high profile residential properties such as the luxurious villas within ‘Ajman Uptown’ and state-of-the-art apartments within ‘Rainbow Towers’. As the company behind both projects, Sweet Homes Holdings (SHH), a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it will be one among the few real estate players who will be able to deliver projects from its AED 4.7 billion portfolio by 2010.

In line with the regulations set by the Ajman Real Estate Regulatory Authority (ARRA), Sweet Homes Holdings has recently announced that it has signed an agreement with Dubai Islamic Bank for the escrow accounts of its ‘Ajman Uptown’ and ‘Rainbow Towers’ projects. This follows the developer’s registration with the ARRA, which made it one of the first master developers to adhere to the rules set by the newly-formed agency. Furthermore, SHH has taken on all aspects of development within ‘Ajman Uptown’, with its construction arm - Sweet Homes General Contracting (SHGC) undertaking the AED 2.2 billion main contract, as well as the project’s initial groundworks.

“Although we are undoubtedly affected by the slump, we remain steadfast in our commitment to hit our delivery targets for our projects, and we are taking all necessary measures to cultivate investor trust and confidence,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “As a leading master developer of one of the biggest community development projects in Ajman, we have promptly completed most of the necessary steps to comply with ARRA’s regulations. We take pride in the strong fundamentals and financial backing of our organisation, which drives our operations amidst these challenging times.”

Sweet Homes Holdings further revealed that ‘Rainbow Towers’ is witnessing exceptional progress, and that they are on track to deliver the project by 2010. The most recent developments in the project’s construction is the awarding of the AED 450 million main contract to Sharjah-based Master Civil Construction Company (MCC) for three of the nine 31-storey residential buildings (B10, B14 and B15), which comprise the entire project. The developer also pointed towards its successful partnerships with construction firms, suppliers and subcontractors, including world-class architectural firm Eng. Adnan Saffarini Office as the primary consultant for the projects as vital contributors to the steady progress of the projects.

”As we focus on the construction of our flagship project, we continue to reinforce our efforts and resources to ensure the timely completion of our developments as part of our pledge to our customers. We are positive that investors recognise and appreciate the initiatives we are taking for this purpose, and we guarantee that we will remain on track to deliver their properties as we have promised to them,” concluded Dero.