Sunday, May 17, 2009

Sweet Homes retains property prices despite economic crisis

Sweet Homes retains property prices despite economic crisis

Developer reiterates focus on construction to sustain projects’ quality and commits to timely delivery

May 17, 2009

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it is maintaining the prices of its property units despite the current slowdown of the global economy. The developer also reiterated its focus on construction to meet high quality expectations for its Ajman-based projects, and underlined its undivided focus on unhindered progress to hit the delivery targets for the AED 3 billion ‘Ajman Uptown’ and the AED 1.7 billion ‘Rainbow Towers’ projects.

Currently selling at AED 900,000 to AED 4 million for villas and from AED 500 to AED 600 per sq. ft. for apartments in Ajman Uptown, Sweet Homes is taking all necessary measures to ensure that it will be one among the few developers in Ajman to deliver its projects on time to leverage the projected recovery of the market and the UAE economy as a whole. This is based on recent reports, which estimate that the UAE’s gross domestic product will rise by 2.4 per cent this year. The developer also further underlined its commitment to its investors by becoming one of the first private master developers to register with the newly-formed Ajman Real Estate Regulatory Authority (ARRA), which is aimed at boosting consumer confidence as it undertakes the construction of all its launched projects.

“Maintaining the current prices of our property offerings is a strategy we deemed appropriate amidst current market developments, which indicate that recovery from the current crisis is at hand,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “We are aware that the market slump has made investors more demanding than ever before, and this drives us to intensify our efforts to ensure that our clients will gain significant returns on their investments, as evident in our recent agreement with Dubai Islamic Bank for the escrow accounts of both our projects.”

Company officials have revealed that construction within the ‘Ajman Uptown’ project is witnessing aggressive development, as a result of the strategic collaboration among companies within the Sweet Homes Holdings. Similarly, the developer also revealed that it is seeing unprecedented progress in ‘Rainbow Towers’, which is on track for completion by 2010. Furthermore, Sweet Homes also identified its successful partnerships with construction firms, suppliers and subcontractors who are vital contributors to the steady progress of the projects.

“The foundation of our unrivalled and continuous operations in Ajman is the strength of our fundamental corporate philosophy and financial backing, which are both in play as we seek future growth for our organisation. We are confident that we have all the necessary elements to help us build our projects to meet the expectations of our investors. Most importantly, we have the right mindset and level of commitment, which are fuelling us to deliver our projects on time and based on the highest quality standards,” concluded Dero.

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