Sweet Homes, a leading UAE-based developer and total solutions provider to the real estate sector, has announced the commencement of the preliminary phase of construction for its Dhs 1.7-billion Rainbow Towers project in Emirates City, marking the developer's maiden offering as a full-service real estate company.
The initial groundwork for Towers B10, B14 & B15 - three towers out of the nine towers in the Rainbow Towers development has already begun. The developer also announced earlier that six towers had achieved a sold out status, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project before its projected completion by mid 2010.
Speaking at the groundbreaking ceremony, Fahad Sattar Dero, CEO, Sweet Homes Group, said, “We are continuously being driven by our intense focus on providing our customers with strategically located and high quality properties, which provides an alternative to the overwhelmingly high prices of other developments in the UAE.”
Strategically located along the Emirates Road, Rainbow Towers in Emirates City will comprise of nine luxurious 31-storey residential buildings fully equipped with high-speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool.
In addition to the development's highly accessible location and top notch facilities, it has also caught the attention of investors through its unique and highly flexible four-year self-financed payment scheme, which breaks down the payment schedule to 50 per cent of the value upon the project's completion, 25 per cent upon delivery and the remaining 25 per cent after the handover.
With a current project portfolio valued at Dhs 3.5 billion, Sweet Homes has also recently announced its plan to invest Dhs 2 billion in high profile residential, commercial and mixed-use real estate developments across the Middle East in 2008.
In addition, Sweet Homes is looking into penetrating other emirates of the UAE by launching new developments in Dubai and Abu Dhabi and in the neighbouring states of Qatar, Oman and Saudi Arabia. The recent launch of the Dhs 2.5 billion Ajman Uptown project, the first freehold villa and townhouse community in Ajman, marks the first phase of the developer's massive regional expansion.
Source: Go Dubai