Monday, March 17, 2008

Sweet Homes to commence construction work on Rainbow Towers project

Rainbow Towers
A leading UAE-based developer and total solutions provider in the realty sector, Sweet Homes, has revealed the commencement of preliminary phase of construction works for its Rainbow Towers project, worth AED 1.7billion, at the Emirates City, which also marks the maiden offer by the developer as a full-service real estate company.

This follows the recent shoring and excavation contract, which was offered to Piling Tech LLC for its initial groundwork for Towers B10, B14 and B15, three out of nine towers in the Rainbow Towers development.

Earlier, the developer also announced that six towers were already sold out, and out of the remaining three towers, 70% have been sold already. The entire project is due for completion by mid 2010.

Speaking during the occasion of groundbreaking ceremony, the CEO of Sweet Homes, Fahad Sattar Dero, mentioned that the excavation contract has been awarded to Piling Tech LLC due to their impressive background, outstanding track records, and competitive bidding.

Being ideally located along the Emirates Road, the Rainbow Towers will include nine luxurious 31-storey residential buildings, which comprise high-speed elevators, modern fitness club, Jacuzzi and sauna facilities, recreation area, swimming pool, and sports bar.

Apart from the amenities that the development offers, the investors are also drawn by the unique and highly flexible four-year self-finance payment scheme, which breaks down the payment schedule to just 50 percent of the value, on completion of the project, 25 percent on delivery and remaining 25 percent during handover.

Further to its current portfolio of AED 3.5billion, Sweet Homes has also announced its plan to invest AED 2billion on high-profile commercial, residential and mixed-use real estate developments across Middle East during 2008. Sweet Homes is also on the look out for venture into other UAE emirates through the launch of projects in neighbouring states of Qatar, Saudi Arabia and Oman. The company has already begun its first step ahead in this direction, through the opening of the AED 2.5bn Ajman Uptown project, the first freehold villa and townhouse community in Ajman.

Piling Tech LLC, specialized in civil engineering activities, has built a solid reputation in the regional construction sector through its high profile projects for royal families and government departmtners. The company has worked with both government and private firms such as Bayel Tic, Federal Electricity and Water Authority, and Sharjah Electricity and Water Authority and Chapal World.

1 comment:

Anonymous said...

Rainbow towers B14&B15 only piling work completed and there is no action for the foundation and ather activity (up todate 3/12/2008 founation not casted yet ,also there is no mobolization for the contractor working there , there is no tower crain eracted yet .
The above clearly show the devloper canot reach the complition date mentioned in the costomer contract Augest 2010, we kindly request M/s Sweet homes devloper to check the constraction schedule with the consutant M/s Adnan safarini and inform the costomer the real complition date and if there is changes it should be re plan for costomer paiment or ather action in this regards to be taken.
Thanks for understanding.
Basim