Friday, August 07, 2009

Sorouh confirms timely delivery of Shams development projects

Sorouh Real Estate's iconic Sun and Sky towers are on their way for scheduled handover during the first quarter of 2010, the Managing Director of Sorouh, Abubaker Al Khouri revealed early this week.

The towers are among the four projects that constitute the Shams Development on Reem Island, the Dh.25billion flagship luxury housing community, due to serve 53,000 people, on completion.

The company has already slashed its prices by up to 35 percent in the Gate Towers, and Alghadeer, also a part of Shams development.

To help its developers in completing construction of the project, and to help its buyers with their purchases, Sorouh has stepped in with financing options for both. Alghadeer and Gate Towers are due for completion, as scheduled by 2012.

"It is logical for a company or developer to revisit its business plan at a time, when prices have considerably dropped, particularly, if we manage to re-negotiate these prices", Al Khouri said.

Apart from the discounts, buyers at Alghadeer can put off payments until their units are delivered to them, while the buyers of Gate Towers have had their payment plans adjusted, Khouri said.

Sorouh has always been a step ahead in offering help to its developers and customers to live up to their commitments, in comparison to several other major UAE developers. Last month, Sorouh reported more than 75 percent decline in its second quarter profits, compared to the same period last year.

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