Monday, September 13, 2010

Sweet Homes to deliver 1st phase of Ajman Uptown villas by August 2011

The leading UAE-based real estate developer and multi-service provider to the property sector, Sweet Homes Holdings, has announced plans to deliver the first phase of its residential villa projects, worth Dh.2.2bn in Ajman Uptown community development by August 2011.

The master developer also revealed that about 555 of these units will be handed over to customers who have been prompt in their payments, as per the construction-linked payment plan for the project.

According to Sweet Homes, majority of the investors who have signed up for the said payment scheme, have acquired villas from phase one, and is therefore driving the completion of the initial phase of the project.

Currently, two major sub-contracts for the 1504 villas have been awarded to Sweet Homes General Contracting (SHGC), the in-house arm of Sweet Homes Group, and the main contractor for Ajman Uptown project.

SHGC reported that the sub-structure of all villas have been completed and superstructure works are under process across the double, triple and four bedroom townhouses and well-designed five-bedroom VIP villas in the project.

The CEO of Sweet Homes, Fahad Sattar Dero, said that the imminent delivery of the first phase of the villas is the realization of a vision. Several of the company’s investors from phase two and three are also showing interest in moving to available villas in the first phase, that are similar to units that they had earlier invested in.

The Dubai Islamic Bank is the appointed custodian institution of the project, which is conducting regular inspections, and has given satisfactory remarks on the project’s progress. This includes villas in the first phase of the project, with nine designs - VIP, Acacia, Camellia, Erica, Begonya, Erica-1, Erica-1, Erica-2 Vertical, Erica-2 Horizontal and Dahlia.

The project is also closely monitored by Ajman Real Estate Regulatory Agency (ARRA), while even third party construction firms and quantity surveying firms, have reverted with positive feedback after assessment of construction progress.

1 comment:

FourEd said...

Dubai has certainly been badly affected by the economic downturn. It appears that the property industry is on the up now, with new developments planned such as these.