Thursday, November 11, 2010

Sorouh to deliver 2500 new housing units by 2012

One of the leading Abu Dhabi-based real estate developers, Sorouh Real Estate, announced plans to deliver about 2500 new residential units to end users in the emirate by end of 2012, said Gurjit Singh, the Chief Operating Officer of the Company.

The deliveries will begin during the first quarter next year and will be done in phases. The handovers will begin with few apartments being delivered in the Sun Towers and the Sky Towers. Sorouh is currently focusing on delivery of its existing developments and those nearing completion and securing income from properties that generate rental revenues, Singh said.

He further pointed out that Sorouh had delivered projects such as Khalidiya Village, Sas Al Nakhi, and Al Ovoun, which will boost the rental income portfolio of the Company. Even the Golf Gardens development, adjacent to Abu Dhabi golf course is complete. The Gate Tower project too, is on schedule for completion in late 2012, he said.

According to Singh, Abu Dhabi market has seen lot of consolidation happening in all asset classes this year, and 2011 will witness more consolidation with the rental and capital values dropping so much that people will get back to the market.

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