Sweet Homes Holdings (SHH), a leading UAE-based developer and multi-service provider to the real estate sector, is confident that the prices of properties within its two Ajman-based projects will remain stable all throughout 2010. The master developer is currently working on two projects within the emirate - ‘Rainbow Towers’, and the AED 3.5 billion ‘Ajman Uptown’, whose extensive offering, which comprise 1,504 villas and seven 31-story towers, is expected to have a significant impact on Ajman’s real estate sector. Sweet Homes has also revealed the average price for properties within its ‘Ajman Uptown’ currently ranges from AED 999,000 to AED 1.7 million depending on the size and the view, with an option of AED 4.2 million for the VIP villas.
Currently, the prices for units within both ‘Ajman Uptown’ and ‘Rainbow Towers’ are at par with 2009 levels, with rates of the latter recorded at an average of AED 590 to AED 599 per square foot. These prices reflect a significant increase from the rates during 2008, which were sold in the range of AED 435 to AED 445 per square foot. On the other hand, units within the master developer’s 4 million square feet township project, which boasts of two, three and four-bedroom townhouses, exclusively designed five-bedroom VIP villas, and complete community facilities, were sold from AED 875,000 to AED 1.5 million, and VIP villas priced at AED 3.6 million in 2008. With construction progressing rapidly, the stability in the prices reflects the strength of the project and the developer.
“Our confidence in the stability of the Ajman property market and, in effect, in the prices of our projects based in the emirate stems from the positive indicators that we are witnessing in the industry and the continuous progress our developments are achieving,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “We are anticipating a great year ahead as we move closer to the completion of our projects in Ajman amidst the recovery of the property sector.”
Sweet Homes cites its strategic collaboration among companies within the Group as well as successful partnerships with construction firms, suppliers and subcontractors as important contributors to the steady progress of its projects. This exceptional progress is continually strengthening the investor confidence for both Sweet Homes’ projects, which in turn is boosting the company’s confidence in the stability of its prices. According to the latest project update, concrete pouring on the largest foundation raft within ‘Ajman Uptown’ project has already been completed, whilst superstructure works on the villas continue at an impressive pace.
“Despite the crisis, we have not experienced large-scale customer defaults, which is an indication of the value investors are seeing in our projects. In addition, the sheer extent of ‘Ajman Uptown’ and the fact that the project is actively recording developments in construction is a testament to the exceptional potential of this development. In addition to exceptional quality, we believe that investors’ interest is fuelled by the strong potential of the project to generate excellent leasing and resale values,” concluded Dero.
