Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that the construction of the AED 1.7 billion ‘Rainbow Towers’ is witnessing exceptional progress, and that they are on track to deliver the project by 2010. The announcement follows the recent awarding of the AED 450 million main contract to Sharjah-based Master Civil Construction Company (MCC) for three of the nine 31-storey residential buildings (B10, B14 and B15), which comprise the entire project. MCC has committed to completing the main works within 24 months, in line with the developer’s aims to hit the target completion date for the project.
The awarding of the main contract follows Sweet Homes’ acquisition of the 208,278 square feet plot for ‘Rainbow Towers’ project. In addition to the multimillion dirham agreement, the developer has also awarded a design and supervision consultancy contract to Eng. Adnan Saffarini Office, a leading international engineering consultancy firm. Furthermore, Piling Tech L.L.C. was also commissioned by the developer to undertake the initial groundwork, including shoring and excavation on the three towers. With a total built-up area of 1,383,413.7 square feet, the luxury residential project will incorporate a 15,274 square feet Entertainment Zone.
“As our inaugural project in the UAE, ‘Rainbow Towers’ will bear the hallmark of our high benchmarks for quality construction, which we are thoroughly implementing across all our ongoing projects,” said Fahad Sattar Dero, CEO, Sweet Homes Group. “Amidst the current economic situation that is making investors reconsider investing into real estate, our strategy is to provide them with attractive properties at equally attractive prices, which will provide them with high returns in the long run. Our strategic collaboration with established partners within the construction sector also speaks volumes on our commitment to deliver this project within our stipulated timeframe.”
Strategically located along the Emirates Road, each of the buildings within ‘Rainbow Towers’ will be fully equipped with high-speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool. In addition to the development’s highly accessible location and top-notch facilities, it has also caught the attention of investors through its unique and highly flexible four-year self-financed payment scheme, with 50 per cent of the value due upon the project’s completion, 25 per cent due upon delivery and the remaining 25 per cent due after the handover. As a testament to the project’s excellent investment appeal, the developer earlier announced the sell out of six towers, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project in the next few months.
”We have employed a dedicated team of industry professionals, engineers, project managers, site supervisors, quantity surveyors and construction workers to work on ‘Rainbow Towers’ and to ensure that it will be delivered on time. We are looking forward to the day that we will be welcoming our customers to their new homes, which will be the realisation of our vision for this project - and that is to provide our valued customers not only with excellent investment opportunities, but more importantly a place where they enjoy the pleasures of luxury living,” concluded Dero.
Fully committed to delivering results, Sweet Homes' diversified business activities have played an integral part in the growth of the real estate market in Dubai and Ajman. The developer has acquired extensive experience in the fields of general engineering and contracting, trading, real estate brokerage, marketing, selling and managing prestigious properties in the UAE. With a current project portfolio valued at AED 4.7 billion, Sweet Homes is looking into penetrating other emirates of the UAE by launching new developments in Dubai and Abu Dhabi and in the neighbouring states of Qatar, Oman and Saudi Arabia.
