The current global economic situation offers positive opportunities for Abu Dhabi’s developers to press ahead with implementing quality, standards and transparency in property development said Gurjit Singh, Chief Property Development Officer at Sorouh Real Estate PJSC, in a speech to the Working Buildings Middle East conference today.
Mr Singh said:
“We’re seeing some positive opportunities from the current global situation and its impact on the real estate market, to improve the delivery system’s quality, standard and transparency through sustainable place making and place management, the building blocks of which are already encapsulated in the Abu Dhabi 2030 Framework Plan.
“Real estate has a long term investment horizon and with the current global re-pricing of risks, developers are restructuring their approach and placing stronger emphasis on the delivery aspects to its customers.”
“In Abu Dhabi, we are particularly fortunate to have some strong fundamentals underpinning the real estate sector. These fundamentals of continued population growth, and planned development strategy based on the Abu Dhabi 2030 Plan coupled with a real estate supply lag provides ample opportunity to fill the end user occupier demand gap. The last mile now needs the urgent unlocking of liquidity in the financial system to the real estate sector”.
Mr. Singh said developers should focus their efforts in two areas: on coupling both existing customers and potential end user occupiers with liquidity. He said:
“This is a good time for developers to press ahead with projects which will bring new residential units to the market over the next two to three years for end user occupiers. There is clear demand for them in spite of the global situation.
“And well capitalised developers which have adequate funding in place, should continue invest in core infrastructure to ensure this is in place in the medium and long term to take advantage of the next real estate cycle”.
Mr Singh said Sorouh was pressing ahead on all its projects to ensure continued contribution to Abu Dhabi’s planned development over the next few years.
Mr Singh was speaking at the Working Buildings Middle East conference, which is being held at the Abu Dhabi National Exhibition Centre.
Abu Dhabi-based Sorouh Real Estate PJSC is one of the UAE’s leading property companies, with more than AED 70 billion worth of projects under development in the UAE and internationally. Established in June 2005 with a capital of AED 2.5 billion, Sorouh is now one of the largest real estate developers on the Abu Dhabi Securities Exchange.
Sorouh is active internationally, with up and coming projects in Egypt and Morocco. Working in master-planning, master-development and property related fields, Sorouh has some of the region’s most important developments underway, including Abu Dhabi’s Lulu Island, SHAMS Abu Dhabi, The Gate District at SHAMS Abu Dhabi, Alghadeer, Saraya and Golf Gardens, all developed in close cooperation with the Abu Dhabi Government and its vision for the future.
Sorouh has received international recognition for its projects. Recent awards include:
• Best New Business - Middle East Business Achievements Awards 2007
• Best Commercial Project for the Gate District - Abu Dhabi Cityscape 2007
• Best development, Central Park, Shams Abu Dhabi - CNBC Arabian Property Awards 2007
• Best Customer Service Company - Real Estate category, Middle East Excellence Awards Institute 2008
