| 05 Mar 2010 |
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Infrastructure development for Alghadeer project gets underway
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Friday, Mar 05, 2010
Gulf News
Dubai Sorouh Real EstateSorouh Real Estate
, a leading real estate developer in Abu Dhabi, has announced that dev-elopment of the main infrastructure in the low-rise residential community project Alghadeer has commenced.
The infrastructure contract valued at approximately Dh215 million has been awarded to Nael & Bin Harmal Hydroexport (NBHH).
The work will cover approximately 10 kilometres of roads and associated utility networks, including power, water, waste water, irrigation, surface water drainage, telecommunication, gas and street lighting.
Alghadeer is located at an equal distance between Abu Dhabi and Dubai. The residential destination is part of Seih Sdeirah and is the largest development with investment zone status in the UAE.
Abu Dhabi's strong market fundamentals and Alghadeer's location are the development's two main selling points according to Gurjit Singh, chief operating officer at SorouhSorouh.
"The Abu Dhabi market's fundamentals remain strong and are underpinned by a growing and diverse economic base. Alghadeer is strategically located. The first phase is to be positioned as a new community serving the major employment centres of Abu Dhabi and Dubai," Singh told Gulf News.
Alghadeer will feature 2,130 villas, townhouses, terrace apartments and apartments to accommodate both small and large families as well as bachelors. It aims to be an affordable residential destination for those seeking a suburban lifestyle.
"Alghadeer will accommodate demand from the population growth in response to key infrastructure projects such as Khalifa Port and Industrial Zone, Abu Dhabi International Airport, Jebel Ali Port and Al Maktoum International Airport," Singh said.
In 2009, as part of SorouhSorouh's ongoing strategy to attract third-party investors to selected projects, the company sold the 643,000 square metres of land on which the first phase of Alghadeer will be built for Al Sdeirah Real Estate Investment.
SorouhSorouh retains a 30 per cent shareholding in Al Sdeirah and was appointed the development manager for the Alghadeer project retaining the title to the remaining 51.8 million square metres of land.
In 2009, Alghadeer also undertook a customer initiative offering its investors and end-users reduced selling prices, revised built-up areas and re-scheduled payment plans.
SorouhSorouh closely works with the Abu Dhabi Government and its Plan Abu Dhabi 2030.
These include Shams Abu Dhabi, a new investment zone located on Al Reem Island, and Lulu Island a 3.3 million square metre development located only 500 metres off the coast of Abu Dhabi city.
N
Track
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fact file
project on schedule
n Project Name: Alghadeer
n Location: Abu Dhabi
n Value: to be confirmed
n Developer: Al Surouh
n Delivery date: The first phase is on schedule and is to be delivered in 2012.
n Total built up area: 2.7 million square metres
By Aya Lowe
© Gulf News 2010. All rights reserved.
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