Sorouh Real EstateSorouh Real Estate P.J.S.C. the leading Abu Dhabi-based Real Estate Developer, announced today the introduction of a new Customer Plan for alghadeer, the mixed use community situated in a strategic location between Abu Dhabi and Dubai. The initiative aims to ensure customers long-term value creation and growth. The initiative will include:

- Reduced selling price.

- Revised built-up areas to maximize equity value.

- Re-scheduled payment plans with financial support through our lending partners.

Over the coming weeks, SorouhSorouh's Sales & Customer Support Teams will be contacting all customers to discuss the initiatives in greater detail. The new Customer Plan is a result of extensive analysis of current and future market conditions.

Mounir D Haidar, Chief Executive Officer of Sorouh Real EstateSorouh Real Estate P.J.S.C., said:

"alghadeer is one of SorouhSorouh's most important master-developments and we have spent a great deal of time ensuring we respond to the current market environment in the best way possible for our investors and customers.

"Passing on cost savings to our customers and enhanced planning of the mix of units in the first phase, allows us to create an attractive offer for our customers.

SorouhSorouh will offer the price reductions to support customers in light of current market conditions.

The company has also announced a re-phasing and consolidation of the development. Each phase will contain all the requirements for a neighbourhood community, including entertainment, retail, education and medical facilities. SorouhSorouh also confirmed that all purchased properties will be completed on time.

Construction is proceeding on site, following the recent completion of the ninth mock-up villa. Enabling work is well advanced and the site office facilities have been completed.

Abubaker Seddiq Al Khouri, Managing Director of Sorouh Real EstateSorouh Real Estate P.J.S.C., added:

"The fundamentals of Abu Dhabi's market remain strong. The large gap between residential supply and demand, the long-term growth forecasts for GDP and population, and the exciting opportunities offered by Plan 2030 all ensure long term success.
"But in the short term, we also understand that the market conditions offer us opportunities to review our existing plans to ensure long-term value for our customers. We are partners with our customers and we are sharing the benefits of these opportunities with them.

Alghadeer customers can contact the Sorouh Customer Service Team on 800-SOROUH for further information.

- Ends -

About SorouhSorouh Real Estate
Abu Dhabi-based Sorouh Real EstateSorouh 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, SorouhSorouh is now one of the largest real estate developers on the Abu Dhabi Securities Exchange.

Working in master-planning, master-development and property related fields, SorouhSorouh has some of the region's most important developments underway, including Abu Dhabi's Lulu Island, SHAMS Abu Dhabi on Reem Island including The Gate District, and alghadeer SorouhSorouh on the border of Abu Dhabi and Dubai, all developed in close cooperation with the Abu Dhabi Government and its Plan Abu Dhabi 2030.

For more information, please contact:
Houry Mayissian
Four Communications Group Abu Dhabi
Tel: +971 55 9024 706
Email: sorouh@fourcommunications.com

© Press Release 2009

 

Community Comments (2) - Comment on this article

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Re: Alghadeer by MIK - 20-Apr-09
I agree, project should be cancelled and investors should get the refund after deducting actual cost incurred by the Developer. [Report Abuse | Email to a Friend | Reply to this Comment]

 

 

Alghadeer by IHS ., ., . - 20-Apr-09
I am one of the unfortunate ones to have bought a townhouse in Alghadeer. The original price is in the range of AED 1450 per sq foot. This was around September 2008. After the market crash, I can now purchase a completed house, in a fully developed community, at around AED 800 per square foot. Even if Alghadeer reduces the price to AED 1000 per sq foot, an investor would have to wait for atleast three years for the property to be developed. Considering the severity of the global recession it appears that even three years down the line the property will still be "underwater".

Alghadeer as a project has completely lost vialbility. It was targeting both Dubai residents and those working in Abu Dhabi but livng in Dubai. With so much developed property now available along the Dubai / Abu Dhabi border giving ample options to potential homeowners, Sorouh should have cancelled this project altogether. Investors have put down the initial 10%. It is childish of Surouh to assume that investors would continue to pay for something that does not make monetary sense. Investors will opt to write-off this amount (AED 400,000 in my case) rather then sink money in a bottomless pit. To be morally correct, Surouh should have reimbursed the investors money after deducting some incidental charges. They are probably relying on the fact that investors would not continue their payments and they can sit on the investors initial 10% funds for a very long time. With deposit rates at 7% that's not a bad deal at all. [Report Abuse | Email to a Friend | Reply to this Comment]

 

 

 

 

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