Sorouh to customise Gate Towers on investors' demand

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Sorouh Real EstateSorouh Real Estate, an Abu Dhabi-based master developer, is working on an initiative for investors of Gate Towers in Shams Abu Dhabi project in Reem Island, Emirates Business has learnt.

"The Gate Towers project is one of SorouhSorouh's most important master-developments and we have been working on a customised initiative which will be introduced soon to both our own customers and those customers who bought through TameerTameer. This initiative aims to help customers realise the full potential of their investment with us," Simon Cunningham, Chief Sales and Marketing Officer, SorouhSorouh, said in an emailed statement.

SorouhSorouh said it has 100 per cent ownership of the Gate Towers project, while TameerTameer was only selling the project.

An investor in The Gate Tower I and Gate Tower II project, on conditions of anonymity, said: "According to the reservation form that I signed, if I as an investor default my payment then the developer will forfeit five per cent of the total property value. As per to the reservation form, I should get back five per cent but TameerTameer is not willing to give us back this amount."

"With TameerTameer we have been receiving mails regularly, we have also received mails from Surouh but not as frequently," said the investor. "The recent mail that we have received from TameerTameer is that we need to get in touch with Surouh as they are now the developers in-charge of the project.

"We are at a loss now as we do not know who to go to to get our money," said the investor.

Earlier this month, SorouhSorouh said it has dissolved two joint ventures with TameerTameer in Shams Abu Dhabi project in Reem Island whereby SorouhSorouh will have 100 per cent ownership of the Gate Towers project. However, SorouhSorouh confirmed that the project was on track for delivery in 2012.

Shams Abu Dhabi is SorouhSorouh's project on Al Reem Island. It will be home to 45,000 residents, with Shams Abu Dhabi featuring several projects, including Central Park, the Gate District, Sky Tower, Sun Tower and Marina.

Earlier this month, this newspaper reported that SorouhSorouh was offering a "significant" price reduction to investors who own units in the alghadeer project, with at least one being offered on 40 per cent reduction.

The master developer is also working on updating all its projects that are in the early stages of construction to ensure final products meet changing needs of customers, including offering new options in property design, revisiting payment structures and price adjustments where required, Cunningham had said.

Alghadeer project seeks to cover three million square metres area that can house up to 18,000 residents.

In March, former TameerTameer CEO Ghassan Sakhnini said the company was re-evaluating some of its projects.

By Anjana Kumar

© Emirates Business 24/7 2009