Burooj Properties committed to transparency in its projects
Property developers need to adopt the highest level of transparency and accountability when planning their future projects, and take into consideration the wide gap between demand and supply of residential and commercial units in the UAE capital, as well as the changing market conditions resulting from global economic developments.
So say leading Abu Dhabi real estate professionals, who also underlined the importance of developing detailed and accurate database on the nature, size and location of real estate projects, as well as the number of units included and the delivery time, in order to provide a real image of the sector and allow for the periodic measurement of sector growth, stability or decline.
As part of its commitment to adopting these critical elements in Abu Dhabi's successful real estate market, Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB) and the developer of multiple realty projects in the UAE and Middle East, has announced that construction on its 'Burooj Views' project, located on Al Reem Island in Abu Dhabi, is 85 percent complete and the project is set to be delivered to clients in Q1 2010. Construction on the project began in late 2006.
Burooj Views extends over an area of nearly 350,000 square meters, and comprises a 45-storey tower, including two luxury penthouses and three parking levels. Upon completion, the project will offer a total of 350 residential units: 212 one-bedroom flats, 136 two-bedroom flats and two double storey luxury penthouses.
Says Mr Adel Ahmed Al Zarouni, Managing Director of Burooj Properties, "We are sparing no effort to ensure that we complete our projects, including 'Burooj Views', according to schedule in order to be able to launch a host of new projects, where we will maintain the same transparency strategy we adopted with our clients in previous projects. This strategy has been the key to our successful completion of these projects on time".
Speaking of the residential property market in Abu Dhabi, Al Zarouni said the balance between supply and demand has not yet been restored, as the estimated population of the UAE capital at the end of 2007 was 930,000, while the number of residential units on offer was only 180,000, according to the Abu Dhabi Urban Planning Council (UPC).
"As new residential units enter the market, we expect Abu Dubai's residential property market to stabilize, particularly when units of new mega projects, such as Al Reem Island and Al Raha Beach, become available after 2011," he says.
'Burooj Views' boasts high quality state-of-the-art design, spectacular views, magnificent landscaping and spacious green areas throughout the development. Amenities include round-the-clock security guards and CCTV monitoring of public areas. The tower also boasts high speed elevators, underground parking, illuminated open pathways, a swimming pool, a gym and a health club.
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© Press Release 2009
