Ajman real estate market ready to rebound, says Sweet Homes

Ajman real estate market ready to rebound, says Sweet Homes

Leading UAE developer express optimism for the emirate’s property sector in the upcoming year

July 05, 2010

The Ajman real estate market is ready to rebound, with the emergence of major developments signalling the recovery of the emirate’s property sector, says Sweet Homes Holdings (SHH), a leading UAE-based developer and real estate services provider and the company behind the AED 2.2 billion ‘Ajman Uptown’ community project. Underlining its optimism towards new prospects in the local industry for the upcoming year, the developer also expressed its high expectations in terms of convenience in obtaining mortgage financing, which will drive more people to move to the emirate.

Ajman’s growing strength in the real estate front is being fuelled by the availability of resources that can support various industries as well as residential communities. This includes access to energy at competitive rates and costs, with secured and guaranteed provision and supply on longer terms; raw materials for certain industries and the possibility for extraction of these materials; basic industries for provision of materials required by the finishing and intermediate processing industries; domestic capital and financing; and financial incentives and facilities for investments by many of the domestic and international banks. Furthermore, the emirate’s convenient location and the development of the infrastructural utilities such as the port, roads and transportation also make it an enviable location for community developments such as ‘Ajman Uptown’.

“Over the years, Ajman has witnessed major upgrades as far as infrastructure development is concerned, emerging not only as an attractive site for industrial and manufacturing activities but also as a thriving location for residential projects,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “Although the emirate, similar to other emirates in the UAE and cities across the region, had been subjected to the harsh realities of the global financial meltdown, it is steadily gaining back its momentum and is on its way to recovery. As the developer of one of the largest residential communities in Ajman, we are looking forward to leveraging the new opportunities as the real estate sector turns around and opens up new prospects for residential and commercial investors alike.”

With building works on ‘Ajman Uptown’ continuing on a 24/7 basis, the developer continues to report significant construction milestones, including the completion of all sub-structures for the 1,504 villas within the massive community development. Two subcontractors for the project were also recently named including Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting, which will oversee the MEP, air conditioning and fire fighting aspects; and Liwa Building Contracting as the civil sub-contractor. In addition, Sweet Homes General Contracting is also currently building an AED 149 million shopping mall within the project, which is scheduled to be completed by the end of 2012. At present, a total of 2,000 labourers are working on the site in different shifts to be able to meet the project’s scheduled delivery date.

“Construction works within ‘Ajman Uptown’ is proceeding according to our specified timeline, with our appointed subcontractors working continuously to ensure that all processes are completed according to the highest quality standards and in time to hit our delivery deadline. At present, we have completed the sub-structure of all villas, and are currently focusing on the on-going superstructure works for all the VIP villas within the community,” concluded Dero.

Ajman real estate market will benefit from availability of mortgage financing, says Sweet Homes Holdings

Ajman real estate market will benefit from availability of mortgage financing, says Sweet Homes Holdings

Government continues to take crucial steps to regulate emirate’s property sector

July 21, 2009

The Ajman real estate market will highly benefit from the availability of mortgage financing, according to Sweet Homes Holdings, a leading UAE-based developer and multi-service provider to the real estate sector. At present, all developments in the emirate are being acquired through self-financing, with the money going directly to the developers and thereby leaving uncertainties in terms of financial security. The developer added that the introduction of mortgage schemes could boost the efforts being taken by the Ajman Government, as it continues to take crucial steps to regulate emirate’s property sector through the Ajman Real Estate Regulatory Authority (ARRA).

According to banking experts, the UAE mortgage market is stabilising as loan-to-value ratios (LTVs) settle in the 70 to 85 per cent range. In line with this, several leading local banks have revealed that they are lending up to 90 per cent of the original price on selected projects in the primary market direct from developers, while financing up to 80 per cent of the market value on selected projects on the resale market. Furthermore, some banks also divulged that their interest rates currently range between 8.3 per cent and 10.6 per cent, depending on the customer's profile and the LTV. As the market becomes more end-user-driven, the introduction of mortgage financing - similar to those offered in Dubai and Abu Dhabi - in Ajman holds much potential to boost real estate sales within the emirate.

“The exemplary efforts of the Ajman Government to attract property investors has resulted in significant developments, which has put Ajman in a strategic position to overcome the challenges of the economic crisis,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “However, we believe that providing mortgage financing for investors who are looking at venturing into Ajman will further encourage investment activities in the market. We are optimistic that combining all these factors will result in greater stability for the Ajman property sector in 2009.”

The master developer of the AED 3 billion ‘Ajman Uptown’ and the AED 1.7 billion ‘Rainbow Towers’ projects has previously revealed the completion of its registration with ARRA, as well as its agreement with Dubai Islamic Bank for the escrow accounts of both projects. The developer also reported exceptional progress in the construction of the two high profile developments, with ‘Rainbow Towers’ and Ajman Uptown Villas on track to hit their delivery deadlines by 2010.

“In the midst of this challenging period, our strategy is to match the efforts of the local government with our commitment to complete and deliver our property offerings on time and ensure that all expectations in terms of quality and convenience are met. We are proud that the construction of our projects is progressing smoothly and that both have recorded excellent sales performance, which gives us an opportunity to focus on our construction activities,” concluded Dero.

Residential properties within ‘Ajman Uptown’ and ‘Rainbow Towers’ to be delivered by 2010

Ajman to add 150,000 housing units within next 3 years

Residential properties within ‘Ajman Uptown’ and ‘Rainbow Towers’ to be delivered by 2010

May 25, 2009

Approximately 150,000 housing units will be completed in Ajman within the next three years, according to estimates by leading industry sources. This includes high profile residential properties such as the luxurious villas within ‘Ajman Uptown’ and state-of-the-art apartments within ‘Rainbow Towers’. As the company behind both projects, Sweet Homes Holdings (SHH), a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it will be one among the few real estate players who will be able to deliver projects from its AED 4.7 billion portfolio by 2010.

In line with the regulations set by the Ajman Real Estate Regulatory Authority (ARRA), Sweet Homes Holdings has recently announced that it has signed an agreement with Dubai Islamic Bank for the escrow accounts of its ‘Ajman Uptown’ and ‘Rainbow Towers’ projects. This follows the developer’s registration with the ARRA, which made it one of the first master developers to adhere to the rules set by the newly-formed agency. Furthermore, SHH has taken on all aspects of development within ‘Ajman Uptown’, with its construction arm - Sweet Homes General Contracting (SHGC) undertaking the AED 2.2 billion main contract, as well as the project’s initial groundworks.

“Although we are undoubtedly affected by the slump, we remain steadfast in our commitment to hit our delivery targets for our projects, and we are taking all necessary measures to cultivate investor trust and confidence,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “As a leading master developer of one of the biggest community development projects in Ajman, we have promptly completed most of the necessary steps to comply with ARRA’s regulations. We take pride in the strong fundamentals and financial backing of our organisation, which drives our operations amidst these challenging times.”

Sweet Homes Holdings further revealed that ‘Rainbow Towers’ is witnessing exceptional progress, and that they are on track to deliver the project by 2010. The most recent developments in the project’s construction is the awarding of the AED 450 million main contract to Sharjah-based Master Civil Construction Company (MCC) for three of the nine 31-storey residential buildings (B10, B14 and B15), which comprise the entire project. The developer also pointed towards its successful partnerships with construction firms, suppliers and subcontractors, including world-class architectural firm Eng. Adnan Saffarini Office as the primary consultant for the projects as vital contributors to the steady progress of the projects.

”As we focus on the construction of our flagship project, we continue to reinforce our efforts and resources to ensure the timely completion of our developments as part of our pledge to our customers. We are positive that investors recognise and appreciate the initiatives we are taking for this purpose, and we guarantee that we will remain on track to deliver their properties as we have promised to them,” concluded Dero.

Sweet Homes retains property prices despite economic crisis

Sweet Homes retains property prices despite economic crisis

Developer reiterates focus on construction to sustain projects’ quality and commits to timely delivery

May 17, 2009

Sweet Homes, a leading UAE-based developer and multi-service provider to the real estate sector, has announced that it is maintaining the prices of its property units despite the current slowdown of the global economy. The developer also reiterated its focus on construction to meet high quality expectations for its Ajman-based projects, and underlined its undivided focus on unhindered progress to hit the delivery targets for the AED 3 billion ‘Ajman Uptown’ and the AED 1.7 billion ‘Rainbow Towers’ projects.

Currently selling at AED 900,000 to AED 4 million for villas and from AED 500 to AED 600 per sq. ft. for apartments in Ajman Uptown, Sweet Homes is taking all necessary measures to ensure that it will be one among the few developers in Ajman to deliver its projects on time to leverage the projected recovery of the market and the UAE economy as a whole. This is based on recent reports, which estimate that the UAE’s gross domestic product will rise by 2.4 per cent this year. The developer also further underlined its commitment to its investors by becoming one of the first private master developers to register with the newly-formed Ajman Real Estate Regulatory Authority (ARRA), which is aimed at boosting consumer confidence as it undertakes the construction of all its launched projects.

“Maintaining the current prices of our property offerings is a strategy we deemed appropriate amidst current market developments, which indicate that recovery from the current crisis is at hand,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings. “We are aware that the market slump has made investors more demanding than ever before, and this drives us to intensify our efforts to ensure that our clients will gain significant returns on their investments, as evident in our recent agreement with Dubai Islamic Bank for the escrow accounts of both our projects.”

Company officials have revealed that construction within the ‘Ajman Uptown’ project is witnessing aggressive development, as a result of the strategic collaboration among companies within the Sweet Homes Holdings. Similarly, the developer also revealed that it is seeing unprecedented progress in ‘Rainbow Towers’, which is on track for completion by 2010. Furthermore, Sweet Homes also identified its successful partnerships with construction firms, suppliers and subcontractors who are vital contributors to the steady progress of the projects.

“The foundation of our unrivalled and continuous operations in Ajman is the strength of our fundamental corporate philosophy and financial backing, which are both in play as we seek future growth for our organisation. We are confident that we have all the necessary elements to help us build our projects to meet the expectations of our investors. Most importantly, we have the right mindset and level of commitment, which are fuelling us to deliver our projects on time and based on the highest quality standards,” concluded Dero.