Dhs1.7bn Rainbow Towers project 90% sold

With 70% of the remaining three towers already sold to investors and following the recent acquisition of a 208,278 square feet plot in Emirates City, Ajman as the site for the prestigious project, the developer is all set to commence the tower's construction, which is expected to be complete by mid 2010.

Designed by the award-winning architectural and engineering firm Eng. Adnan Saffarini Office, the project will boast of residential towers conveniently located along the Emirates Road. With easy and comfortable living as the project's inspiration, each of the 31-storey towers will be equipped with high speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool.

Also within the vicinity is the Entertainment Zone, a 15,274 square feet developed recreational facility, which will provide entertaining activities to be enjoyed by tenants. More notably, the project offers a unique and flexible four-year self-financed payment scheme, which will allow investors to pay up to 50% of the value until the project's completion, 25% upon delivery and the remaining 25% after the handover.

"As Ajman steadily gains momentum in terms of real estate development, we are proud to be one of the first developers to recognise its outstanding potential as evident in the success of our initial offering," said Fahad Sattar Dero, CEO, Sweet Homes Group. "In addition to the benefits of a strategic location, the high level of confidence, which we have earned from our customers by providing quality built spaces for their specific requirements has also played a vital role in the tremendous sales performance of Rainbow Towers. We are definitely looking forward to starting the first phase of construction and we are confident that our clients will see significant appreciation in their investment."

With a current project portfolio valued at Dhs 3.5bn, Sweet Homes has also recently announced its plan to invest Dhs2bn in high profile residential, commercial and mixed-use real estate developments across the Middle East in 2008. In addition, Sweet Homes is looking into penetrating other emirates of the UAE by launching new developments in Dubai and Abu Dhabi and in the neighbouring states of Qatar, Oman and Saudi Arabia. The recent launch of the Dhs2.5bn Ajman Uptown project, the first freehold villa and townhouse community in Ajman, marks the first phase of the developer's massive regional expansion.

"The overwhelming appreciation we have received for the work we have done with our maiden venture has heightened our expectations with the launch Ajman Uptown, which is only the initial stage of an aggressive movement to augment our project portfolio we have outlined for the year. Our strategy is to expand our presence in the regional property market by offering a diverse range of projects, coupled with value added services designed to ensure profit for our clients' investments. Through this, we are confident that the Sweet Homes brand will earn a reputation synonymous to quality projects and services across the UAE and the GCC,"

concluded Dero.

Delivering a holistic range services to its clients, Sweet Homes plans to leverage its extensive regional experience in the promotion, marketing and overall management of several high profile projects such as Paradise Lake Towers, International City, Rufi Twin Towers, DEC Towers, Al Naemiyah Towers, Al Khor Towers, Corniche Towers, Falcon Office Tower and Falcon Residential Tower. In addition, the company has also announced its plans to expand its roster of high value offerings to include general contracting, engineering consultancy, general trading, feasibility studies and research, and funds management, which are being developed to deliver excellent after sales services and ensure customer satisfaction.