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Sorouh has acquired its stake in LLJ Property in a share transfer transaction, which will also see the two companies creating a joint venture for sales of properties at Sorouh's many major projects. LLJ Property was established in 2005 as one the first real estate agencies to focus primarily on the Abu Dhabi market. Today, it has more than 50 staff working from its headquarters at Al Jazira Sports & Cultural Club, Abu Dhabi.
Mounir D Haidar, Chief Executive Officer, Sorouh Real Estate PJSC, said:
'As one of Abu Dhabi's leading real estate developers, we are delighted to be able to forge this relationship with the city's leading real estate agency. Our joint venture will give LLJ Property access to our full portfolio of developments, which will help the company consolidate its strong position in this market.'
'Sorouh has many exciting developments which will be coming to the market in the coming months and years, and it is critical we have a world-class sales strategy in place if we are to deliver optimum results. LLJ Property will complement our existing team, adding another important channel to market.'
Linda Loughnane, Managing Director, LLJ Property LLC, said:
'This is an important strategic step for LLJ Property, allowing us to accelerate the rapid growth of our business here in Abu Dhabi.'
'We had the foresight three years ago to understand the enormous potential of Abu Dhabi's real estate market and had the confidence to invest heavily to establish one of the first real estate agencies that focuses on property sales in Abu Dhabi. Given the unprecedented growth Abu Dhabi is experiencing and the action Abu Dhabi government is taking to develop the Emirate in many different sectors, including tourism, health care, education and industry, it is easy to understand why we remain so confident in the long-term sustainability of the Abu Dhabi real estate market.
'This alliance with Sorouh Real Estate will enable us to enhance our offer to our clients and corporate investors whilst providing Sorouh with information on market trends and demands.'
Sorouh has projects worth more than Dhs45bn under development, including Shams Abu Dhabi, Alghadeer and Saraya. The company last week unveiled the first master-plans for Lulu Island, which will be developed into an outstanding tourism and residential landmark for Abu Dhabi.
The relationship between the Sorouh and LLJ goes back to 2006, when LLJ Property became the sole sales agent for Sorouh's Tala Tower project.
Mounir D. Haider added:
'With LLJ Property and Sorouh Real Estate we have two companies with a common vision and with a common belief in the development of the Abu Dhabi real estate market. We expect this to be a real win-win for both companies.'
Sorouh Real Estate PJSC acquires strategic shareholding in LLJ Property LLC
Sorouh Real Estate PJSC, one of Abu Dhabi's leading real estate developers, today announced the acquisition of a strategic shareholding in LLJ Property LLC, the major Abu Dhabi-based real estate agency.
- United Arab Emirates: Sunday, May 18 - 2008 at 14:28
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Sorouh Real Estate PJSCAbu Dhabi-based Sorouh Real Estate PJSC is one of the UAE's leading real estate companies, with projects worth more than Dhs45bn under development.
Set up in June 2005 with a capital of Dhs2.5bn, we are now one of the largest real estate developers on the Abu Dhabi Securities Market. In March 2008, we had a market capitalization of around Dhs20.7bn and approximately 40,000 shareholders.
The company has more than 200 employees, working in master-planning and master-development and other related fields, and is working on some of the most important developments in Abu Dhabi.
The company will be responsible for developing the master-plan for Lulu Island, the 5.9 square kilometre area of land which will become the city's landmark development. The master-plan for Lulu Island, which was exhibited publicly for the first time at Cityscape Abu Dhabi 2008, includes residential, resort and retail areas, as well as canals, marinas and a public beach.
We are bringing together the world's leading architects, designers and developers to create truly outstanding master-planned communities, and our projects include:
SHAMS Abu Dhabi, our flagship project, is the Dhs25bn landmark development on Al Reem Island. Home to 45,000 residents, SHAMS Abu Dhabi will be a completely new self-sustaining city based around canals and parks, which integrates world-class master planning practices and extends the lush green of Abu Dhabi's landscape.
The Gate District is a cluster of eight towers at the entrance to SHAMS Abu Dhabi, offering architecturally-renowned designs for residential, office and retail space in an Dhs11bn development.
The Gate District includes the 74-storey Sky Tower, which will be a pinnacle of luxury for its residential and commercial occupants, and the 65-storey Sun Tower, which will be home to elegant residential spaces with captivating views of the Gulf and the Abu Dhabi skyline.
Alghadeer is a major new development located in Saih As Sidairah, between Abu Dhabi and Dubai. Expected to be home to more than 18,000 people, the three million square metre site is a complete community offering easy access to the UAE's commercial centres, airports and ports.
Saraya is a waterfront development along Abu Dhabi's Corniche, consisting of 28 residential and commercial towers as well as a hospital. Spread over a vast waterside site covering 136,000 square meters, the Saraya development will enhance the visual appeal of the Corniche and impressive perception of the city.
Our other major projects include Golf Gardens, a development of 391 luxurious villas and townhouses adjacent to the Abu Dhabi Golf Club.
Our recent partnerships with world-class organizations include the signing of an agreement with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment opportunities within Sorouh's real estate portfolio.
We currently hold awards for 'Best New Business' (Middle East Business Achievements Awards 2007), the 'Cityscape Abu Dhabi Best Commercial Project 2007' for the Gate District and the 'CNBC Arabian Property Award for Best Development 2007' for Central Park at SHAMS Abu Dhabi. In 2008, we were named the 'Best Customer Service Company - Real Estate category' by the Middle East Excellence Awards Institute.
Shaza Albein
Assistant Marketing Manager
Sorouh Real Estate P.J.S.C.
Tel: +971 2 6978956
OR
Darren Milner
Account Director
Four Communications Group Abu Dhabi
Tel: +971 55 985 3378
LLJ Property LLC
LLJ Property LLC was formed to meet the needs of the emerging Abu Dhabi real estate market. Established in 2005 by founding partners Linda Loughnane, Lubna A. Al-Ruzeiqi and Jane Woods in association with the Al Masaood Group, the company offers a comprehensive schedule of property services including: local and international property sales, leasing, property management, consultancy and property marketing. LLJ Property has recently moved to a 2,000sqm state of the art headquarters located at the landmark Al Jazira Sports and Cultural Club offering a spectacular sales showroom, property centre and LLJ Property Business Centre.
The founding partners are Abu Dhabi based real estate experts bringing to LLJ Property over 30 years of combined real estate experience in the United Arab Emirates. They have an extensive and unmatched knowledge of the Abu Dhabi real estate sector.
The company's established track record as highly regarded industry professionals has led to LLJ Property becoming one of the estate agents of choice in Abu Dhabi.
Website: www.lljproperty.com.
For enquiries contact:
Karen Lay - Marketing Manager
LLJ Property LLC
P.O. Box 107729
Abu Dhabi
United Arab Emirates
Tel: +971 2 495 0500
Fax: +971 2 445 6751
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, May 18 - 2008 at 14:28 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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