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Mounir D. Haidar, CEO Sorouh

  • United Arab Emirates: Monday, May 22 - 2006 at 19:07

Abu Dhabi's Sorouh Real Estate has just unveiled the first golf course development in the emirate, and looks certain to repeat the success of this formula in neighboring Dubai. But this is just the latest project from this stock market quoted company that is just over a year old, and already building on a massive scale.

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'Last September we launched the Al Shams development which has attracted a lot of attention,' says CEO Mounir D. Haidar, speaking to AME Info after the press conference in Abu Dhabi to announce the Golf Gardens villas.

'Since then we have rolled out The Gate at Al Shams, and out of the eight towers we have almost sold out the first Skytower and will soon be announcing another one. The Water Residence at Al Shams was launched about two months ago and we have already sold out the 24 plots.'

For those who have not seen a model of Al Shams, this is a high-rise district of Abu Dhabi which looks like something straight out of a science fiction movie, taking the UAE capital up several notches in terms of architecture and distinctly 21st century.

'Al Shams will be finished in late 2011 or early 2012,' predicts Mr. Haidar who joined Sorouh shortly after the successful initial public offering in May last year. But will it be possible to mobilize the contractors and building materials in the over-heating UAE construction market?

'You have to position yourself to overcome such difficulties, and that is what we will do. We have appointed consultants and are now working on the selection of a piling contractor on the 83-storey Skytower.'

For the 389 luxuriously finished villas and town houses to be built at the $270 million Golf Gardens development success looks assured. Built next to the existing famous Abu Dhabi Golf Club course, this planned community goes on sale from this week to nationals only with prices from Dhs2 million to Dhs3.5 million, and will be completed by the third quarter of 2008.

The Gardens Club at the centre of the project will offer fine dining, health and fitness facilities, swimming pools, tennis and squash course, in addition to gardens and parks. This is reminiscent of The Lakes and The Greens adjacent to the Emirates Golf Club in Dubai, or The Meadows and The Montgomerie Golf Club.

'We complement Dubai and do not see ourselves as a competitor,' says Mr. Haidar. 'We are developing what Abu Dhabi needs as the capital of the UAE, and are trying to catch up with the development which Dubai has pioneered.

'Most of our buyers so far have been from the UAE and GCC countries but we have had considerable interest from Europe. I would say that the development of Sorouh is on schedule, and may be slightly ahead of expectations.

'The Golf Gardens will be the first opportunity for nationals to own villas in Abu Dhabi under the new property legislation, and we anticipate strong demand.'
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