Alghadeer by Sorouh

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ghadeeruk

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Still A Safe Investment

Gov't backing to help Aldar, Sorouh weather storm
by Rebecca Bundhun Sunday, 30 November 2008


Abu Dhabi real estate developers Aldar Properties and Sorouh Real Estate could fare better than expected amid the global financial crisis as they continue to benefit from invaluable government backing, Citigroup said on Sunday.

Current account surpluses and sovereign wealth amassed in recent years means that Abu Dhabi is able to finance - and ultimately purchase - all of their projects now in progress, the bank highlighted in a report.

"Aldar and Sorouh are enjoying government backing: near zero cost land grants, development approvals and explicit/implicit financial backing," said Citigroup’s Hasnain Malik.

Investors may have become increasingly wary as they expect foreign demand and financing to weaken in the current global economic environment, but Manlik noted that while this would inevitably impact potential price growth, these sources of capital were not "essential to the viability of existing projects".

On top of this, he said there remained enough "unsatisfied pent-up demand" to ensure that demand for residential property in Abu Dhabi continued to outstrip supply over the next few years.
 
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Pippa71

New Member
Here is some recent research published on the Abu Dhabi property market and the outlook for Sorouh.

"Abu Dhabi's continued immigration growth and changing demographic means that, with building criteria kept in line with the emirate's Plan 2030, demand will continue to outstrip supply for the next five years, albeit with a more manageable ceiling on rental growth rates.
Controlled real estate roll out and infrastructure work will ensure that Abu Dhabi property demand exceeds supply

Between 2005 and 2008 Abu Dhabi's population grew by between 6% and 7% annually.

According to the government's estimates up to 2030, this should continue, averaging out at approximately 5.4% per annum.

Colliers International figures place current residential vacancy rates at an extremely low 1%. This has resulted in rental growth rates of up to 65% between the fourth quarter of 2007 and the same period in 2008.

Prices for 2008, however, have increased by an average of 89%, meaning that rental yields have fallen slightly as percentage returns on investments.
A report by Citigroup on the region's real estate markets predicts that demand will continue to exceed supply into 2013. Citing that demand is fundamental and excludes speculative investment and a current undersupply, according to Abu Dhabi Chamber of Commerce and Industry figures, of 50,000 units, the report predicts that even if household sizes remain constant - which appears unlikely given the demographics of immigrants to the city - existing demand will only be met by the fourth quarter of 2012.

If the population grows at the expected rate and household sizes decrease from five to an average of four persons per unit, Citi predicts a shortfall of approximately 84,000 units by the end of 2012." I'm still interested in selling my Alghadeer villa given a change in my circumstances and will consider all offers. email me at pippa71 at live dot com
 
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Arno Salzl

New Member
Here is some recent research published on the Abu Dhabi property market and the outlook for Sorouh.

"Abu Dhabi's continued immigration growth and changing demographic means that, with building criteria kept in line with the emirate's Plan 2030, demand will continue to outstrip supply for the next five years, albeit with a more manageable ceiling on rental growth rates.
Controlled real estate roll out and infrastructure work will ensure that Abu Dhabi property demand exceeds supply

Between 2005 and 2008 Abu Dhabi's population grew by between 6% and 7% annually.

According to the government's estimates up to 2030, this should continue, averaging out at approximately 5.4% per annum.

Colliers International figures place current residential vacancy rates at an extremely low 1%. This has resulted in rental growth rates of up to 65% between the fourth quarter of 2007 and the same period in 2008.

Prices for 2008, however, have increased by an average of 89%, meaning that rental yields have fallen slightly as percentage returns on investments.
A report by Citigroup on the region's real estate markets predicts that demand will continue to exceed supply into 2013. Citing that demand is fundamental and excludes speculative investment and a current undersupply, according to Abu Dhabi Chamber of Commerce and Industry figures, of 50,000 units, the report predicts that even if household sizes remain constant - which appears unlikely given the demographics of immigrants to the city - existing demand will only be met by the fourth quarter of 2012.

If the population grows at the expected rate and household sizes decrease from five to an average of four persons per unit, Citi predicts a shortfall of approximately 84,000 units by the end of 2012." I'm still interested in selling my Alghadeer villa given a change in my circumstances and will consider all offers. email me at pippa71 at live dot com
Due to its location, Al Ghadeer is rather part of the Dubai market.

Sorouh's original idea was to offer more space and better quality of life, compared to Dubai, for the same price. "Affordable luxury" was the concept. Colported prices were far under 1000 AED/sqft.

Unfortunately, the project has been "overkilled" by bulk buyers who paid 1400 less discount at "VVVVIP sales" in June.

Considering that Jumeirah Park and Al Furjan are now selling well under 1000 AED/sqft, how do you justify 1400 AED in Ghadeer? Even Palm Jebel Ali close by is now cheaper.

Sure, Sorouh is going to build Ghadeer. But what about the end users? Do the maths: 2500 sqft x 1400 = 3,5 million AED. For a 8% yield, you need 280,000 rental/year.

I bet that the bulk buyers are going very soon to flood the market with heavy discounted prices or give the properties back to Sorouh.

I will be happy to read a different opinion.
 
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SaleemUk

New Member
Alghadeer Holding Up Best - HSBC 4Q Research

Here is some interesting HSBC research from 4Q08. See attached table also.

“…Our proprietary survey points to price softness of 4% in Dubai and 5% in Abu Dhabi. Rental yields expanded last month on the back of lower asset prices and a seemingly tight supply market. Month-on-month implied gross yields increased from 4.7% to 6.3%. However, rental demand is likely to remain robust as we sense potential buyers are deferring their plans until there is better visibility in the credit markets…”

“…We continue to believe that Abu Dhabi is likely to offer the best shelter for investors, while providing good appreciation potential. We expect the market in Abu Dhabi to remain tight near term as pent-up demand alone is more than enough to meet supply coming on to the market in the next two years…”

Colliers Research 2Q08 on Supply and Demand - An additional 100,000 units required by 2010 to absorb excess demand, meaning market undersupply expected to continue for next three years. As many as 140,000 additional units are expected between 2011 and 2013, assuming developments are completed to schedule.

Also on rental yields, the latest rental figures for Abu Dhabi show that a 4 bed villa in Khalifa A (i.e. out of town) is AED400k and on the main island are going from AED500k (Electra St, older property) to AED800k and more in Khalidya/other areas. Rental YOY growth average of 22% in 2007-08, expected to slow with imposition of rent cap.

JLL research (Oct 2008) “…Abu Dhabi is recognised as the GCC market where real estate market conditions are expected to improve the most over the next 12-24 months, with a positive net balance (difference between the percentage of respondents who respond positively and percentage of respondents who respond negatively) of over 55%. It is apparent that this market is seeing major growth as revenues from the oil sector are being invested in urban infrastructure and real estate projects within the emirate. The current shortage of supply has seen rentals and values increase dramatically across most sectors of the Abu Dhabi market over the past years and investors expect this trend to continue over the next 12-24 months…”

The Abu Dhabi market is not Dubai and the dynamic if different. it is still early in its development cycle.
 

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SaleemUk

New Member
Alghadeer

Someone else from another forum post asked a few questions regarding defining quality and the status of the Alghadeerr project. I thought it may be useful posted here.

I accept that Quality is always going to be hard to define accurately and in part is an individual judgement. Quality generally can be seen via the vision, location, features, design, construction, finishes, sustainability initiatives (economic, social and economic),developer track record and capability, on-going management and maintenance and so on.

Below is some further information that i have for Alghadeer. I have been in the industry for 25yrs and i genuinely believe that this Sorouh project is of good quality. Set out also is the project status - construction is underway and my advice recived is that Alghadeer is being progressed as per the program (no change).

Abu Dhabi is not Dubai in terms of the market and cycle and Sorouh is wel funded and has very close Government connections. I'd suggest it is one of the better placed companies right now irrespective of ADX general pricing.

Alghadeer at a glance:-

Cultivate Distinctiveness and Quality
Al Ghadeer should stand out within Abu Dhabi and neighboring Dubai while also making it a remarkable, exciting and diverse destination in the market. Establish Al Ghadeer as a focus of local, national and international interest with a memorable impression through quality and proven urban design techniques, principles and finishes.

Create entryways to the development that achieve a sense of arrival. Enhance core areas of more intensive and higher image development to function as key centers in areas of development.

Varied but Unified
The development will be a visually rich, attractive, legible and diverse environment. Development will be coherent in the organization of its site planning and layout, in its relationship with the wider context, in the composition of its component parts and in the use of its materials and details.

Variety in the use of complementary colors, textures, forms, styles, structures and or materials is encouraged. The use of contrast is desirable where it would be appropriate for providing focus and interest to an area.

Be Environmentally Responsible
Development in Al Ghadeer will be environmentally conscious in its planning, form and details, in the execution of its development and in the way it contributes to the achievement of a broader sustainability. Leed accreditation will be sought.

Use of high quality building materials will establish long-term value at Al Ghadeer and act as a precedent for future development in the region. Durable and environmentally responsible building materials and methods may reduce resource and energy consumption, support the regional economy and inspire future sustainable development in the UAE.

Create Mixed Uses
The purpose of mixing land uses is to help broaden and extend the activity of the District Center, to achieve an attractive, safe and more vibrant development. The development will include amenities and attractions that capitalize on the synergy of diverse uses and activities.

Balanced Parking
Each project will provide adequate parking to meet the needs of development while supporting and promoting walking, cycling and the use of public transit. In all cases parking will be integrated in such a way that it does not adversely affect the urban form and character of the area.

Create Continuous Building Frontages where relevant
Development will be placed around the periphery of a site with minimal setbacks, creating an urban streetscape. A crucial aspect of a successful building is its ability to make a strong contribution to the public realm—to face and animate the street with pedestrian activities and ensure that the adjacent space is positively used.

360 Degree Design - Buildings shall relate to all orientation with high quality materials and details. All sides of a building shall have a design approach that makes them worthy to be a primary facade.

Demonstrate a High Level of Architectural Quality
High quality detailing and materials will reinforce the urban character of Al Ghadeer, and create varied, visually interesting and active street frontages. Development must present an attractive and coherent architectural profile. This image should provide identity for each component while also providing a cohesive and understandable overall image.

Create a Lively Density
Density is necessary to create an attractive place that broadens the activity of the development through mixed uses. Density will vary in response to land use, proximity to the District Center and proximity to public transportation.

Changes in density create distinct neighborhoods and edges that define neighborhoods and set them apart in the greater whole.

Create Urban Streets, Routes and Public Realm
The aim of this principle is the design of an urban framework and public realm that is safe, attractive and easy to use. It is achieved with a variety of streets and spaces of different quality, including:
• Site specific issues such as solar orientation, and shading.
• Connecting routes and streets—a comprehensive network serving all significant lines, easy direct access to public transport, links to green spaces and a choice of routes.
• Convenient routes and streets—direct as possible and avoiding unnecessary barriers while providing visual magnets.
• Comfortable Routes and Streets—providing pedestrian comfort, amenity and visual interest.
• The District Center will be an integral part of this pedestrian network of streets, with shaded walkways of a comfortable pedestrian scale, animated with 24 hour spaces of retail and restaurant uses to encourage activities during day and night.

Create a Varied Open Space Network
A network of open spaces, varying in character and scale, will be a special amenity for the residents and visitors of Al Ghadeer. From the smaller scale pocket parks (Fig. 7) and the site’s focal lake park , to the environmental terraces on the roofs of buildings, the development will provide a range of open space alternatives for its users.

Make Open Space Amenities Available to All
The natural environment is complimentary to the development, seeking opportunities to integrate, protect and enhance green space and vegetation. Landscape and open space will be an integral part of the Al Ghadeer overall development, providing recreational space for residents, preserving and enhancing links with areas of open space.

Of its time and place
The goal of the urban design concept is to create a character rich environment that consists of many distinct places that fit within the overall context of the entire district. To that end the urban design process strives to create a place that is ahead of its time, yet mindful of its past.


Management and Maintenance
A maintenance plan, including ongoing tasks and replacement schedules shall be prepared by the overall development manager for all landscape and paving areas that are part of the streetscape behind the curb. This plan shall include all facilities management items, but in particular:
• Litter pickup.
• Cleaning of surfaces.
• Mowing of turf.
• Weeding planting beds.
• Sweeping.
• Replacement of dead or dying plant material.
• Irrigation repair and adjustments.
• Repair and/or replacement of damaged or severely weathered paving, benches, and other streetscape elements, signage and light fixtures



1 Water Supply 7,300 m³
2 Electrical , Substations 220 MVA
3 Gas Tanks & Equipment Procurement
4 Sewage Treatment Plant 6000 m³
5 Telecommunications Network Procurement
6 District Cooling Plant 25,000 tons
7 Dual (3) lane Frontage Road 95,000 sq m
8 (1) Fly Over Detailed Design complete
9 (1) Major Interchange Detailed Design complete

General Site Works
Rough Grading: Cut & Fill Earth Work 3,000,000 sq m
Roads & Right of Ways 815,000 sq m
Electrical Distribution 68,000 m-HV
35,000 m-
Gas Network 92,000 m
Potable Water Network: 150 to 500 dia.
(2) 60,000 cm Tanks 62,450 m
Sewerage Network: 850 Manholes 46,000 m
Storm Water Drainage: 300 to 1,500 mm dia. 55,500 m
Telecommunications Network 32,200 m
Fire Hydrant 380 m
Irrigation network: 150 – 400 dia. 21,060 m
Street Lighting 50,000 m Trench
District Cooling Network 40,000 m
Landscaping Works Open Space, Parks 439,077 sq m
 
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Pippa71

New Member
90% LVR Available on Alghadeer and Sorouh Projects

Here is a release from 25th Dec 2008 confirming that RAK Bank will provide loans of up to 90% on Alghadeer units. I know also that ADCB will do likewise for Alghadeer if you transfer your salary.

Could be indicative of a freeing up in the bank lending for Tier 1 developers and projects like Alghadeer/Sorouh.

RAKBANK strikes deal with Sorouh, Aldar for mortgage finance in Abu Dhabi
Thursday, December 25, 2008
With the RAKBANK announcing new mortgage finance service schemes for several existing and upcoming projects in the city, potential buyers stand a good chance of owning their dream home in Abu Dhabi.

The RAKBANK, together with Aldar Properties and Sourouh Real Estate, have entered into a deal, wherein the bank, being a strategic mortgage partner for the developers, is offering upto 90 percent mortgage finance and 25-year loan tenure for all their residential freehold properties in Abu Dhabi.

The projects include the Al RAha Beach and Yas Island by Aldar, and Shams project on Reem Island by Sorouh, and the iconic architecture underway for the Sun Tower, Gate district, Alghadeer and Sky Tower.

According to Graham Honeybill, the General Manager of RAKBANK, the announcements of several unique landmark projects, multi-billion dirham investments and growing demand for housing, has made the Capital a property hotspot in the Gulf region, and therefore, mortgage finance provider becomes the focus area.

RAKBANK, the National Bank of Ras Al-Khaimah, was one of the first conventional banks to offer mortgage finance in the UAE four years ago, and has thereafter built a reputation in providing fast, flexible mortgage services in the UAE. This new partnership deal is the latest by the bank.

Both Sorouh Real Estate and Aldar are two largest property developers with about Dh.60bn and Dh.45bn worth developments in hand. Aldar owns 51mn square meters of land in Abu Dhabi, while Sorouh is undertaking development of 22million square meters of land in the city.

if anyone is interested in a 4 bed villa available at 0% premium email me at pippa71 at live dot com. I am selling for genuine reasons and a great price.
 
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Pippa71

New Member
Alghadeer construction moving ahead as planned

Here is a further update on Alghadeer. When i spoke to Sorouh last week they said they were prioritising Alghadeer and it will be delivered as per the original program.

ALGHADEER CONSTRUCTION MOVING AHEAD AS PLANNED SHOW VILLAS NEAR COMPLETION
27 January 2009 – Abu Dhabi, UAE:

Sorouh Real Estate PJSC, one of Abu Dhabi’s leading master-planners and developers, confirmed today that construction of its master-planned community at alghadeer remains fully on schedule, following ground-breaking in October 2008, with the first show villas nearing completion.

The company described alghadeer, a community for 18,000 residents lying between Abu Dhabi and Dubai, as a “strategic priority” following the granting of Investment Zone status to the project during 2008.

Mounir Haidar, Chief Executive Officer of Sorouh Real Estate PJSC, said:
“Abu Dhabi’s Investment Zones are strategically important to the development of the Emirate and offer serious and significant opportunities to real estate developers. “We have been progressing full speed ahead at SHAMS Abu Dhabi on Reem Island, also an Investment Zone, and the same is true at alghadeer, which we regard as a strategic priority for the company.

“We broke ground in October and infrastructure works are well underway. Our show villas will shortly be open to the public and enabling work is progressing. Our sales and fund-raising activities during 2008 gave us strong cash reserves to fund development in 2009 and alghadeer is one of the major strategic projects on which Sorouh is focusing on.

” Work started at alghadeer in early October 2008, and when completed in late 2012, it will be home to 18,000 residents. More than 6,000 homes will be constructed within the six villages that make up alghadeer - Baraha, Liwa, Falaj and Khaleej and the central villages of Buhayra and Khubaira.

Residents will enjoy access to facilities including seven mosques, two kindergartens, two primary schools, a private international school, two secondary schools, sports clubs, community centres, retail outlets, numerous restaurants and cafés and cinemas, all surrounded by lush green parks and walkways. alghadeer will also contain a hotel with facilities overlooking alghadeer lake.

Located just 40 minutes from Abu Dhabi, and 30 minutes from the heart of Dubai, alghadeer is positioned close to some of the UAE’s most significant new industrial zones and facilities, including the Khalifa Port and Industrial Zone, Jebel Ali Free Zone, Abu Dhabi International Airport and Dubai World Central.

if anyone is interested in a 4 bed villa available at 0% premium email me at pippa71 at live dot com. I am selling for genuine reasons and a great price. now's the time to pick up a bargain.
 
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SaleemUk

New Member
Alghadeer construction moving ahead as planned show villas near completion

Latest article on Alghadeer progress from 24-7 Business Press

Abu Dhabi, UAE: Tuesday January 27 , 2009 11:59:32 AM (GMT+4)

Sorouh Real Estate PJSC, one of Abu Dhabi’s leading master-planners and developers, confirmed today that construction of its master-planned community at alghadeer remains fully on schedule, following ground-breaking in October 2008, with the first show villas nearing completion.

The company described alghadeer, a community for 18,000 residents lying between Abu Dhabi and Dubai, as a “strategic priority” following the granting of Investment Zone status to the project during 2008.

Mounir Haidar, Chief Executive Officer of Sorouh Real Estate PJSC, said:

“Abu Dhabi’s Investment Zones are strategically important to the development of the Emirate and offer serious and significant opportunities to real estate developers.

“We have been progressing full speed ahead at SHAMS Abu Dhabi on Reem Island, also an Investment Zone, and the same is true at alghadeer, which we regard as a strategic priority for the company.

“We broke ground in October and infra works are well underway. Our show villas will shortly be open to the public and enabling work is progressing.

Our sales and fund-raising activities during 2008 gave is strong cash reserves to fund development in 2009 and alghadeer is one of the major strategic projects on which Sorouh is focusing on.”

Work started at alghadeer in early October 2008, and when completed in late 2012, it will be home to 18,000 residents. More than 6,000 homes will be constructed within the six villages that make up alghadeer - Baraha, Liwa, Falaj and Khaleej and the central villages of Buhayra and Khubaira.

Residents will enjoy access to facilities including seven mosques, two kindergartens, two primary schools, a private international school, two secondary schools, sports clubs, community centres, retail outlets, numerous restaurants and cafés and cinemas, all surrounded by lush green parks and walkways. alghadeer will also contain a hotel with facilities overlooking alghadeer lake.

Located just 40 minutes from Abu Dhabi, and 30 minutes from the heart of Dubai, alghadeer is positioned close to some of the UAE’s most significant new industrial zones and facilities, including the Khalifa Port and Industrial Zone, Jebel Ali Free Zone, Abu Dhabi International Airport and Dubai World Central.
 
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Ammar

New Member
What would it take to exit from the contract with Souroh ? any ideas?
 
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SaleemUk

New Member
Alghadeer price to be reduced

Not sure about the legal issues concerning the question above, but i thought this was very interesting.

Alghadeer by Sorouh is another that is proposing a price reduction. i have it on very good authority from a contact in their sales team that alghadeer will shortly be re-priced back to 950sqft. for those that bought at 1600sqft (average price) and put down 10%, their deposit will translate into 25% and up to 40% in some cases. the payment plan is also to be relaxed and there may be 'no further payments until completion' i was told. other fee waivers are being considered such as loan processing and transfers. the abu dhabi govt is stepping up support to ensure confidence remains in these projects that are part of the 2030 plans and for semi-govt companies like Sorouh. all good news. would be interested in everyone's thoughts.
 
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Basmiray

New Member
Hi Saleem, please if you have any proof of what you wrote provide it , i tried to contact sorouh but it seems they have no idea about this issue. or you could advice whome shall i contact!
Not sure about the legal issues concerning the question above, but i thought this was very interesting.

Alghadeer by Sorouh is another that is proposing a price reduction. i have it on very good authority from a contact in their sales team that alghadeer will shortly be re-priced back to 950sqft. for those that bought at 1600sqft (average price) and put down 10%, their deposit will translate into 25% and up to 40% in some cases. the payment plan is also to be relaxed and there may be 'no further payments until completion' i was told. other fee waivers are being considered such as loan processing and transfers. the abu dhabi govt is stepping up support to ensure confidence remains in these projects that are part of the 2030 plans and for semi-govt companies like Sorouh. all good news. would be interested in everyone's thoughts.
 
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SaleemUk

New Member
Hi Basmiray, i cannot tell you who told me but it was a source from within the sorouh sales team who i know well and trust. i am told that within the next few week there will be annoucements and every customer will be offerred the new terms provided they sign a Sale & Purchase Agreement. The terms include reduced price (950sqft),better payment plan (in some cases nothing further to pay until completion),finance solutions and waiver of transfer and some other fees. if correct this will make Alghadeer very marketable. the only way we will know for sure is when it gets announced, which will be before Abu Dhabi Cityscape (19 April). i am only relaying what i'm hearing; be interested to hear from others if this can be corroberated. regards Saleem
 
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Basmiray

New Member
Thankkkkkkkkkkkkkkkkkkkkkkks alot Saleeeeeeeeeeem

Hi Basmiray, i cannot tell you who told me but it was a source from within the sorouh sales team who i know well and trust. i am told that within the next few week there will be annoucements and every customer will be offerred the new terms provided they sign a Sale & Purchase Agreement. The terms include reduced price (950sqft),better payment plan (in some cases nothing further to pay until completion),finance solutions and waiver of transfer and some other fees. if correct this will make Alghadeer very marketable. the only way we will know for sure is when it gets announced, which will be before Abu Dhabi Cityscape (19 April). i am only relaying what i'm hearing; be interested to hear from others if this can be corroberated. regards Saleem
Mashkoooor Saleem for your reply , I hope this will be done soon, only God Knows how we paid for this property , But we trust in our God , and our Government and SOROUH .
 
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Pippa71

New Member
I heard that there will be an announcement for Al ghadeer but the news has been delayed. they are looking at Phasing the project and price is around 990sqft. everything was due out at Cityscape but now 1-2 wks later i'm told.
 
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Manoj

New Member
Alghadeer by Sorouh - Price Reductions

Sorouh To Reduce Al-Ghadeer Proj Unit Prices "Substantially"
Sunday, Apr 19, 2009

ABU DHABI (Zawya Dow Jones)--Abu Dhabi-based Sorouh Real Estate Co.Sorouh Real Estate Co. is consolidating its Al-Ghadeer residential project and will offer substantial price reductions on units in a bid to transfer savings on construction costs to investors, company executives said Sunday.

The consolidation will include a reduction of units at the development and a substantial reduction in their price, Chief Executive Officer Mounir Haidar said at the Cityscape conference.

"We have disclosed all the details we would like to. We will disclose more details in two weeks," Managing Director Abubaker Seddiq Al Khouri said, adding that the company is "seriously considering" price reductions in one other project.

Al Khouri said that Sorouh Real Estate Company
Sorouh has sold at least 60% of units across four of its major projects. Al-Ghadeer is scheduled for completion in June.

By Nour Malas, Dow Jones Newswires, +9714 364 4960;
 
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Pippa71

New Member
New Plan for Alghadeer

See this annoucement also from Cityscape today-

Sorouh Announces Major New Customer Initiative For Alghadeer

19 April 2009
Price reduction
Construction continues on schedule


Sorouh Real Estate P.J.S.C. the leading Abu Dhabi-based Real Estate Developer, announced today the introduction of a new Customer Plan for alghadeer, the mixed use community situated in a strategic location between Abu Dhabi and Dubai. The initiative aims to ensure customers long-term value creation and growth. The initiative will include:

- Reduced selling price.

- Revised built-up areas to maximize equity value.

- Re-scheduled payment plans with financial support through our lending partners.

Over the coming weeks, SorouhSorouhSorouh Real Estate Company
Sorouh's Sales & Customer Support Teams will be contacting all customers to discuss the initiatives in greater detail. The new Customer Plan is a result of extensive analysis of current and future market conditions.

Mounir D Haidar, Chief Executive Officer of Sorouh Real Estate Company
P.J.S.C., said:

"alghadeer is one of SorouhSorouhSorouh Real Estate Company
Sorouh's most important master-developments and we have spent a great deal of time ensuring we respond to the current market environment in the best way possible for our investors and customers.

"Passing on cost savings to our customers and enhanced planning of the mix of units in the first phase, allows us to create an attractive offer for our customers.

Sorouh will offer the price reductions to support customers in light of current market conditions.

The company has also announced a re-phasing and consolidation of the development. Each phase will contain all the requirements for a neighbourhood community, including entertainment, retail, education and medical facilities.

Sorouh also confirmed that all purchased properties will be completed on time.

Construction is proceeding on site, following the recent completion of the ninth mock-up villa. Enabling work is well advanced and the site office facilities have been completed.

Abubaker Seddiq Al Khouri, Managing Director of Sorouh Real Estate P.J.S.C., added:

"The fundamentals of Abu Dhabi's market remain strong. The large gap between residential supply and demand, the long-term growth forecasts for GDP and population, and the exciting opportunities offered by Plan 2030 all ensure long term success.

"But in the short term, we also understand that the market conditions offer us opportunities to review our existing plans to ensure long-term value for our customers. We are partners with our customers and we are sharing the benefits of these opportunities with them.

Alghadeer customers can contact the Sorouh Customer Service Team on 800-SOROUH for further information.

- Ends -



Real Estate
Abu Dhabi-based Sorouh Real Real Estate Company PJSC is one of the UAE's leading property companies, with more than AED 70 billion worth of projects under development in the UAE and internationally.

Established in June 2005 with a capital of AED 2.5 billion, Sorouh
is now one of the largest real estate developers on the Abu Dhabi Securities Exchange.

Working in master-planning, master-development and property related fields,
Sorouh has some of the region's most important developments underway, including Abu Dhabi's Lulu Island, SHAMS Abu Dhabi on Reem Island including The Gate District, and alghadeer SorouhSorouhSorouh Real Estate Company
Sorouh on the border of Abu Dhabi and Dubai, all developed in close cooperation with the Abu Dhabi Government and its Plan Abu Dhabi 2030.
 
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Donold

New Member
Alghadeer by Sorouh - New Offer

Received a call from Sorouh sales today plus follow up email confirming a meeting to discuss new offer for my Alghadeer unit. The new offer is reduced price of 990sqft (40% discount),no payments now until completion, option of smaller unit, and customer finance available if needed. Completion is still same in early 2012. All of this sounds very promising and makes Alghadeer probably one of the most competitive restructured offers about.
 
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Basmiray

New Member
Al Ghadeer

Received a call from Sorouh sales today plus follow up email confirming a meeting to discuss new offer for my Alghadeer unit. The new offer is reduced price of 990sqft (40% discount),no payments now until completion, option of smaller unit, and customer finance available if needed. Completion is still same in early 2012. All of this sounds very promising and makes Alghadeer probably one of the most competitive restructured offers about.
Hi Donold,


I own a one bed room apartment in Al Ghadeer, after this re scedualing they gave a studio, with no payments until completion, and about 60% discount, Would you advice me to take this offer or the current one ( 1 bedroom with payment during construction? please if any body has an advice send it to me urgent I need to give a dicesion by next week.
 
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GHADEER

New Member
I would take their offer and forget about progress payments !! I wish they will offer me what they offered you! I have 2 studios and do not know what their proposal will be like, it is encouraging to hear it's 60% off though.

Hi Donold,


I own a one bed room apartment in Al Ghadeer, after this re scedualing they gave a studio, with no payments until completion, and about 60% discount, Would you advice me to take this offer or the current one ( 1 bedroom with payment during construction? please if any body has an advice send it to me urgent I need to give a dicesion by next week.
 
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