Sorouh to revise payments for Gate Towers investors
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 01 July 2009
Abu Dhabi’s second largest developer Sorouh Real Estate has said it would revise payment schedules at its Gate Towers project to help investors amid the property slowdown.
The property company said it would also meet with investors to discuss possible price reviews of units, in a statement posted on the Abu Dhabi bourse website on Wednesday.
“The customer initiative is a result of the company’s ongoing strategy to respond to the market, support its customers and share construction cost savings on its flagship project located on Reem Island,” Sorouh said in a statement.
The developer said the proposal follows a similar move earlier this year at its mixed used community project, Alghadeer, which will house 18,000 residents when it is completed in 2012.
The Gate Towers, a mixed use scheme, is part of the Gate District, which is located at the entrance to the $25bn Shams Abu Dhabi, the area of Reem Island being developed by Sorouh.
Piling work has completed on three towers on its Gate project and work has been handed over to the main contractor.
READERS' COMMENTS
Posted by LQT, dubai, uae on Wednesday 1 July 2009 at 20:09 UAE time
these investors are only and will only consolidate there monies in paid up unites.most have invested 10million +. and would not consider having more exposure in this current econmic climet.where and rather then having previous investors to carry on the , why does not developers sourough go out to resell this with reduced prices,and see if then can achive any bulk sell. (i dought it very much)even a discount will not attract any buyers, pls sirs get of your nice chairs and offices and meet investors to see what then can afford to pay/considate there purchases, and then open up to trade to sell the remaining of the units and bulk.
Click here to post a comment
MORE FROM ARABIANBUSINESS.COM
TOP IN MIDDLE EAST REAL ESTATE
TOP MIDDLE EAST BUSINESS STORIES
ALSO IN MIDDLE EAST REAL ESTATE
LATEST MIDDLE EAST BUSINESS NEWS
- Construction & Industry: Saudi to phase out water intensive crops - minister
- Healthcare: Glaxo Saudi's sole supplier of H1N1 vaccine for now
- Energy: Raising output not on OPEC agenda now - UAE oil min
- Culture & Society: Some Muslims fear backlash after Fort Hood shooting
- Culture & Society: Dubai Police seize 1.5m drug pills between Jan-Sept 09
SHARE PRICE CHECK
RELATED STORIES
Market Turmoil Focus
3 stories- New committee to rule on real estate sector dud cheques
5 Nov '09 | News - Dubai house prices fall 4% in past six months
5 Nov '09 | News - Leading investment house sees profits falling 15%
5 Nov '09 | News
Sorouh Real Estate
- Sorouh's Q3 net profit slumps 75%
29 Oct '09 | News - Sorouh set to build more affordable housing
7 Oct '09 | News - Sorouh confirms resignation of CEO
16 Sep '09 | News




