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.
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