Sorouh to revise payments for Gate Towers investors

Abu Dhabi developer says it will also meet investors to discuss possible price reviews.
Sorouh to revise payments for Gate Towers investors
INVESTOR BOOST: Sorouh has said it will revise payment plans for investors in its Gate Towers project.
By Alex Delmar-Morgan
Wed 01 Jul 2009 01:10 PM

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.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.