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Rent-to-own schemes explained
In Abu Dhabi, Elysian Real Estate is offering a similar scheme in Amaya Towers on Reem Island. Rent-to-own apartments in these two residential towers in Shams Abu Dhabi (scheduled to be delivered by the year end) are also linked to mortgages from Abu Dhabi Finance.
Contractors build on their profile
The biggest job went to Yapi Merkezi in 2005 when it was awarded a contract to build the Dubai Metro as part of a consortium led by Japan’s Mitsubishi. Nurol Construction grabbed a slice of the action in Abu Dhabi, gaining a $60.7 million contract in 2007 to build a number of bridges for Shams Abu Dhabi.
Austrian Embassy signs 10-year lease at Sorouh’s Sky Tower
Sorouh Real Estate Company PJSC ‘the Company’ or ‘Sorouh’), the Abu Dhabi-based real estate developer today announces that the Austrian Embassy in Abu Dhabi has signed a 10-year lease for commercial office space in Sky Tower, part of Sorouh’s Shams Gate District on Al Reem Island.
Sorouh commences handover of Sun and Sky Towers
Sorouh Real Estate Company, the Abu Dhabi-based real estate developer, has started a phased handover to owners of their new homes in Sun and Sky towers, part of Sorouh’s Shams Gate District on Al Reem Island.
Abu Dhabi set to launch region’s longest tunnel
Abu Dhabi is on the verge of launching the Middle East’s longest traffic tunnel which will allow motorists heading into the city from the eastern entrance to emerge from underground at its western edge without having to make any stop. Nearly three years after work began, Alsalam tunnel is nearing completion and could be inaugurated late this year to coincide with the forthcoming summit in the Capital of the heads of state of the six-nation Gulf Cooperation Council (GCC).
Fluor to manage Abu Dhabi Transportation Network construction
Fluor has won the contract from the Abu Dhabi, UAE Department of Transport to programme manage construction of the emirate’s new Integrated Public Transportation Network. The mass transit system is being created in response to Abu Dhabi’s expected growth over the next two decades, and is part of a wider project called Plan Abu Dhabi 2030. This will see public transport integrated with surrounding residential and commercial developments, in a bid to increase the use of public transport over cars.
Sorouh to focus on revenues from rental
Sorouh Real Estate is pinning its hopes on a rise in revenues from rental properties over the next two years after posting a second-quarter profit drop of almost 80 per cent. Sorouh is now counting on the delivery of homes at Sun and Sky Towers, on Al Reem Island, and Al Rayyana to boost rental income to Dh400m from Dh170m by the end of 2012.
