Sweet Homes said that 90 per cent of its Dh1.7 billion ($463 million) Rainbow Towers, a residential development comprising a total of nine towers has been sold.

Sweet Homes is a leading UAE-based developer and total solutions provider for the real estate sector.

The first six towers achieved 100 per cent sales prior and shortly after the project’s launch in mid 2007, said a company official.

"With 70 per cent of the remaining three towers already sold to investors and following the recent acquisition of a 208,278 square feet plot in Emirates City, Ajman as the site for the prestigious project, we are set to commence the tower’s construction, which will be completed by mid 2010,” said Fahad Sattar Dero, CEO, Sweet Homes Group.

Designed by the award-winning architectural and engineering firm Adnan Saffarini Office, the project will boast of residential towers conveniently located along the Emirates Road.

With easy and comfortable living as the project’s inspiration, each of the 31-storey towers will be equipped with high speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool.

Also within the vicinity is the Entertainment Zone, a 15,274 square feet developed recreational facility, which will provide entertaining activities to be enjoyed by tenants.

More notably, the project offers a unique and flexible four-year self-financed payment scheme, which will allow investors to pay up to 50 per cent of the value until the project’s completion, 25 per cent upon delivery and the remaining 25 per cent after the handover.

“As Ajman steadily gains momentum in terms of real estate development, we are proud to be one of the first developers to recognise its outstanding potential as is evident with the success of our initial offering,” Dero said.

With a current project portfolio valued at Dh3.5 billion, Sweet Homes has also recently announced its plan to invest Dh2 billion in high profile residential, commercial and mixed-use real estate developments across the Middle East in 2008.

In addition, Sweet Homes is looking into penetrating other emirates of the UAE by launching new developments in Dubai and Abu Dhabi and in the neighbouring states of Qatar, Oman and Saudi Arabia.

The recent launch of the Dh2.5 billion Ajman Uptown project, the first freehold villa and townhouse community in Ajman, marks the first phase of the developer’s massive regional expansion, he added.-TradeArabia News Service