Sweet Homes, a leading UAE-based developer and total solutions provider to the real estate sector, has announced the start of the preliminary phase of its construction of Dh1.7 billion ($463 million) Rainbow Towers project in Emirates City.

Strategically located along the Emirates Road, Rainbow Towers will comprise nine luxurious 31-storey residential buildings fully 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.

This marks the developer’s maiden offering as a full-service real estate company, said a company official.

In addition to the shoring and excavation contract, the developer has also awarded the design and supervision consultancy of the project to Adnan Saffarini Office, a well known and leading engineering consultancy firm of international repute, which is expected to ensure the first-class quality of the themed residential development within the stipulated time frame.

The groundbreaking was held in the presence of Sweet Homes CEO Fahad Sattar Dero and Salah project manager Abdul Ghafar besides Adnan Saffarini Office site engineer Hazem Zughrub and
Piling Tech official Hussain Ridhwan.

'This follows the recent awarding of an Dh12 million shoring and excavation contract to Piling Tech for the initial groundwork for Towers B10, B14 & B15 - three towers out of the nine towers in the Rainbow Towers development,' Sattar Dero said.

The developer also announced earlier that six towers had achieved a sold out status, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project before its projected completion by mid 2010.

'With the soil investigation at the site already completed, the piling contractor has started the excavation, drilling, shoring and foundation works, and has announced a target of three months to finish the entire project,' he noted.

The company has also unveiled a unique four-year self-financed payment scheme, which breaks down the payment schedule to 50 per cent of the value upon the project’s completion, 25 per cent upon delivery and the remaining 25 per cent after the handover.

“The project is another opportunity for us to showcase our extensive experience in ground works, and our top-of-the-line technologies, which have earned us the trust of our high profile clientele throughout the country,” said Abdul Khaliq, Piling Tech CEO.

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.-TradeArabia News Service