Leading UAE developer Sweet Homes has announced that the construction of its Dh1.7 billion ($463 million) Rainbow Towers project is on schedule to deliver the same by 2010.

The announcement follows the recent awarding of the Dh450 million main contract to Sharjah-based Master Civil Construction Company (MCC) for three of the nine 31-storey residential buildings, which comprise the entire project.

MCC has committed to completing the main works within 24 months, in line with the developer’s aims to hit the target completion date for the project.

The awarding of the main contract follows Sweet Homes’ acquisition of the 208,278 sq ft plot for the Rainbow Towers project. In addition to the multimillion dirham agreement, the developer has also awarded a design and supervision consultancy contract to Eng. Adnan Saffarini Office, a leading international engineering consultancy firm.

Furthermore, Piling Tech LLC was also commissioned by the developer to undertake the initial groundwork, including shoring and excavation on the three towers. With a total built-up area of 1,383,413.7 sq ft, the luxury residential project will incorporate a 15,274 sq ft entertainment zone.

“As our inaugural project in the UAE, Rainbow Towers will bear the hallmark of our high benchmarks for quality construction, which we are thoroughly implementing across all our ongoing projects,” said Fahad Sattar Dero, CEO, Sweet Homes group.

“Amidst the current economic situation that is making investors reconsider investing into real estate, our strategy is to provide them with attractive properties at equally attractive prices, which will provide them with high returns in the long run. Our strategic collaboration with established partners within the construction sector also speaks volumes on our commitment to deliver this project within our stipulated timeframe.”

Located along the Emirates Road, each of the buildings within Rainbow 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.

It has also caught the attention of investors through its flexible four-year self-financed payment scheme, with 50 per cent of the value due upon the project’s completion, 25 per cent due upon delivery and the remaining 25 per cent due after the handover.

As a testament to the project’s excellent investment appeal, the developer earlier announced the sell out of six towers, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project in the next few months.

”We have employed a dedicated team of industry professionals, engineers, project managers, site supervisors, quantity surveyors and construction workers to work on Rainbow Towers and to ensure that it will be delivered on time,” concluded Dero.

“We are looking forward to the day that we will be welcoming our customers to their new homes, which will be the realisation of our vision for this project - and that is to provide our valued customers not only with excellent investment opportunities, but more importantly a place where they enjoy the pleasures of luxury living.”
 
Sweet Homes' diversified business activities have played an integral part in the growth of the real estate market in Dubai and Ajman.

With a current project portfolio valued at Dh4.7 billion, 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. – TradeArabia News Service