Sweet Homes, a leading UAE-based developer, has opened escrow accounts with the Dubai Islamic Bank (DIB) for its ‘Ajman Uptown’ and ‘Rainbow Towers’ projects, which are collectively valued at Dh4.7 billion ($1.27 billion).

The move follows the developer’s recently announced registration with the Ajman Real Estate Regulatory Authority (ARRA), which has made it one of the developers to adhere to regulations set by the newly-formed agency.

The agreement was signed by Habib Bitar, senior vice-president, DIB, and Fahad Sattar Dero, CEO, Sweet Homes Holdings, in the presence of Sarwat Husain, general manager, Sweet Homes Holdings and Naveed Khursheed, vice-president, DIB.

Committed to protecting its investors, the developer has identified the importance of registering for an escrow account to reduce investment risks, and to effectively draw in more foreign investments to Ajman.

Driven by its knowledge and foresight in current and future market trends, Sweet Homes started well in advance in preparing all its departments and divisions to comply with the new legislations while putting unhindered construction progress and completing a high percentage of the project unimpeded as a top priority, said an official.

This resulted in its prompt response to ARRA’s call for regulatory compliance, thereby underlining its commitment to protect the investments and nurture the trust of local, regional and global investors in the Ajman real estate market as a secure investment destination.

“Our deep resolve to contribute to the growth of Ajman as a leading real estate destination in the region is focused on generating higher confidence levels among investors by highlighting how purchasing property in Ajman is a smart decision,” said Fahad Sattar Dero.

"Registering with ARRA and partnering with the Dubai Islamic Bank are two important components of our strategy to ensure the security of our clients’ investments," he noted.

"We are proud to be leading the way among the rest of the developers in Ajman in terms of collaboration, support and adherence to legislation and regulations that are designed to increase the confidence of investors and encourage them to further invest in the real estate sector within Ajman," he added.

Inspired by classic French architecture, the Dh3 billion ‘Ajman Uptown’ is a prime residential development that will offer 1504 G+2 villas and townhouses, and seven G+4 buildings spread over 4 million sq ft of land.

In addition to eight different types of two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas, investors can also expect a host of convenient facilities spread across the community project, including a school, a healthcare centre, a fire-fighting station, several mosques, a health and recreation club, a shopping mall, retail shops, boutique offices, a hotel, a food court, and lush and spacious parks.

The Dh1.7 billion Rainbow Towers will also be fully equipped with a state-of-the-art fitness club, Jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool.-TradeArabia News Service