Sweet Homes Holdings, a leading UAE-based developer, will deliver the first phase of its residential villa projects within the Dh2.2 billion ($599 million) Ajman Uptown development by August 2011.

The master developer also revealed that it plans to handover a total of 555 units to customers who are paying on time according to the construction-linked payment plan for the project.

Sweet Homes added that majority of the investors who have signed up for the said payment scheme have acquired villas from phase one, which is driving the completion of the project’s initial phase.

Two important sub-contracts for the 1,504 villas have already been awarded by Sweet Homes General Contracting (SHGC), the in-house contracting arm of Sweet Homes Group and the main contractor for the Ajman Uptown project.

This includes the MEP, air conditioning and fire fighting sub-contract, which was given to Al Ibhar Electrical Contracting and Elegant Electromechanical Contracting; and the civil sub-contract to Liwa Building Contracting.

The main contractor also reported that the sub-structure of all villas has been completed and superstructure works are progressing rapidly across all two, three and four-bedroom townhouses and exclusively designed five-bedroom VIP villas within the project.

“The imminent delivery of the first phase of the villas within Ajman Uptown is the realisation of a vision, and we are very proud of this massive achievement amidst the crisis that plagued the entire industry this past year,” said Fahad Sattar Dero, CEO, Sweet Homes Holdings.

“We are one of the few developers who remained faithful to our commitment to our customers, and the trust we have established with our customers is the basis of the success we have been reaping so far,” he added.

To ensure transparency and as a testament to the developer’s commitment to the project’s completion, Dubai Islamic Bank, the appointed custodian institution where the escrow account for the community project was opened, is conducting regular monthly site inspections through their technical team and is giving satisfactory remarks on the project’s progress, a company statement said.

“Many of our investors from phases two and three are also expressing their interest in shifting to available villas in the first phase that are similar to units they have initially invested in,” Dero said.

“Driven by our foresight and knowledge of our customers’ needs, these initiatives are all part of our commitment towards taking necessary steps to buffer their investments from the ill effects of the global economic crisis,” he concluded. – TradeArabia News Service