SOROUH SNAPSHOT
ABU DHABI CITY Golf Gardens (completed)
Golf-focused residential real estate 395 villas and townhouses Overlooking Abu Dhabi golf course Built-up area: 140,000 square metres
Khalidiya Village (completed)
Residential community in the heart of the city 150-villa gated community Built-up area: 44, 000 square metres
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Shams Abu Dhabi (completion 2012)
Located on Al Reem Island Self-contained mixed- use urban community for 45,000 residents, Centred around two main projects – Central Park and The Gate Built up area: 5.79 square kilometres
The Gate District (completion 2012)
Eight towers at the entrance to Shams Abu Dhabi Residential, office and retail space including the Sun and SkyTowers Approximate area: 1,100,000 square metres
Sky Tower (handover mid-2010)
74-storey residential and Grade A office space Built-up area: 207,632 square metres
Sun Tower (handover mid-2010)
65-storey luxury residential tower Built-up area: 119,492 square metres
Saraya (infrastructure completed)
Mixed-use, high-rise development on the Abu Dhabi Corniche, includes residences, offices and a hotel
Built-up area: 738,181 square metres
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Lulu Island (timeline to be announced at Cityscape)
Master plan project Includes residential, resort and retail areas, canal system, marinas and public beach Built-up area: over four million square metres (completion: 2011) 1,537 apartment- style multiple tower development, part of Sorouh’s rental portfolio Built-up area: 333,000 square metres
Danet Abu Dhabi (completion date 2010)
Quality, master-planned 23-floor mixed use development consisting of 252 apartments in the centre of Abu Dhabi Island. Built-up area: 55,390 square metres
Watani and Shamka (phase one to commence 2010)
Two master planned communities developed for UAE nationals Watani is located adjacent to Golf Gardens and the Abu Dhabi Golf Course A second similar project is to be developed in the Shamkha area Built-up area: Watani - 961,641 square metres, Shamkha - 2,773,000 square metres
OFF-ISLAND
Sas Al Nakhl Village (completed)
Residential community Located adjacent to Abu Dhabi Golf Course 588-villa community Built-up area: 170,926 square metres
Alghadeer (completion 2012)
Positioned between Abu Dhabi and Dubai Residential development featuring 662 apartments, 789 terrace apartments, 518 townhouses and 154 villas Built-up area: 257,468 square metres
EASTERN REGION ( Al Ain)
Al Oyoun Village (completed)
Located in Al Ain Residential community for UAE nationals with villas and townhouses Built-up area: 46,200 square metres
Mall in Al Ain (completion 2011)
Located close to Al Oyoun Village close to Al Nagfa Hill Retail development featuring 80 shops. Built-up area: 48,000 square metres of leasable area
WESTERN REGION
Tilal Al Liwa hotel (completed)
Desert property located on the edge of the ‘Empty Quarter’ 111 guestrooms and suites Built-up area: 11,684 square metres
OPEN DIALOGUE
With the establishment of official bodies to help regulate key areas of the market being given a green light, there are also tentative steps towards information sharing between major industry players. Singh confirms this, saying: “There have been a lot of cross developer engagements, not just between developers but also with the government. In my opinion we could do more. I don’t think we were doing enough simply because we were all preoccupied with some of the priorities. We had different developers looking after their own restructuring and consolidation, and a lot of deliveries on their hands which had national importance. “I think 2010 may see a bit more inter-
action and there have been initiatives and moves towards developers coming together to have some small industry forums to deal with commercial office space for example, and setting standards. Also the Society of Property Researchers which was mooted for Abu Dhabi is a potentially powerful group.” The availability of decent market research
data also gets a thumbs-up from Singh. “There is a whole push to improving informa- tion exchange in the real estate market and this has come on in leaps and bounds. If you see the number of proponents in the market producing research reports now – such as Landmark, Investment Boutique, CBRE, JLLS – the frequency with which these reports are coming out is quite heartening as it is helping to bridge the gap between knowing what’s in the market and what people thought could sell. This has also resulted from a lot of dialogue between developers, contractors, financiers and those who do the research.” Sorouh’s primary focus remains its develop-
ments in the emirate of Abu Dhabi, and with the high profile reveal of the Sun and Sky Towers scheduled for the end of July 2010, international expansion is on the back burner. “We haven’t completely stopped, we are carrying out a lot of detailed development plan- ning for our properties so that we will be ready when there is a little up-tick,” says Singh. “The downturn allowed us to reassess
some of our priorities and overseas is a secondary priority at the moment as we need to ensure that out customers who we have engaged with and sold our properties to are taken care of,” he confirms. With customer retention and product
delivery front of mind, Sorouh is thinking bigger picture in order to eventually move forward in the international arena where investor confidence will ultimately seal the deal; and that power rests in the hands of a satisfied home owner.
apr-may 2010
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