Emirates City Forum

Press Release

Sweet Homes commences groundwork on AED 1.7 billion Rainbow Towers project

Piling Tech awarded AED 12 million shoring and excavation contract

March 12, 2008

Sweet Homes, a leading UAE-based developer and total solutions provider to the real estate sector, has announced the commencement of the preliminary phase of construction for its AED 1.7 billion Rainbow Towers project in Emirates City, marking the developer’s maiden offering as a full-service real estate company. This follows the recent awarding of an AED 12 million shoring and excavation contract to Piling Tech LLC for the initial groundwork for Towers B10, B14 & B15 - three towers out of the nine towers in the Rainbow Towers development. 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.

The groundbreaking was held in the presence of Fahad Sattar Dero, CEO and Eng. Salah Abdul Ghafar, Project Manager, from the Sweet Homes Group; Eng. Hazem Zughrub, Site Engineer, Eng. Adnan Saffarini Office; and Eng. Hussain Ridhwan, Project Manager, Piling Tech LLC. 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. In addition to the shoring and excavation contract, the developer has also awarded the design and supervision consultancy of the project to Eng. 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.

Speaking at the groundbreaking ceremony, Fahad Sattar Dero, CEO, Sweet Homes Group, said, “We are continuously being driven by our intense focus on providing our customers with strategically located and high quality properties, which provides an alternative to the overwhelmingly high prices of other developments in the UAE. As part of our dedication to provide only the best for our clients, we have identified some strategic partners, whose specialisation in important aspects of our construction work is set to further enhance the value of our projects. Our decision to award the shoring and excavation contract to Piling Tech LLC has been based on their impressive background, outstanding track records and on competitive bidding on lowest cost basis, which includes other prestigious developments in the UAE.”

Strategically located along the Emirates Road, Rainbow Towers in Emirates City will comprise of 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. In addition to the development’s highly accessible location and top notch facilities, it has also caught the attention of investors through its unique and highly flexible 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.

Specialising in civil engineering activities such as foundation engineering, designing and developing the latest technique in boring and driven piling systems, Piling Tech LLC has built a solid reputation in the regional construction industry through its high profile projects for royal families and government departments. The company has worked with government and private enterprises such as the Federal Electricity and Water Authority, Bayel Tic, Sharjah Electricity Water Authority and Chapal World.

“This 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. We are proud to be a part of Sweet Home’s initial venture to the real estate sector in the UAE, and we are grateful to have been afforded a chance to work with one of the industry’s fast-rising developers, promoters and total solution provider. Rest assured that we will deliver the expected level of excellence and efficiency in the ground works of the Rainbow Towers project,” said Abdul Khaliq, CEO, Piling Tech LLC.

With a current project portfolio valued at AED 3.5 billion, Sweet Homes has also recently announced its plan to invest AED 2 billion in high profile residential, commercial and mixed-use real estate developments across the Middle East in 2008. In addition, 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. The recent launch of the AED 2.5 billion Ajman Uptown project, the first freehold villa and townhouse community in Ajman, marks the first phase of the developer’s massive regional expansion.