The BILLION dollar UAE golf course for REEM ISLAND players...Golf Gardens, Abu Dhabi, by Sorouh
Posted May 22, 2006 3:19:14 PM By Jun [Show Printable Version]
Golf Gardens, Abu Dhabi, by Sorouh: Sorouh Real Estate and the Tourism Investment and Development Company (TIDC) launched a new Dh1 billion Golf Gardens project yesterday, to be built at the Abu Dhabi Golf Club.
"The actual work will start next month and the project is to be completely delivered by the third quarter of 2008," said Mounir Haidar, Sorouh's chief executive officer.
The project, which will cover 347,000 square metres, will have 389 villas and town-houses.
"The average cost of a single unit is in the vicinity of Dh2 million, and is available only to UAE nationals, as it is not located within any of the new freehold ownership designated areas," said Faris Al Yabhouni, vice-chairman and managing director of Sorouh.
Within the framework of the UAE capital's plan to develop its real estate sector with investments exceeding Dh152 billion within the first quarter this year the new project comes second in line for Sorouh, after the Shams Abu Dhabi Gate project launched earlier this year. The estimated cost of the project is Dh10 billion, including the cost of building an 83-story Sky Tower.
"The construction works for Shams Abu Dhabi are already initiating, as we are preparing the access points, and the project will be finished on schedule," Haidar said.
Mubarak Al Muhairi, director-general of Abu Dhabi Tourism Authority, said the authority is encouraging private investors to inject funds as they seem the more fit and appropriate channel to give a strong boost for the tourism development projects in Abu Dhabi.
Ahmad Hussain, chief operating officer of TDIC, said, "Our support and involvement is not limited to providing the land, we provide support in many other aspects, as we need to ensure that these newly born projects meet success."
On the Al Sadeyat development, Hussain said, "This is the second project we announced within a week, and many are in the pipeline."
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