Sorouh Real Estate has announced that the 83-storey (379 meters) Sky Tower, the highest tower ever to be built in Abu Dhabi and the fifteenth tallest residential and commercial tower according to the current world rankings is now open for investment as part of the Gate project. This eight tower project forms the land entrance to the Al Reem Island Shams Abu Dhabi Project. The Gate project is expected to cost AED 10 billion and will feature the “Sky Tower” as its signature property.

“Sorouh Real Estate is one of the leading property development companies in the UAE and the Region. As a young company, it is an avid participant in the development of the sector. Since its establishment last summer, Sorouh has initiated two of the greatest mega projects ever to be announced in the region, including Shams Abu Dhabi and the Lulu Island development,” said Saeed Eid Al Ghafli in a speech delivered on his behalf by Faris Suhail Al Yabhouni, Vice Chairman and Managing Director of Sorouh Real Estate.

“Shams Abu Dhabi is the cornerstone of Sorouh’s property development activities and the Gate will set the standard for all developments to follow. It will include a core of residential buildings, supported by commercial, institutional, recreational and healthcare facilities as well as the hotel sector. We are sure that this development will embody the company’s slogan of building communities in perfect balance, where all the requirements of modern urban life complement the natural and environmental surroundings,” he added.

In the speech, al Ghafli also noted that the true and thoughtful guidance of H.H. Sheikh Khalifa bin Zayed al Nahyan, President of the UAE, and H.H. General Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. In accordance with this direction, Sorouh has adopted a policy of transparency and encouragement of foreign investments. In following this policy Sorouh has set new standards in dealing with all of its partners, investors and clients in the design and construction of its projects.

“The Gate also is open to investment from expatriates and offshore investors. We are encouraging all nationalities to come, invest, work and live at this development, which will further enhance investment opportunities and speed the economic growth of the country,” he said.

Al Ghafli also said that Sorouh has added as much flexibility into its offerings as possible, in recognition of the diverse nature of the population of Abu Dhabi. Property finance is an example of this flexibility. Sorouh has agreements with a number of local mortgage companies through which individuals can purchase leasehold units in the project with 90 per cent financing over a 25 year loan period. This will open up the Gate to many prospective purchasers.

“I would like to extend my sincere appreciation to H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and H.H. General Sheikh Mohammad bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for their constant support in bringing the country to the forefront of the world’s most developed nations. Thanks also for their continuous encouragement for the development of the property sector in the country, which will provide Sorouh with the necessary environment to be one of the most active development companies in the UAE. This will achieve prosperity and encourage economic development in a healthy and secure investment environment,” Al Ghafli concluded.

Munir Haidar, CEO, Sorouh Real Estate said that Sorouh is extremely proud of the Gate project, which is the first project Sorouh Real Estate will develop itself as part of Shams Abu Dhabi Project. He emphasized that the design and construction elements of “Sky Tower” will set the standard for Sorouh’s future projects.

“The Gate is an apt description, as this complex of eight high rise towers will be a visual entry point or ‘Gateway’ to Shams Abu Dhabi as one approaches the development,” Haidar said.

“Sorouh will develop this project in cooperation with the best international development companies. Rising amongst the towers, and the first to be built, is the Sky Tower, which will reach 83 stories (379meters) — the tallest residential and commercial building in Abu Dhabi and the 15th world wide. Its distinctive elliptical shape has been designed to reduce wind resistance and soften its dominance over the development. Construction will begin on Sky Tower early this month, and comprise the first phase of this eight tower development. The entire Gateway project is expected to be completed by 2009,” he added.

Sky Tower will be almost equally divided into residential apartments on the top floors and Grade ´A´ commercial space on the lower floors. In terms of the residential portion of the tower, one and two bedroom apartments will gradually give way to three and four bedroom layouts on the succeeding floors….with luxury duplex apartments located on the topmost floors. Entrances to both the residential and commercial floors of the Sky Tower will be separated and on opposite sides of the building, with underground and above ground parking levels linked directly with the main lobbies.

Haidar added that Sorouh is expecting that such a massive complex will attract a major retailer such as a supermarket chain to locate on the first level, with other retail and service outlets. Sky Tower will have plenty of recreational amenities for residents, including a large landscaped deck, separate men’s and women’s spas as well as fitness centres, common rooms and an outdoor pool.

The Sorouh CEO clarified that the Gate and Shams Abu Dhabi are located in a special economic zone as set out by the Abu Dhabi Government. Accordingly, expatriates are allowed to purchase property on a 99-year leasehold agreement. Nationals, expatriate residents, foreign individuals and corporations, including corporations registered outside the UAE will be able to purchase residential and commercial units.

Mortgages will be offered by several banks and institutions. These mortgages will be administered under the terms set by these institutions. Financing periods are up to 25 years and up to 90 per cent of the purchase price can be financed through a mortgage.

For purchasers who wish to buy directly from Sorouh, the payment terms are according to a sliding scale of seven payments starting with an initial non-refundable payment of 5 per cent…and ending with a final payment of 30 per cent at the possession date. (5%, 5%, 15%, 15%, 15%, 15%, 30%)

Regarding the finishing of units, Mr. Haidar said that all finishes will be first quality…and prospective purchasers will have the opportunity to voice their preference in how their new property is finished. Upgrades will be also be possible as the project nears completion.

The size of residential apartments will be quite spacious….one bedroom units will range between 87 and 103 square metres, or 936 to 1108 square feet, two bedroom apartments from 124 square metres to 155 square metres, three bedroom apartment from 179 to 186 square metres…or just over 2000 square feet, 4 bedrooms from 226 square metres to 244 square metres, and penthouses 514 square metres or 5,525 square feet, which is a very large residence indeed.

Arquitectonica, a leading Architectural Design firm, designed the “Sky Tower”, held a detailed presentation where information on the designs and technologies of the new tower were unveiled.

Bernardo Fort-Brescia, Managing Director of Arquitectonica noted that the unique requirements of building in the Gulf Area and Abu Dhabi were taken into account while designing the tower. He also said that the tower is environment-friendly and utilizes the latest technologies for power management and environmental responsibility.

“The Gate project is a landmark development. It is an arch of towers that forms a gateway to the development, taking into account the importance of preserving the surrounding environment…especially that overlooking the Mangrove forest and Arabian Gulf. This promises to provide a perfect living and working environment,” Fort-Brescia said.