UAE's Sorouh to deliver 2,500 homes by 2012 -report

UAE’s Sorouh to deliver 2,500 homes by 2012 -report

The company will begin handing over homes in the first quarter of 2011.

November 10, 2010 11:52 by Reuters

Abu Dhabi developer Sorouh Real Estate plans to deliver 2,500 new homes in Abu Dhabi by the end of 2012, the company’s chief operating officer said in remarks on Wednesday.

The emirate’s second-largest developer my market value will begin handing over homes in the first quarter of 2011 and is focusing on delivering existing developments near completion to generate rental revenues, Gulf News reported Gurjit Singh as saying.

“We are focused on the longer-term income portfolios which will have a multiplier effect in consolidating income for the company,” Singh said.

Earlier this month Sorouh reported a 68 percent fall in profit to 59.3 million dirhams ($16.15 million), compared with 187.3 million dirhams in the year-ago period.

Developers across the United Arab Emirates have suffered the impact of the global financial crisis which put an end to a six-year construction boom. While Dubai has suffered the most, Abu Dhabi, home to most of the country’s oil, has fared better.

(Reporting by Shaheen Pasha; Editing by Jason Benham)