Abu Dhabi: Abu Dhabi's second biggest real estate developer Sorouh Real Estate plans to deliver projects valued at Dh13 billion by 2014, Richard Amos, Sorouh's chief financial officer said here yesterday.
"We have Dh5 billion of projects very close to completion and another Dh8 billion of projects that will be ready in the next few years," Amos told reporters at a news conference at Cityscape Abu Dhabi, which opened yesterday.
Amos said in 2011-12, over 3,500 units will be delivered and in 2013-14, similar number of units will be delivered to the market, adding that these exclude national housing projects being developed by Sorouh.
Amos said Sorouh's planned capital expenditure for 2011 is around Dh4 billion and this is going to be met by the company's internal resources.
"The company's balance sheet is strong. In 2010, Sorouh was one of the few developers to report a profit. We have Dh1.3 billion in cash and Dh1 billion in undrawn facilities," said Amos.
"We estimate the unrealised value of our land bank at Dh5 billion. We are in a good, strong financial position," he added.
Gurjit Singh, chief operating officer, said the company is now moving from asset creation to asset delivery and management.
He said Sorouh has started handover at the Sun & Sky Towers on Abu Dhabi's Al Reem island. "Other projects are scheduled for completion towards the end of 2011 and into 2012," said Singh.
"Gate Towers are set for completion in 2012. Al Watani is due for delivery in 2012. At Al Ghadeer, the construction is well underway and is set for completion end 2012. At Al Rayyana, 1,537 apartments are to be delivered towards the end of 2011 and early 2012," he added.
Amos said the provisions taken by company in the last two years totalled Dh720 million.
"At this time, we don't see any further provisions," said Abubaker Seddiq Al Khouri, Sorouh's managing director.
Singh said the company has one project in Egypt and one in Morocco under development and planning.
