Sorouh will offer substantial reductions

Abu Dhabi: Sorouh Real Estate on Sunday announced that it would offer "substantial" price reductions for its Alghadeer project.

Construction of the Dh8 billion project is progressing on schedule.

It recently saw the completion of its ninth mock-up construction villa and is currently undergoing construction.

Officals said that the built-up area would be revised to maximise equity value and payment plans would be rescheduled to help investors overcome current market challenges in terms of financing.

With the above elements combined, "we'll offer a very attractive package," chief executive of Sorouh, Mounir Haidar said.

The company also announced a re-phasing and consolidation of the development. Officials confirmed that all purchased property would be completed on time.

Haidar said that the first phase includes about 1,400 to 1,600 units and the restructuring would currently only affect these units.

While the exact price reduction was not disclosed, Haidar said that it would be "substantial", while Abu Baker Seddiq Al Khouri, managing director of Sorouh said, "We will treat everyone as fairly as possible."

The developer is dealing directly with its investors and on individual bases. Officials also said that that they had not seen any defaulters and they are waving late penalty charges.