Sweet Homes Holdings, the UAE-based developer, has registered with Ajman Real Estate Regulatory Authority (Arra) for two of its projects – Ajman Uptown and Rainbow Towers in Ajman.
The master-developer is currently in the process of registering escrow accounts for the two projects in accordance with the rules and regulations set by the agency.
"The economic crisis has made it important now, more than ever, to remain vigilant to ensure all aspects of the property development business are in accordance with the law," said Fahad Sattar Dero, Chief Executive, Sweet Homes Holdings.
"Our move to register escrow accounts for Ajman Uptown and Rainbow Towers underlines our commitment to the implementation of laws in order to support Arra's deep resolve to implement all the rules and regulations, which are aimed at setting new industry benchmarks in the emirate. We are confident that our investors will appreciate the zealous efforts to ensure their investments are looked after, which will ultimately garner them excellent returns."
According to Arra regulations, developers looking to build projects in Ajman are required to open an escrow account in one of the banks approved by Arra, wherein they have to deposit all the money paid by investors. The move seeks to protect investors and guarantee security of the investment of end-users. "Our eagerness to follow the rules, legislations and regulations set by Arra reiterates our strategy of building confidence of potential customers to attract them into investing in our projects. We commend the excellent efforts of the Ajman Government," Dero said.
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