Abu Dhabi developer Sorouh Real Estate said yesterday that construction of its master-planned community at alghadeer remains on schedule.
The first show villas are nearing completion for the project, it added. Work started at alghadeer in early October 2008, and when completed in late 2012, it will be home to 18,000 residents. More than 6,000 homes will be constructed within the six villages.
The company said the project, which is located between Abu Dhabi and Dubai, is a "strategic priority" following the granting of Investment Zone status to the project during 2008.
Mounir Haidar, Chief Executive Officer of Sorouh Real Estate, said: "We have been progressing full speed ahead at Shams Abu Dhabi on Reem Island, also an Investment Zone, and the same is true at alghadeer, which we regard as a strategic priority for the company. We broke ground in October and infrastructure works are well under way.
"Our show villas will shortly be open to the public and enabling work is progressing. Our sales and fund-raising activities during 2008 gave strong cash reserves to fund development in 2009 and alghadeer is one of the major strategic projects on which Sorouh is focusing on."