Arady PSC, one of the UAE's leading investment companies focused on real estate, private equity and infrastructure, took a proactive stance by announcing that it will pass on construction savings to its investors, a pledge that is the first of its kind in the UAE.
Helix is located on Al Reem Island.
The Helix is located on Al Reem Island in Abu Dhabi and was launched at Cityscape in April 2008. Perched on a single integrated podium, The Helix will consist of two residential towers and has been designed by the world-renowned Toronto-based Zeidler Partnership.
H.E. Sheikh Hamdan Bin Mubarak Al Nahyan, Arady's Chairman said, "The Board considered the steep cost escalation during 2008 as unsustainable and decided to postpone finalizing agreements with construction companies. This decision has now enabled Arady to benefit from the market changes and demonstrates Arady's foresight and project management abilities."
Jassem Saleh Busaibe, Arady's CEO commented: "We have reduced the price of our Helix project by an average of 20% to ensure that we are acting responsibly towards our investors. The revised payment schedule is also linked to tangible construction milestones as we believe this demonstrates our commitment to delivery. We are very keen to build a relationship with our investors that is based on trust; this is why we have elected to adopt these measures ahead of widely expected legislative changes."
Source: Viola Communications