By Staff writer
Real estate developer currently has $950m worth of projects underway in Dubai
Shaikhani Group, the company behind projects worth AED3.5 billion ($950 million) that are in various stages of development in Dubai, has said it secured AED30 million worth of sales during the Cityscape Global exhibition.
"We received more than 4,500 sales inquiries at our stand during the three-day event that resulted in AED30 million worth of direct sales," said Mahmood Shaikhani, managing director, in a statement.
"We were overwhelmed with price and sales inquiries, despite what is perceived to be a depressed market condition. However, our experience has been the opposite. All our sales team members were busy in attending brokers and serious buyers."
"This reflects that there are enough buyers for the right product, right location and that is offered with the right payment plan."
The developer had earlier announced a major foray in Dubai's property market with the execution of 11 real estate projects.
Shaikhani Group's projects will deliver 2,100 residential and commercial units in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis.
Of these, the company is in advanced stage of completion of AED1.5 billion worth of projects involving 1,250 units while the rest are at the beginning of the development cycle that are expected to be completed by 2020.
Four of these projects will be located at the Jumeirah Village Circle while one in Arjan at Dubailand.
"We have already started works on the first of the six towers and will start working on the rest of the projects," Shaikhani said. "Two of the three projects in JVC will be the next two phases of Gardenia Residency and one will be a high-rise tower. The fourth project will come up in Arjan in Dubailand."
He added: "The projects will be financed by our own resources that include the cash flow being generated from the handing over of the existing projects. We will hand over four projects this year and one next year - that will complete our existing six projects that are being completed and handed over to property buyers."
Too much PR for Shaikhani Group.
And they got 4500 enquiries in 3 days.
That means almost 165 enquiries every hour ; sounds too realistic ;)
Nice investigative work Sahil, I smell a rat!
I was involved in the Dubai Real Estate for many years. Most of these announcements are bulk deals, heavily discounted or with very attractive payment terms that are purchased by large scale investors. These units are then re-marketed by other real estate companies. This is almost always the case. Jumeirah Village and third tier locations would never receive that much interest as it is not a attractive area for international clients.
If they received 4,500 sales inquiries in 3 days they would be in the league of one of the leading developers in the world . I work with a world class developer here in Canada and we receive that many sales inquiries / walk-in customers over a course of a year. And that is in a high traffic area in one of the largest cities in Canada.
So these could not be real , credible leads period. Maybe they had some "attractive" attendants at the booth and were giving away gift bags or some other scheme to collect names.
JVC is now a hot area, i heard the new off plan launches are moving fast. specially as the nakheel circle mall will also be ready by end 2017. I have seen many GCC, Turkish investors looking at JVC as rental yields for studio to 2 bed until are exceptional close to 9-11% gross and 10 -8% net.
Let's do the math...
4,500 sales inquiries at the event translates to 1,500 inquiries per day, which (assuming the event was open for 8 hours) means 187.5 inquiries per hour, or 3.125 inquiries per minute.
So, unless you believe that someone was walking up to the booth and registering an inquiry every 19 seconds that the booth was open, I smell something fishy.
Clearly shows Shaikhani's frustration - Feel sorry for them
I agree...they clearly did not do the math before putting out such a ludricous and propaganda type statement. Speaks volumes about this chaps management skills...and by default...the company as a whole.
Previously known as Memon, its difficult to say what I really think, as the Law here on Defamation of Character is pretty strict, you guys have seen Straight through them, I am still waiting for my Unit to be Delivered 7 Years Late in DSO, and Fully Paid for..........Avoid this Company, just Memon in another Name.
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