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Sat 10 Sep 2016 09:58 AM

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Shaikhani says $950m real estate projects underway in Dubai

Developer to deliver 2,100 residential and commercial units in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis

Shaikhani says $950m real estate projects underway in Dubai

Shaikhani Group has announced a major foray in Dubai's property market with the execution of 11 real estate projects worth AED3.5 billion ($950 million) that are in various stages of development.

The Dubai-based developer said in a statement that the projects will deliver 2,100 residential and commercial units in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis.

Of these, the company said it 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.

The company earlier this year announced a series of projects worth AED2 billion.

In May, Shaikhani launched its AED220 million Gardenia Residency in Jumeirah Village Circle, with investors being offered a post-completion payment plan of up to 10 years by banks. Work has started on the project, comprising 164 serviced apartments, and is expected to be completed in 2018.

"I am happy to announce that most of our projects are in various stages of construction and will be delivered between 2016 and 2018," said Mahmood Shaikhani, managing director of Shaikhani Group.

Shaikhani Group, which comprises of 12 business entities, employs more than 350 people with an annual turnover exceeding AED220 million and has delivered more than 30,000 residential units in Pakistan and the UAE, making it one of the largest property developers in Pakistan.

The company's existing projects that are being developed, includes Champions Tower I, II, III and IV and Frankfurt Sports Tower - all located within Dubai Sports City as well as Cambridge Business Centre at Dubai Silicon Oasis.

"We have already started works on the first of the six towers and will start working on the rest of the projects," Mahmood 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.

"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."

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