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Sat, Nov 23, 2024 | Jumada al-Awwal 21, 1446 | DXB
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Shaikhani Group rides Expo 2020 wave
The Shaikhani Group has launched the Dh220 million Gardenia Residency in Jumeirah Village Circle. The G+4 project comprises studios, 1-, 2-, 3-bedroom apartments and duplexes at the rate of Dh1,000 per square foot.
dubai - Developer ready to launch projects in and around Dubai South
Here's a developer that aims to ride on the Expo 2020 wave in Dubai, and then some. The Shaikhani Group of Companies, formerly called the Memon Group, recently announced a nine-year development plan which will see it deploy Dh2 billion in projects located in and around the Expo 2020 site in Dubai.
The developer believes the host city of Dubai will continue to enjoy legacy benefits of the mega event after 2020, and wants to be prepared to feed off the synergies.
In terms of a track record, the Shaikhani Group has six projects collectively worth Dh1.5 billion in various stages of development in Dubai. These include the already-delivered 224-unit Frankfurt Sports Tower in Dubai Sports City and the 135-unit Champion Tower 1 in the same precinct, which will be delivered in two months.
The developer also aims to deliver Champion Tower 3 in Sports City and Cambridge Business Centre in Dubai Silicon Oasis this year. Meanwhile, Champion Tower 2 and 4 (in Sports City) will be delivered next year.
"We are targeting locations near the Expo 2020 site. Following the footsteps of the Dubai Ruler who has a vision for 2020, we wanted to move ahead and plan into the future. We as a developer have to give something beyond 2020. Our plan is to launch a project every six months,"
Mahmood Shaikhani, managing director of Shaikhani Group, told Khaleej Times.
To begin with, the Shaikhani Group has launched the Dh220 million Gardenia Residency in Jumeirah Village Circle (JVC), a fully paid plot it has held for the past three years. The G+4 project comprises studios, 1-, 2-, 3-bedroom apartments and duplexes at the rate of Dh1,000 per square foot.
There is a mix of standard and serviced apartments, which cost more at Dh1,200 per sq ft. Projects already handed over in JVC are being sold at Dh900 per sq ft.
A studio spanning 500 sq ft at the project is worth Dh500,000, a 1-bed is priced Dh800,000 while duplexes range from Dh1.8 million up to Dh2 million.
The developer has received good buyer interest from China, India, Russia and Korea while Iranians are seeking bulk purchases. "We are not selling units to bulk buyers. We are targeting individual sales. We have sold 40 per cent of Gardenia Residency since the launch four months ago. We want to sell at a slow pace," informed Shaikhani.
Construction has hit the 35 per cent mark at Gardenia Residency. "We want to complete at least 50 per cent before announcing the next project, which will be by the end of December," the MD added.
Most importantly, the developer is offering a 10-year payment plan to buyers, where they need to pay 50 per cent of the sales price only after handover. The Shaikhani Group has tied up with three banks - Mashreq Bank, Commercial Bank of Dubai and Noor Bank - to facilitate mortgages.
"Banks are more cautious. They want a proper description of end users and their financial credentials. There are not too many banks involved in real estate lending in Dubai. Mortgages are being approved for people with proper documentation," he explained.
The group plans to deploy all the funds coming in from project handovers and its own equity for development of the Gardenia Residency.
Meanwhile, the developer has more plots in Jumeirah Village and Arjan where it intends to build at least 10 projects as part of its Vision 2025. All the plots cumulatively span across 1.3 million sq ft in total.
The Shaikhani Group has also set its sights on Dubai South. "We are in talks with two sellers for plots in Dubai South worth Dh15 million to Dh17 million where the price per sq ft is Dh150 per sq ft. The best areas to invest in at the moment are the suburbs of Dubai South," Shaikhani concluded.
- deepthi@khaleejtimes.com
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