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Shaikhani Group secures Dh30m sales at Cityscape

Staff Report/Dubai
Filed on September 13, 2016
Shaikhani Group secures Dh30m sales at Cityscape
The Shaikhani Group has launched the Dh220 million Gardenia Residency in Jumeirah Village Circle.

(Supplied)

Shaikhani Group has secured Dh30 million worth of sales during the Cityscape Global exhibition, held last week at the Dubai World Trade Centre.

"We received more than 4,500 sales inquiries at our stand during the three-day event that resulted in Dh30 million worth of direct sales," Mahmood Shaikhani, managing director of Shaikhani Group, said in a statement on Tuesday.

"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 with a collective value exceeding Dh3.5 billion ($950 million), that are in various stages of development.

Shaikhani Group's 11 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 Dh1.5 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 Dubai-based company in May this year launched its Dh220-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.

Shaikhani Group, which comprises of 12 business entities, employs more than 350 people with an annual turnover exceeding Dh220 million (US$70 million). The group is credited to have delivered more than 30,000 residential units in Pakistan and UAE, making it one of the largest property developers in Pakistan.

The company has come a long way in planning, development, construction and delivery of the projects - amid two economic slowdowns that wiped out most property developers forcing many projects to stall.

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."

- business@khaleejtimes.com





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