Real Estate

Gardenia IV ... set for launch next March.

Gardenia IV ... set for launch next March.

Building champions

September 2016

Steering ahead with its Vision 2025, Shaikhani Group intends to reach 90 international markets. Its Dubai portfolio will see the construction of projects worth more than $826 million

With a Dubai project portfolio worth some Dh1.2 billion ($326.7 million) currently under its belt, the UAE-based Shaikhani Group is pushing ahead to deliver three of these developments by the end of this year. 

These include the Champion Tower I and Champion Tower III in Dubai Sports City and the Cambridge Business Centre in Dubai Silicon Oasis. This follows the recent handover of yet another project at Dubai Sports City – the Dh338-million ($92 million) Frankfurt Sports Tower One.

Champion Tower I, being developed at a cost of Dh100 million ($27.2 million), is 95 per cent complete, Mahmood Shaikhani, group director of Shaikhani Group, tells Gulf Construction. Construction work on the 14-storey building with 135 apartments started in 2007 but was delayed due to the recession. 

Gardenia IV ... set for launch next March.

Gardenia IV ... set for launch next March.

Construction of the Dh330-million ($89.8 million) Champion Tower III is nearly 86 per cent complete with interiors works currently under way. The 15-storey residential building houses 254 apartments ranging from 550-sq-ft studios to 1,500-sq-ft three-bed apartments. The building is set to be handed over within the next four months.

The Dh135-million ($36.7 million) Cambridge Business Centre, a 12-storey commercial tower, is also 85 per cent complete. Cairo Contracting Company is the main contractor on the project while Adnan Saffarini is the consultant.

Apart from these, Shaikhani Group has other ‘Champions’ on the horizon – all of which have been named to reflect their prestigious location – the Dubai Sports City. These include Champion Tower II and Champion Tower IV. Al Sarh Contracting is the main contractor for all four Champion towers and the consultant is Adnan Saffarini.

Champion Tower II encompasses 175 apartments, and is being built at a cost of Dh200 million ($54.4 million). Construction work on the project is 72 per cent complete and it will be handed over to investors in the first quarter next year. 

The 19-storey Champion Tower IV, a residential building, is scheduled for delivery by the end of next year.

 

Champions Tower II ... delivery soon.

Champions Tower II ... delivery soon.

Vision 2025

The Shaikhani Group of Companies (earlier known as Memon Group of Companies) is a multi-billion-dollar international business conglomerate with diversified interests in real estate development, trading, manufacturing and IT. Headquartered in Dubai, the group recently implemented a major restructuring initiative, which has enabled a stronger market presence across 90 countries in Asia, Africa, Europe and the Middle East.

The group recently unveiled its Vision 2025, which involves plans to launch projects worth a further Dh2 billion ($500 million) in the Jumeirah Village Circle (JVC) and Arjan communities.

As part of the vision, the company embarked on the Dh228-million ($62 million) Gardenia Residency in JVC, which is slated for completion by June 2018. According to Shaikhani, the project has been created for a discerning clientele that aspires to live in a planned community with all the modern facilities.

The low-rise building – which has four storeys – spans a massive 230,000 sq ft over two plots. It features studio, one-, two- and three-bedroom duplex furnished and serviced apartments.

Work on the project, which started in December last year, is 30 per cent complete.

“We started work on the project last December but launched it this year. The basement and ground floors have been completed and the slabs have been cast for levels one and two,” he says.

Rotana Contracting is the main contractor and Dimensions is the consultant on the project.

 

Gardenia III ... to be completed in 2018.

Gardenia III ... to be completed in 2018.

Upcoming projects

Other projects that Shaikhani Group intends to launch include Gardenia III and IV in Jumeirah Village and Frankfurt Tower II. Construction work on Gardenia III is set to star this month (September) and the project will be launched by the year-end. Gardenia IV and Frankfurt Tower II will be launched next year.

“We will launch these projects after achieving 20 to 25 per cent completion. Gardenia III is a 10-storey project while Gardenia IV has 16 storeys, although we can go up much higher,” he says.

The height of the Frankfurt Tower is also yet to be established. 

“Each of these projects is more than 200,000 sq ft. The planning has been done and we are in the phase of launching them,” Shaikhani says. “All these projects are part of our Vision 2025 and our target is to deliver them before 2025.”

Gardenia III is anticipated to be completed by the end of 2018, while Gardenia IV will be launched in March 2017 for completion in 2019.

In Arjan, Shaikhani will develop a 19-storey building comprising 300 studio/hotel apartments.

“We are looking to grow in tandem with Dubai’s growth. We have achieved Dh1.5 billion ($408.4 million) worth of sales from the projects launched in Dubai Sports City and are getting a very good response for the Gardenia Residency project,” Shaikhani concludes.

For future projects, the company is now eyeing the purchase of land in Dubai South near the Dubai Expo 2020 site.




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