Real Estate

Champions Tower 2 ... one of Shaikhani’s projects set for delivery shortly.

Champions Tower 2 ... one of Shaikhani’s projects set for delivery shortly.

News in brief

February 2017

Shaikhani’s Gardenia Residency takes off

Dubai-based property developer Shaikhani Group has launched the Gardenia Residency, part of a Dh3.5-billion ($952 million) portfolio of projects that are in various stages of execution, as it continues handover of properties to buyers.

The Dh220-million ($60 million) project is the latest one unveiled in Jumeirah Village Circle by Shaikhani which offers residents a metropolitan sophistication coupled with Mediterranean allure.

The launch of the well-designed project is part of the Dh2-billion ($544 million) project announcement that will keep the developer busy well beyond Expo 2020.

On the 2016 milestones, Mahmood Abu Baker Shaikhani, the managing director, says the Dubai developer delivered more than 224 units last year despite a challenging economy.

“The strong delivery track record has helped boost our credibility as a developer amongst the buyers and investors. A developer’s credibility is built on how efficiently he delivers the project and the quality of the finishing – that’s all matters to the end-users,” he adds

According to him, the group is planning to hand over more projects in 2017 – that will further strengthen the group’s credentials and boost investor sentiment and attract more buyers to its projects. The group’s success comes at a time when the company is spearheading its real estate development business and expanding to a new level with total development portfolio value touching Dh3.5 billion ($952 million) involving the development and delivery of 2,100 residential units spreading across 12 towers.

 

Dubai group breaks ground on $799m freehold project

Dubai Investments has broken ground on its Dh3-billion ($799 million) freehold project Mirdif Hills being developed by its real estate subsidiary Dubai Investments Real Estate Company (DIRC).

Mirdif Hills, the only freehold project in the area, is a mixed-use residential, commercial and retail development spread across an area of 3.9 million sq ft.

It will feature 1,054 apartments – a mix of studio, one-, two-, three-bedroom apartments and duplex units, a four-star hotel with 116 rooms and 128 serviced apartments and a 230-bed hospital.

On the new project, Khalid Bin Kalban, the managing director and CEO of Dubai Investments and chairman of DIRC says: “The sales of Mirdif Hills, launched in December, received phenomenal response from investors and end users, which is a great endorsement of not only the project features but also of Dubai Investments and DIRC’s track record.”

The Janayen and Nasayem Avenues were launched for sales in the first stage.

To be developed in two phases, Mirdif Hills is likely to be completed by the fourth quarter of 2018.

 

Amlak to launch The Sixty Six in Bahrain

Amlak, the real estate investment unit of Bahrain-based Social Insurance Organization (SIO), is set to launch several key projects this year including its residential development ‘The Sixty Six’ in the Umm Al Hassam area of the kingdom.

Commenting on future projects, CEO Mohammed Abdulelah Alkooheji, says: “The Sixty Six is a six-storey residential building which includes fully-furnished apartments along with a well-equipped recreational floor.”

Amlak has already signed up a Bahrain-based contractor to construct the project.

“We are currently studying the possibility of developing a project in Janabiya called Mirage Palms. It will consist of a residential compound that includes 30 housing units divided into three groups of luxury villas, as well as a private pool and multi-use recreational area,” he adds.

Alkooheji say the other projects currently under discussion are a residential property for mid-income families, and a residential project in the Seef District that comprises 190 apartments spread across 41 floors. Amlak also unveiled plans to transform the existing markets under its portfolio, such as Souq Al Buhair om East Riffa, into mixed-used facilities catering to the demand of the neighbourhood.

“Amlak owns 13 markets and has put together a strategic plan to either re-develop or maintain the markets in order to accommodate more tenants and add further services for the residents,” says Alkooheji.




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