Four new mega-projects are planned for construction in Dubai by local developer Shaikhani Group this year alone, and more is going to be delivered up to 2025.
The first of the announced projects is AED 220 million Gardenia Residency 1 in Jumeirah Village Circle launched the day before to attract all potential investors and buyers attention. Work at the site has already begun, and by 2018, 133 serviced apartments will be ready to welcome their first tenants.
And the main project’s feature, which is to capture all the attention, is that the developer offers an unprecedented off-plan payments plan. Shaikhani Group raises the stakes by going past the 5- and 7-year norm, usual for Dubai previously. Under agreements with local banks, the bigger part of the property cost could be paid within 10 years after handover, which is very atypical for Dubai. Moreover, some banks are even willing to consider 15 year-payment plans.
Investors will only need to pay 50% of the unit’s cost during the time of construction, and the rest of the payments will be handled by three Dubai largest banks, which Shaikhani Group is now in talks with — they are Mashreq, Noor Bank and the Commercial Bank of Dubai.
“The investors in the project will have to pay 50 per cent during the construction phase and can avail of 10 to 15 year payment plan from banks,” company Managing Director Mahmood Shaikhani said.
Shaikhani Group of Companies, which has just started handing over its AED 338 million Frankfurt Sports Tower I in Dubai Sports City, is not going to rest on its laurels launching four new projects in Jumeirah Village Circle.
“Two of the three projects in JVC will be the next two phases of Jumeirah Village Circle and one will be a high-rise tower. The fourth project will come up in Arjan in Dubailand,” Shaikhani said.
The new projects are planned to be completed and handed over by 2020.
The total sum of investments in new real estate projects the developer is in for stands at AED 2 billion, while AED 1.5 billion worth of existing projects in Dubai Sports City (DSC) and Dubai Silicon Oasis (DSO) are already being implemented.
“We will deliver three residential towers in DSC and Cambridge Business Centre in DSO in the coming months and will use the funds from these projects to finance our new projects,” Shaikhani revealed.