Dubai-based Shaikhani Group announced the launch of Family Home concept with Dh799,000 that includes a kid’s room within the One bedroom hall (1BHK) apartment – effectively creating two bedrooms for families to promote property buying amongst end-users.
The initiative comes with an attractive 50:50 payment plan that allows the property buyers to pay up to Dh399,500 or 50 per cent till project handover with the balance payable after the handover. In the first phase, the company is offering 100 homes that will be sold on first-come-first-serve basis.
“Our aim is to attract end-users and small families to shift from rented homes to their own freehold homes without putting much strain on their finance – which is a major issue with fixed-income small families,” Mahmood Shaikhani, Managing Director of Shaikhani Group, said.
“Our Family Homes initiative will help boost the real estate market in Dubai that offers a wider choice to the end-users who can now choose the best options available in the market. As a long-term player in the UAE’s real estate market, Shaikhani Group has a strong development pipeline with more than 2,100 apartments and office space worth Dh3.5 billion.”
The project will be handed over in 2018 – when buyers are expected to make the 50 per cent payment while the balance could be paid in 24 months – that will reduce the financial pressure on the buyer and help them make payments easier for them.
“As a developer, Shaikhani Group has navigated through the global financial crisis of 2008-09 and built a strong credibility and trust among customers. As we move on with a strong pipeline of projects, we remain confident of the market. As a developer, we are going to bring in new lifestyle concepts for families and help them move into their own apartments that will help them protect from rent-related inflation that sometimes could reduce savings,” Mahmood Shaikhani says.
Shaikhani Group is developing 11 projects that 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 company earlier this year, announced a series of projects worth Dh2 billion. When included these projects, the total value of the group’s real estate portfolio will exceed Dh3.5 billion involving more than 2,100 residential units being delivered by then.
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’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.
“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,” Shaikhani said.