Sunday, August 26, 2007

Shaikh Holdings determined to establish realty projects in the UAE

Sanctuary Falls Jumeirah
Shaikh Holdings, a Dubai-based private company, led by Imran Shaikh, is all set to establish itself in the UAE Realty market.

The company has a rich portfolio of commercial, residential and hospitality realty projects, and is a leading institutional investor in the Dubai property sector since 2002. The company has made considerable investments in developments such as Emirates Hills, Business Bay, The Palm Islands, Jumeirah Golf Estates and the Dubai Waterfront, and such other leading projects by developers such as Emaar, Nakheel and Dubai Properties.

During the month of July, Shaikh Holdings already launched its first project, Sanctuary Falls, which is a luxury residential golf development, located in Jumeirah Golf Estates worth $200 million (Dh.734m), and more such projects are in pipeline.

Shaikh says "The UAE property market is still not saturated, and is a very lucrative investment destination. The market provides plenty of opportunities and the proposed regulatory procedures will ensure better stability of the property sector."

Speaking on the new project, Sanctuary Falls, Sheikh mentioned, Sanctuary Falls is a community comprising 96 resort-style villas facing the Earth Golf-course. The project includes modern, contemporary and traditional architectural styles, and hence, the buyers could choose three interior design themes and two kitchen designs.

The architecture for the villas has been designed by DSA Architects, while the home interiors are done by Hirsch Bedner Associates.

Sheikh mentioned that the construction work at Sanctuary Falls will commence in October this year, and is due for completion by May 2009.

"We are trying to introduce new concepts for community living and the resort home concept is one such thing. Although our focus is Dubai, we are also exploring Ras Al Khaimah and Abu Dhabi markets. We are also interested in exploring opportunities within the GCC and plan to make use of a variety of financial structures to develop projects during the next five years," he said.

Sheikh Holdings is likely to invest $1.2bn (Dh.4.04bn) during the next five years to develop waterfront and gold communities in the UAE.

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