Shaikh Holdings will start to hand over the 97 resort style villas by the fourth quarter of 2014 – four years and nine months later than it originally hoped.
Shaikh to complete Jumeirah Golf Estates project five years on
The Dubai developer Shaikh Holdings says that it will finally complete its Dh1.1 billion Sanctuary Falls scheme at Jumeirah Golf Estates, nearly five years later than intended.
Shaikh said yesterday that it would start to hand over the 97 resort-style villas by the fourth quarter of this year.
The scheme was launched in July 2007 at the height of the Dubai property boom, followed by a lavish party at Burj Al Arab which included the Bollywood celebrity couple Abhishek and Aishwarya Rai Bachchan.
The company awarded Dubai-listed Arabtec a Dh412 million contract to build the villas in March 2008 and construction on the villas started the following month.
But the project was hit hard by the global financial downturn and infrastructure issues as work slowed. About 10 of the 97 villas remain unsold.
“We strongly value our relationship with Arabtec and look forward to the completion and handover of Sanctuary Falls,” said Imran Shaikh, the Shaikh chief executive.
Jumeirah Golf Estates was originally dreamed up by the Dubai World conglomerate as an ambitious 1,100-hectare golfing complex of villas built around four planned golf courses.
After the 2009 Dubai World debt crisis, work on the mega project slowed and its ownership passed to the Dubai Government while the developer Nakheel was charged with project delivery.
The first residents are only just starting to move in. Currently only two of the golf courses have been built.
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