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Imran Shaikh, CEO, Shaikh Holdings |
Editorial Team of Gowealthy.com took an exclusive interview of Mr. Imran Shaikh, the enterprising CEO of Shaikh Holdings where he expressed his views about Dubai real estate and their debut residential project in Dubai.
Q.1. Being a leading freehold investor in Dubai real estate market since 2002, what were the changes that you have noticed in these years?
Ans. There have been many positive changes in the Dubai real estate market. The most important was the law that legalized the foreign ownership of properties in designated areas of Dubai. This was then followed by the enactment of Law No. 8 making escrow accounts compulsory for all Dubai developers selling off-plan properties. The escrow account, I believe, shall provide significant security to buyers thus instilling greater confidence in buyers to invest in Dubai real estate.
Q.2. How would you describe Dubai real estate?
Ans. In my view, Dubai's property sector is rapidly maturing. There is stability in property prices, increased transparency in real estate laws, protection of investor's rights and greater competition among developers. A mature market is a healthy market.
With various real estate laws being implemented, Dubai's realty sector is bound to attract a substantial amount of investment in coming years.
Q.3. How is the supply-demand ratio in Dubai realty market?
Ans. According to our research, the Dubai property boom is set to continue until at least 2010 with demand for property continuing to outstrip supply. Dubai has become well known for constantly introducing world class projects that offer unlimited opportunities, strong population growth, high rental returns and new real estate laws designed to protect the investor. The strong demand in the realty sector is further supported by the increased activity at this Cityscape Dubai 2007.
Q.4. To what would you attribute increased foreign investment in Dubai freehold properties?
Ans. Advances by the government to establish a regulatory framework to address company laws, financial laws and real estate laws shall give both private and institutional investors greater confidence in investing in Dubai.
A solid regulatory foundation is critical to encourage foreign investment.
Q.5. It is perceived that most of Dubai's developments are for the HNI's!!!
Ans. There is a natural association between Dubai and luxury, and as a result most real estate developments from hotels to resorts to apartments and villas have focused on this premium segment.
In addition, with the increased land costs and construction costs in Dubai, developers are choosing to develop projects at the luxury level to make the project economics viable.
Q.6. What are the points of consideration prior to investing in a particular project?
Ans. As mentioned previously, we have been investing in Dubai real estate since 2002. Any investment we make is preceded by significant market research and analysis. As a development company, our current focus is on building golf and waterfront living communities, and our investments reflect these themes.
Q.7. What took you so long to launch your first project ‘Sanctuary Falls' in Dubai?
Ans. In business, timing is paramount. We have taken our time to study the real estate market before commencing real estate development activities. Our investments in projects undertaken by Nakheel, Dubai Properties and Emaar have provided us with a great experience platform.
This market experience complemented by careful market research confirmed to us that there was strong end-user and investor demand for "lifestyle" themed projects both locally and internationally. Golf and waterfront projects have tremendous "lifestyle" appeal and consequently have become a significant part of our development strategy.
We were very selective about where to conceptualize our first golf community. We believe that Jumeirah Golf Estates will soon become one of the most prestigious golf communities in the world. We felt that we had now found one of the best sites for us to realize our concept of a ‘resort home' community and so Sanctuary Falls was born.
Q.8. How does Sanctuary Fall differentiate itself from the existing villa projects in Dubai?
Ans. We feel that as a developer our purpose is to build extraordinary communities. We are looking to envision new concepts for community living and our resort home concept in Sanctuary Falls is the first of its kind. Sanctuary Falls villas allow home owners to customize their home experience. Buyers may choose the architectural style of their home, they may choose the interior design theme and select from a variety of kitchen designs.
These luxury custom homes come fully landscaped providing such elements as resort style swimming pools, manicured gardens, outdoor majlis seating areas and expansive dining and entertaining patios. With a large number of villas already sold out, Sanctuary Falls has created a successful impact on those buyers looking for a unique property proposition.
Q.9. Sanctuary Falls has a ‘resort home' theme? How is it different from conventional homes?
Ans. A ‘resort home' provides its residents with an experience of living in a first-class resort 365 days a year. Our homes are designed by architects, interior designers and landscape planners from the hotel and resort industry. The quality of finishes and attention to detail in the villas at Sanctuary Falls would be comparable to those found in a first class hotel or resort.
To further create the resort experience, the villas have been designed with arrival water fountains, resort style swimming pools, children's pool area and fully landscaped gardens. The large swimming pools are detailed with custom water fountains, bench seating, timber bridges and stepping stones over water to give a true resort atmosphere. The poolside majlis seating area provides a shaded venue for barbeques, while the dining and entertainment terraces have been designed to give ample room for formal outdoor parties.
To complete the resort experience, the villas come with a dedicated concierge service. It is these features that distinguish our resort homes in Sanctuary Falls from conventional homes.
Q.10. Are you happy with the market reaction to the launch of Sanctuary Falls?
Ans. The success in sales of Sanctuary Falls villas demonstrates the confidence that buyers have shown in our resort home concept. Buyers found it quite refreshing to be able to choose from our gallery of unique architectural styles and interior designs. This ability to customize your home, together with the numerous lifestyle elements that we have provided has made Sanctuary Falls a tremendous success. Of our 96 villas, we have sold 60 villas.
Q.11. How soon could we expect a new project from Shaikh Holdings?
Ans. Shaikh Holdings will be launching a series of projects in 2008. We are a niche developer focusing on building unique boutique-style communities in golf and waterfront developments, so you can expect these elements to be featured in our future developments.
By: Shuchita Bist
Creative Writer
