Shaikh Holdings unveils new project

Dubai: Shaikh Holdings, a Dubai-based real estate investment and development company with origins in Bahrain, has launched its first UAE development - a $200 million (Dh730 million) cluster of 96 villas in Jumeirah Golf Estate.

Villas in the Sanctuary Falls project are priced from Dh7.3 million to Dh19.7 million and range from 5,600-10,600 square feet in size. Construction is scheduled to start in October ahead of a May 2009 delivery date. The construction contract will be awarded in the next 60 days.

Shaikh Holdings, a family enterprise with origins dating back to 1913 in Bahrain, plans to invest $1.2 billion into a number of golf and waterfront-themed projects throughout the UAE over the next five years.

Although new to real estate development in Dubai, the company has been a major investor in property within the emirate since 2002 with investments in developments such as the Palm Islands, Business Bay, Dubai Waterfront and Jumeirah Golf Estates. It has also entered marketing partnerships with major real estate players.

"This is our first development project in Dubai and we have a number of other projects that we currently working on," said Imran Shaikh, CEO of Shaikh Holdings. "We would love to buy more land at Jumeirah Golf Estates and will continue those discussions. However, we have acquired some pieces of land in other deals and are currently exploring further options."

Designed by DSA Architects, villas within Sanctuary Falls will overlook the Greg Norman-designed Earth Golf course at Jumeirah Golf Estates.