Shaikh Holdings, a leading Dubai-based real estate investment and development company, has awarded Arabtec Construction LLC an USD 112 million contract to commence construction of its prestigious Sanctuary Falls villa development, a landmark boutique community in Jumeirah Golf Estates.
The award-winning USD 235 million Sanctuary Falls project, aims to create a new benchmark in community living, by being the first resort-style residential golf community in the UAE. Launched in July 2007, the development has already received keen interest from both local and international home buyers and was awarded ‘Best Golf Development’ in the CNBC Arabian Property Awards 2007.
Arabtec will commence construction of the 96 distinctly styled resort villas of Sanctuary Falls in April 2008, and expects completion by first quarter 2010.
“We have taken our time to research and appoint the best quality contractors and subcontractors as our partners for the Sanctuary Falls development,” said Imran Shaikh, CEO, Shaikh Holdings.
“We have reached an important milestone in the development of Sanctuary Falls and are pleased to announce our partnership with Arabtec Construction to build the development’s boutique villas. We believe Arabtec is the ideal partner for this project due to their demonstrated commitment to excellence and in-depth experience with projects such as custom luxury villas in Emirates Hills and the world’s tallest tower, the Burj Dubai.”
Widely recognised as the sector leader in construction, Arabtec has an industry reputation for high-quality villa construction, attention to detail and on-time delivery.
“Arabtec not only embodies the same passion for developing quality communities as Shaikh Holdings, but has also consistently demonstrated its ability to deliver on the highest of expectations. We firmly believe that together we will set a new industry standard for villa communities, both in the UAE and internationally,” added Shaikh.
Sanctuary Falls will be a landmark villa community set amidst lush golf vistas and inspiring lakes. The community features a collection of 96 resort-style villas overlooking the Earth golf course, designed by Greg Norman. Offering a selection of varied architectural styles and views, each home has been meticulously designed to offer a unique and inspired living experience.
"We are quite selective about the projects we work on and the developers we work with - we agreed to build Sanctuary Falls because we share Shaikh Holdings’ exemplary vision for this benchmark community and share their values of quality, attention to detail and delivering on promises. We are eager to start working toward realising this vision and believe Sanctuary Falls will become one of the most sought-after and unique residential developments in Dubai” said Riad Kamal, CEO, Arabtec Construction LLC.
“The Sanctuary Falls villas will be built to the highest construction standards, offering the latest building materials and efficiency systems. This project further underlines the increasing demand for signature lifestyle developments in the booming GCC real estate market and we look forward to working closely with Shaikh Holdings in creating one of the most vibrant and dynamic communities in the UAE.”
Shaikh Holdings holds a significant portfolio of residential, commercial and hospitality real estate and has been a leading institutional investor in the Dubai real estate market since 2002. Shaikh Holdings has chosen to focus on developing themed boutique communities across the region, many centred around golf and waterfront concepts.
The company's current developments in Jumeirah Golf Estates will be followed by other themed projects in the UAE.