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Property Weekly New Project: Full Circle in Jumeirah Village Circle

Posted by Irish Manluctao on June 18, 2016
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Crystal Residence features an oval swimming pool and a tennis court on its 30,000-sq-ft podium l Image Credit: Courtesy of Myra Properties

The Roads and Transport Authority’s (RTA) announcement early this year to open new entry and exit points in Jumeirah Village Circle (JVC) says a lot about the transformation of the unpretentious suburb into a favourite living destination in Dubai. A family-friendly community, JVC features villas, town houses, apartments and various amenities that cater to all the needs of its residents. With several projects under way, the community of 20,000 residents has been rapidly expanding and is expected to grow even bigger in the next few years.

The three new entry-exit points on Hessa Street are therefore a big relief to commuters. JVC will reportedly accommodate 300,000 people when all developments in the area are completed.

PW takes a look at two projects under way in JVC and see how they contribute to making the master development one of the most popular residential destinations in Dubai.

Gardenia Residency
Developer Shaikhani Group says Gardenia Residency is a testament to its confidence in JVC as an attractive residential destination. “Gardenia is [the start] of our group’s 2025 vision,” says Mahmood Shaikhani, the group’s Managing Director, in announcing Shaikhani’s plan to build more projects in the master development. “Our plan is to invest Dh2 billion into property development until then. We have six plots in JVC fully paid. We want to construct [projects] one by one, reaching the 30 per cent construction milestone before starting the next. Nowadays people want to see something before they invest in a project.”

The Dh220-million Mediterranean-inspired G+4 residential building is designed by Dimensions Engineering Consultants. It has 133 units, ranging from studios to three-bedroom duplex penthouses, with designer interiors. The building will also have space for food and beverage and a spa.

“With its stuccoed walls, tiled roofs, rustic arches, expansive balconies and lush surroundings, you will be transported to the rustic shores of the Mediterranean,” promises Shaikhani.

The apartment prices start at Dh1,000 per square foot. Half of the amount is payable during construction and half within a year after handover. The developer has also recently negotiated financing options with banks.

“[Half the amount] can be paid in 12 months after handover or can be financed with a 10-year payment plan,” says Shaikhani. “If buyers are leasing their units while paying instalments, they will still make 20 per cent from their rental income.”

Around 40 per cent of the units are sold, according to the developer. The project is now around 30 per cent complete and is expected to be delivered in June 2018.

“We have investors who pre-booked units. If someone wants to buy in quantity, there’s room for negotiation. We’re, however, mainly selling to end users and this section is mainly low-rise,” says Shaikhani.