Sharjah-based property company, JMS Property Development and Management, has announced the launch of a mixed use, multi-purpose property development in Sharjah’s popular Al Nadha district. The AED 700 million (US$191 m) development, called Al Rayyan, will include residential, commercial and retail units covering a total of 251,000 square metres (2,700,000 sq. ft.).
Designed by architectural firm B&H, Al Rayyan will include two residential towers with a total of 504 residential units, a commercial tower, and a retail complex. The retail mall will be comprised of 80-90 shops and a 19,000 square metre hypermarket. The residential buildings will include modern conveniences including swimming pools, men and women’s spas, and outdoor landscaped areas, while the top twelve floors of the development’s commercial tower will consist of hotel serviced apartments.
JMS expects Al Rayyan’s convenient location, 10 kilometres from Dubai International Airport and 20 kilometres from Sharjah International Airport, plus the combination of lifestyle and business facilities to appeal to investors. Freehold units are being offered to UAE and other GCC nationals, while leasehold agreements will be available to non-GCC UAE residents.
JMS expects Al Rayyan’s residential and retail buildings to be completed by the end of the first quarter 2016 and the commercial tower to open in Q2 2016.
Sharjah’s real estate market has experienced strong growth and an increasing demand for residential and commercial properties, supported by Sharjah’s solid local economy, a rise in rental prices in neighbouring Dubai and an influx of residents from other parts of the Middle East. According to ratings agency S&P real estate and business services account for about 20% of Sharjah’s economy, which is currently growing at 8 percent per annum.