Sharjah Waterfront City, a multi-billion dollar development on Sharjah’s northeast coast announced at Cityscape Global last September, has been listed as the third largest mixed-use project in the Gulf by MEConstructionNews.com. The AED 20 billion (US$ 5.4b) project, being developed by Sharjah Oasis Real Estate Development, is Sharjah’s largest master-planned mixed-use development project to-date and will be built over 10 islands covering an area of 60 million square feet along 36 kilometers of waterfront.
Other massive developments in MEConstructionNews.com’s ‘Top 10 Gulf mixed-use projects’ list include the Jeddah Tower and Jeddah Economic City in the Kingdom of Saudi Arabia, listed in first place with a projected investment estimated at US$21 billion, and Mohammed Bin Rashid City – District One in Dubai, United Arab Emirates, listed as the second largest development with an estimated investment of US$5.7 billion.
Sharjah Oasis Real Estate Development Co., the developer of Sharjah Waterfront City, signed an Memorandum of Understanding (MoU) with Sharjah-based Invest Bank to finance the first phase of the projects development. According to the developer, the first phase of the project is budgeted at AED 9.5 billion (US$ 2.6 billion) and will include a central business district, 24 mixed-use towers, a large shopping centre, a luxury hotel and other tourism facilities. The developer expects phase one to be completed in 2018.
The real estate company began its first round of sales for residential units in the project last year. The developer has also signed MoUs with Shaza Hotels (an affiliate of the Kempinski Group), for the ‘Shaza – Sharjah Waterfront City’, a five-star hotel consisting of 300 rooms and 350 serviced apartments; and with Dusit Hotels and Resorts for the development of a 200 room hotel with 200 serviced apartments.
Sharjah updated its property market laws in 2014 to allow foreign expatriates living in the United Arab Emirates to acquire property in zones authorised by the government. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other nationalities living in the Emirates. The new laws allow non-Arab expatriates in the UAE to purchase 100 year leaseholds for pre-authorised real estate projects.
Source: MEConstructionNews.com, Sharjah Oasis Real Estate Development