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US$150m freehold estate project launched

The UAE’s first full-service freehold residential plots have been announced in Sharjah by Shoumous Properties, a joint venture between Albatha Real Estate and Moafaq Al Gaddah (MAG) Group. Unlike the many other freehold residential developments in the United Arab Emirates, the Shoumous Residential Complex will allow investors to build and sell their own homes according to Sharjah’s real estate regulations.

The Shoumous Residential Complex is planned to be a full-service gated facility conveniently located near to Dubai and the Emirates Bypass Road that connects Abu Dhabi, Dubai and Sharjah with the Northern Emirates. It’s location has the convenience of easy access to Sharjah International Airport, Dubai International Airport and both Dubai and Sharjah cities.

To be built at an estimated cost of AED 550 million ($150 m), the complex will offer 220 residential plots spread across an area of 6.8 million square feet. The freehold plots will be available for sale to Arab nationals with UAE residency, who will be able to buy and resell plots, subject to clearance from the Sharjah Real Estate Department.

The new residential estate will offer six different sizes of plots, ranging from 18,442 sq. ft. to 39,297 sq. ft., within a full-service residential community with a shared commercial centre, three parks, two mosques and a hypermarket. A neighbourhood sewage treatment plant will recycle water to support the area’s landscaping. A facilities management firm will be contracted to provide security, cleaning and maintenance.

Sharjah’s real estate market has recently received a boost from changes to the emirate’s property laws allowing foreigners to purchase property in real estate zones authorised by the government. While UAE and Gulf Cooperation Council (GCC) citizens are permitted to buy and sell property across the Sharjah emirate, other nationalities with UAE residence visas are allowed to buy property in special zones.

Source: MAG Group, Shurooq

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