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80% of Sharjah Investment Center plots sold

Sharjah Investment Center (SIC), a new 32 million square foot mixed-use industrial development in Sharjah, has sold 80 percent of the plots in its first two development phases to-date, according to Saudi property developer SNASCO. The project, which is a joint venture between SNASCO and UAE investors, has sold 350 plots out of the 15 million sq. ft. area allocated for the first two phases, with 280 plots having been handed over to investors so far.

The AED 2 billion (US$ 544m) development is strategically located in Al Arqoub near the E 611 road that connects the northern emirates. It is 15 minutes from Sharjah International Airport and 15 minutes to Hamriyah Free Zone.

SIC currently offers an office park, industrial park and staff housing. Phase three of the development is currently in the planning stage and, according to SNASCO, initial government approval has been received to build a gated residential community.

Road infrastructure, electrical, water, sewage and drainage works for Sharjah Investment Center were carried out by main infrastructure contractor Darwish Engineering Emirates. The area’s power grid currently includes four 33kv distribution substations and 121 11kv substations which supply the 488 developed plots in the industrial area.

Sharjah Investment Center has recently awarded a AED 126.5 million (US$ 34.7m) contract to Scan Electromechanical Contracting Company for the installation and commissioning of a Siemens 132kv power substation, to completed by the end of 2017. The plant will be connected to Al Hamriyah Power Station and will have the capacity to provide 180 MW to the Sharjah Investment Center.

SNASCO, a Saudi property development and investment company, with operations in Algeria, Saudi Arabia and the United Arab Emirates.

Source: SNASCO


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