sharjah’s dh25b splash
dubai — Phase 1 of the Dh25 billion Sharjah Waterfront City project is on track for completion, with the handover of 321 villa units scheduled for 2019.
Speaking to the media on Tuesday morning, officials from Sharjah Oasis Real Estate, the developer of the project, say that construction work is progressing steadily on ‘Sun Island’ — one of the 8 natural islands that make up the 60 million square feet development. Phase 1 involves the completion and handover of 321 residential units ranging between three, four, five, and six-bedroom villas on Sun Island.
“More than 50 per cent of the units in Phase 1 have been sold, which is a reflection of the confidence that people have, not just in the development, but in the property sector in Sharjah,” said Sultan Al Shakrah, chief executive officer of Sharjah Oasis Real Estate Co.
“After the launch of the first phase, we have quickly received some very good feedback from the market. Prices for the villas in Phase 1 of the project start from
> FROM PAGE 21 Dh2.5 million and go up to Dh8 million. Much of the investor demand right now comes from Emiratis, as well as from investors in KSA and the rest of the GCC, and Indians and Pakistanis.”
Al Shakrah also said that the construction on the whole development will be completed in six phases, and that construction on the second phase will begin by the end of this year. Sharjah Waterfront City consists of eight natural islands connected to each other, and is a mixed-use development that includes villas, commercial units, shopping malls, a water park, hotels, and a marina. Phase 2 of the project will include the construction of several commercial units, as well as two hotels.
Completion of the whole project is currently estimated between 8-10 years, but the CEO clarified that market conditions were going to be a key factor. “However, we have a target of completing all the vital project infrastructure by 2021, because without the proper infrastructure in place there is no project.”
Al Shakrah also highlighted how
Dh3B worth of infrastructure works has been completed
the property sector in Sharjah has been developing over the past 20 years. “The good thing about the property market in Sharjah is that it is stable and we are fully supported by the government of the emirate as well as the private sector,” he said. He also noted how the project will ultimately help the emirate of Sharjah in achieving its tourism visitor target in the coming years.
“By way of hospitality offerings, we are also interested in bringing in four and three-star properties, in addition to our five-star offerings. We are also interested in developing resort and leisure offerings for visitors. The Crystal Lagoon water theme park is designed by Jack Rouse Associates, and will be bringing 38 rides that have never been seen before. Families that are interested in enjoying all the rides can expect to have 2-3 days of fun in the water park.”
Currently, over Dh3 billion worth of infrastructure work has been completed on the project, including two power transmission and distribution plants, built with a cost of Dh250 million to ensure an uninterrupted supply of up to 700MW of electricity.
“I am pleased to announce the completion of Dh3 billion worth of infrastructure works within Sharjah Waterfront City, including the removal of 12 million cubic metres of sand to dig 3.5 metre deep canals with a width spanning between 100-300 metres to create eight islands within the landscape, that helped us to create 20 kilometres of new coastline and beachfront properties,” said Sheikh Abdullah Al Shakrah, chairman of Sharjah Oasis Real Estate Co.
Mohamad Chadi Itani, media and marketing consultant at Sharjah Oasis Real Estate Development, noted that upon completion, the project will boast 1,500 villas and townhouses, 95 mid-rise and highrise towers, 14 hotels and serviced apartments, and 800 berths for boats and luxury yachts in the marina.
The developer also has plans for an internal tram network that will provide an easy access for residents and visitors. Entertainment and leisure offerings are also expected to bring in visitors from the neighbouring emirates such as Dubai and Abu Dhabi. Officials at Oasis Real Estate say that they are already in talks with the Dubai RTA to provide water taxis that will ferry visitors between the two emirates.
— rohma@khaleejtimes.com