Omran launches Dh2.47b projects in Sharjah

Sharjah-based Omran Properties is gearing up to launch three real-estate projects in the emirate worth Dh2.47 billion, as part of a major investment drive.
The developments include new residential, retail, commercial, and hospitality opportunities for Sharjah's existing and potential investors. The largest of the developments is Maryam Island, a Dh2.26 billion mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula. The Al Khan Village Resort, a five-star hotel is worth Dh120.6 million, and Kalba Waterfront Mall in the eastern region of the emirate has a development cost valued at Dh106 million.
Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and chairperson of the board of directors at Omran Properties, said the projects align with Shurooq's vision of expanding investments in Sharjah, diversifying its world-class portfolio and promoting Sharjah as the region's premier investment attraction.
"These developments are a perfect reflection of Shurooq's ambitions to position Sharjah as a premium lifestyle destination and a lucrative and intelligent commercial opportunity," she said. "Sharjah is increasingly becoming an international focal point for business, hospitality, tourism and trade, and with the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors. These projects are a barometer of the confidence in Sharjah and an indication of its long term success."
She further added that the projects are the first in a series of developments in different sectors that will play a crucial role in changing the investment and real estate sphere in Sharjah.
Mohamed Alabbar, chairman of Eagle Hills and chairman of Emaar Properties, said: "As Sharjah's property sector grows, we see a progressive trend towards mid and high-end real estate, creating a more niche market that meets the requirements of discerning investors. Led by Sharjah government's tremendous support of these developments and its overarching strategy of economic diversification, the emirate today welcomes a growing number of regional and international investors."
With a land size area of approximately 364,000sqm and a leasable retail area of 18,581sqm, Maryam Island tops Omran Properties' projects as its largest in Sharjah. The development will include residential housing, apartments, offices, hotels, a cinema and entertainment areas and is highly suited for socialising, conducting business and communal living.
Al Khan Village Resort is part of the re-construction of the traditional Al Khan fishing village. The destination will include a range of F&B options and a spa. With a development cost of Dh120.6 million and a total ground size area of 66,302sqm, the date of opening is expected to be in the third quarter of 2019. Kalba Waterfront Mall will be located at the centre of the development area in the Kalba Eco-tourism Project, overlooking a lagoon lined by mangroves. With a development cost of Dh106 million, the mall provides a leasable retail area of 11,204sqm and is also due to open in the third quarter of 2019.
"These projects also show the continuous demand by residents and investors, who recognise the emirate as a high quality diversified economy, with a variety of opportunities across multiple sectors. Sharjah is experiencing new demands for services and lifestyles as it evolves even further into a family-friendly and business-friendly destination. It is truly becoming a world class community of integrated residents and inspirational businesses," said Marwan bin Jassim Al Sarkal, CEO of Shurooq. - rohma@khaleejtimes.com