Sweeping visa reforms, investor-friendly initiatives, high liquidity, low rates and open-arm approach continued to attract overseas property buyers
Business1 day ago
Bodour Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq), conducted a detailed inspection visit and oversaw the progress of two new projects currently under development by Shurooq. These include Sharjah Sustainable City, a first-of-its kind project in the emirate that meets the highest standards of green economy and environmental sustainability, which is being developed by Shurooq in partnership with Diamond Developers, and Al Hira Beach, which Shurooq commenced in February 2021.
During the visit, Bodour Al Qasimi was accompanied by Ahmed Obaid Al Qaseer, acting chief executive officer of Shurooq; Yousif Ahmed Al Mutawa, CEO of Sharjah Sustainable City, and several directors of various departments under Shurooq.
Bodour toured the two projects, and was briefed on the status of their progress and array of facilities and amenities planned for each site. The Shurooq Chairperson was updated on the stringent criteria followed to ensure completion of the projects on time in line with Sharjah’s vision to accelerate advancement of the tourism and real estate sectors and to fulfil Shurooq’s goal of enhancing the investment appeal of Sharjah and creating new business opportunities.
Bodour thanked all the teams involved in the various stages of construction of the two projects for their efforts and their keenness to complete the work on time and in adherence to the highest standards of quality.
Bodour Al Qasimi emphasised that the Sharjah Sustainable City project aligns with Shurooq’s strategy of bolstering environment-friendly investments and business diversification and in developing projects with the highest level of long-term impact.
Speaking about the Al Hira Beach project, Bodour Al Qasimi pointed out that it translates Shurooq’s inclusive vision that builds on Sharjah’s aspirations and goals of bringing paradigm shifts in the tourism sector and investing in projects that contribute to the progress and development of the areas in which they are located.
A model for future cities
The Sharjah Sustainable City, an urban mixed-use residential community project, is a model for future cities. The project’s design meets the highest standards of social, environmental and economic sustainability criteria. Adopting renewable and clean energy systems, the sustainable community comprises eco-friendly and energy-efficient 3, 4 and 5-bedroom villas, indoor vertical farms, a school, and service facilities such as gyms, separate swimming pools for men and women, as well as dedicated play areas for children.
The Dh2 billion project extends over 7.2 million square feet and is being implemented in four phases. The first phase includes 280 villas that have been fully sold out, while the second phase includes 324 villas, of which 55 per cent have been sold, and is scheduled to be delivered in March 2023.
Al Hira Beach
The Dh87 million Al Hira Beach project extends over a 3.5-kilometre stretch across the shoreline overlooking the Arabian Gulf in the Al Fisht area in Sharjah. It comprises of three clusters with 6 retail units in each, featuring 18 restaurants and cafes, a promenade, marina, sports facilities and service amenities.
Al Hira Beach is the second inclusive beach project developed by Shurooq after the Khorfakkan Beach. It has marked 98% completion, and the commercial units are ready to be rented. The beach is scheduled to open for visitors and beachgoers in the second quarter of 2022.
— muzaffarrizvi@khaleejtimes.com
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