Sharjah mixed-use projects' appeal rising

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Sharjah mixed-use projects appeal rising
Sheikh Fahim bin Sultan Al Qasimi, Executive Chairman of the Sharjah Department of Government Relations, during Acres Middle East 2017 at Expo Centre Sharjah.

Dubai - Investors particularly interested in Dh2.4b Tilal City development


Rohma Sadaqat

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Published: Thu 23 Mar 2017, 7:15 PM

Last updated: Thu 23 Mar 2017, 9:41 PM

Mixed-use community developments that are currently being launched in Sharjah received a lot of interest at the fourth Middle East Investment Real Estate Exhibition and Conference (Acres Middle East 2017).
Investors were particularly interested in the Dh2.4 billion Tilal City development, which will house 65,000 residents upon its completion. A flagship project of Tilal Properties, the mixed-use development is the largest planned in Sharjah and is located on Emirates Road (E611), a 10 minute drive from Sharjah International Airport.
"Tilal Properties is entering a new phase in its history, having fulfilled all obligations to investors following the delivery of Tilal City's zones A and C, with infrastructure and facilities in December 2016. The second phase of the project, involving the construction of zones B and D, will be handed over to prospective buyers in December 2017," said Khalifa Al Shaibani, director-general of Tilal Properties.
Tilal City is designed to house 600 villas of various sizes and 400 buildings with heights ranging between three, four and five floors. With 48 per cent of its area allocated for service facilities, the master-planned development includes 1,855 land plots. The project is being fully financed by Sharjah Islamic Bank, and will include the Dh1.2 billion Tilal Mall, which is on track for completion and opening before the end 2020. The mall will include a number of high-end brands, a multi-screen cinema, family entertainment centres, food and beverage outlets, a recreational park, hypermarket and a clinic and pharmacy.
Speaking on the rates of sales, Al Shaibani revealed that Tilal Properties has already registered sales of 90 per cent for land plots within the A and C zones, and sales of 50 per cent within zones B and D. He also said that the demand for buying plots had not stopped since they went on sale two years ago. He attributes this to the affordable prices of properties at Tilal City. Residential properties are sold for an average of Dh100 per sqft, and an average of Dh200 per sqft in commercial properties - a highly-attractive proposition for people with varying incomes.
Al Shaibani also noted that the real estate market in Sharjah and the UAE has greatly matured, having previously been sentiment-driven, with many investors making rash judgements. This has changed greatly, with investors becoming more rational in making decisions in the property sector.
Other projects that drew a lot of interest at the real estate exhibition included Asas Tower by Asas Real Estate, which is offering attractive financing offers for those looking to own a residential unit or office space in the tower. Other projects that were being showcased included Al Hoshi Villas, which are located on Maliha Road which connects Sheikh Mohammed bin Zayed road directly to Emirates Road; and Al Falah Project on Muweilah Road, which features a direct view on Al Dhaid Road, adjacent to Sharjah International Airport and Sheikh Mohammed bin Zayed Road.

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