Sharjah joins the property development race

Two exclusive Arab developments within the Sharjah region were announced last week at the Acres Middle East Investment and Real Estate Exhibition in Sharjah.

Burooj Properties, a subsidiary of Abu Dhabi Islamic Bank, will develop a US$4bn marina, which is to be carved into the Al Khan peninsula of Sharjah.

The 10 million sq ft project is exclusively available to Arab nationals, according to the firm. However, expatriates will be able to rent apartments when they come on the market in August 2008. Adel Al Zarouni, managing director of Burooj Properties, said the Sharjah Marina will be one of the UAE's most significant developments.

"Sharjah is witnessing a remarkable construction boom attracting huge investments to the emirate on individual and corporate levels. This huge project will confirm Sharjah's standing as a residential, leisure and business hub, with special emphasis on Islamic values and Arab heritage," he said.

The Marina project is due for completion in 2010, according to the group. The construction site is opposite Dubai's Mamzar Park, overlooking the Palm Deira, which is also currently under development. The Sharjah Marina will also feature a two-kilometre canal, an amphitheater and an Ottoman mosque while its hotels, malls, homes and museums will bear Islamic and Arab motifs.

Meanwhile, Sharjah-based developer JMS launched the sales of its Al Rayyan Towers project at the expo. The project is situated in Al Nahda, Sharjah, and will offer office and living space aimed at high-end users.

Al Rayyan Towers will consist of three towers; two residential and one office. All towers will have over 39 floors and will be available on freehold purchase to all Arab passport holders.

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