Faya to target office shortage

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Faya’s Sharjah project will include 20 levels of offices to address shortages.

Faya Investments will launch the Faya Business Tower in Al Majaz, Sharjah, to satisfy soaring demand for office space in the emirate.

The launch comes as demand for office space is increasing with an acute shortage of affordable, high quality office space in the property market, primarily in prime business locations.

The demand, coupled with skyrocketing prices, is being fuelled by a wave of new arrivals in the emirate and the relocation of existing companies.

Extending over 1,219m², the tower is situated in the Al Majaz area and comprises 26 storeys, housing a ground floor, five parking levels with 170 parking spaces and 20 levels for office space.

The US $ 28.5 million (AED105 million) project is slated to be completed by the end of 2009.

Contracting and project management details have not been released.

Faya officials say they want to fill the gap in Sharjah's real estate sector with a range of new projects in various sectors, including the real estate sector, with a focus on developing commercial buildings to meet the increasing demand for quality and affordable office space in the emirate.

A key difference between this project and others is the relatively short period in which it is to be completed.

Stringent timelines have been set for the project to combat issues related to handover dates, which have become a challenge for the region's property development sector due to escalating building costs, a shortage of skilled labour and other difficulties.

The Faya Business Tower will have a contemporary design with an emphasis on classic Arabic rchitecture. It will be equipped with state-of-the-art amenities and services.

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