Sharjah ruler Sheikh Dr Sultan bin Mohammed Al Qasimi on Tuesday unveiled three real estate projects worth AED2.7 billion ($740 million) to be developed in the emirate.
The trio of projects are the result of a joint venture between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills, an Abu Dhabi-based private real estate investment and development company.
Shurooq and Eagle Hills will work together in a strategic partnership represented by Eagle Hills Sharjah Development, a dedicated real estate company that aims to develop the three projects - Maryam Island, Kalba Waterfront and Palace Al Khan.
The large-scale projects including high-end hospitality facilities in Sharjah will give a strong boost to the emirate’s flourishing property sector, setting new benchmarks for housing, hospitality and retail offerings, as well as lifestyle communities, a statement said.
Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Eagle Hills Sharjah Development, said: “Sharjah is witnessing a distinctive boom in its diversified economy which has been attracting various investments from business leaders around the world, making the emirate a premium investment destination for tourism and trade.”
Mohamed Alabbar, chairman of Eagle Hills and vice chairman of Eagle Hills Sharjah Development, added: “To us, Sharjah is a symbol of traditional and national values, representing our roots and Arabic culture.
“Unveiling such prestigious projects in Sharjah with our partner Shurooq demonstrates our commitment to the sustained development of the Northern Emirates. These three developments will offer the local community a whole new level of living and lifestyle experiences that will in turn attract a larger footfall to Sharjah, boost the economy and increase investments.”
Maryam Island is the largest development of the three projects in terms of both value and area. The AED2.4 billion mixed-use development will comprise low-rise buildings that do not exceed eight floors, featuring 1,890 luxury apartments and villas. It will also be home to five- and four-star hotels featuring more than 600 hotel rooms, with 100 restaurants, cafes and retail outlets spread along the waterfront.
Work will commence in the first quarter of this year and is set for completion by the end of 2019.
The AED160 million Kalba Waterfront is a master-planned retail development which will house 86 shops. The unconventional design of the mall includes internal public streets where outlets and shops spread on both sides, with an outdoor
The mall will also include a children's play area and a park surrounding the lagoon, a supermarket, a family entertainment centre and a large indoor dining area.
Work on the Kalba Waterfront will start in the first quarter of 2018 and the development is set for completion in Q3 2019.
Palace Al Khan, the AED120 million five-star seaside hotel, will extend over 66,300 sq m. It will offer 87 hotel keys, two 2-bedroom units, nine 1-bedroom units and 76 studios.
Address Hotels + Resorts, a premium luxury brand by Emaar Hospitaly group, will manage Palace Al Khan. Work on Palace Al Khan will begin in the first quarter of 2018, and is set for completion in Q2 2020.
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