Sharjah $544m mega project offers 100 year lease to foreign buyers

Tilal Properties, a joint venture between Sharjah Asset Management and Eskan Real Estate Development, was launched at a VIP event on Tuesday. Tilal City, a mixed-use community covering an area of 25 million square feet, will be Sharjah’s first mixed use, master planned development and will include homes for 65,000 residents, 1,880 land plots and five separate zones.

Freehold land plots will be offered to Gulf and Arab nationals, while 100 year leasehold will be on offer for the first time to all other nationalities.

All land plots will be sold on a ‘price per square foot’ basis and pricing range from AED110 per square foot to AED303 per sq ft. Handover of plots is scheduled to start within 24 to 36 months and the central areas are likely to be completed by 2016.

Speaking at the event, HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of Tilal Properties, said through the launch of its new city, the company seeks “to keep pace with the intellectual and urban development witnessed by Sharjah.”

He clarified that “Tilal City is one of a series of projects that will be implemented by Tilal Properties” and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market.

The Sharjah Executive Council recently issued Resolution No. 26 of 2014, which, for the first time, allows foreign investors the right to own properties in Sharjah for up to 100 years. It is hoped this resolution will help stimulate investment in the emirate.

“We all realise the importance of the real estate sector, which greatly contributes to the GDP and economic growth in general. Through Tilal City, we aspire to serve the real estate requirements of the emirate and benefit all segments of the society. We also aspire to add this integrated model city to Sharjah’s tourist destinations,” Al Qasimi added.