Tue 16-01-2018 19:22 PM
SHARJAH, 16th January, 2018 (WAM) -- H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has unveiled three ground-breaking real estate projects for the emirate.
Valued at AED 2.7 billion, the three projects are the result of a joint venture between the 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 seeks to develop the three projects: Maryam Island, Kalba Waterfront and Palace Al Khan.
The announcement was made during a ceremony held at Expo Centre Sharjah in the presence of Sheikha Bodour bint Sultan Al Qasimi, Chairwoman of Shurooq, and Mohamed Alabbar, Chairman of Eagle Hills, as well as a number of CEOs and directors of government and private companies, in addition to local and international investors.
Commenting on the launch, Sheikha Bodour 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, thanks to the leadership of Sheikh Sultan."
Alabbar said, "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 in the emirate. We look forward to a longstanding partnership, as we focus on developing these projects to the highest standards of design excellence and build quality."
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 be located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah. The master-planned waterside development will spread across 460,000 square metres, with a built-up area of 310,000 sq.m.
Work will commence in the first quarter of this year, with completion due by the end of 2019.
The AED160 million Kalba Waterfront is a master-planned retail development that is set to become one of the most prominent retail projects in the East Coast city. The retail project has a gross floor area of 17,000 sq.m. and a gross leasing area of 11,200 sq.m.. The mall will be constructed as part of the Kalba Eco-Tourism Project.
Work will begin in the first quarter of 2018, and the development is set for completion in Q3 2019.
Palace Al Khan will be the first luxury waterfront resort in the heart of Sharjah city. Overlooking the Arabian Sea, the AED120 million five-star seaside hotel will extend over 66,300 sq.m.. It will offer 87 hotel rooms, two two-bedroom units, nine one-bedroom units and 76 studios.
Address Hotels + Resorts, a premium luxury brand by Emaar Hospitality Group, will manage Palace Al Khan. Work will begin in the first quarter of 2018 and it is set for completion in Q2 2020.