$1.36bn Al Zahia project to be handed over in Q1
Development will create largest gated community in Sharjah
Handover of the first phase of the $1.36 (AED5bn) Al Zahia development in Sharjah, by Majid Al Futtaim Properties, is due to take place in the first quarter of 2014.
The project, which will be delivered over an eight-to-ten year period, involves over 1.3m square meters and will create the first and largest gated community in Sharjah.
There will be a Majid Al Futtaim City Centre included within the master plan as well as parks, mosques, walking tracks, community amenities and small retail offerings as well.
Lloyd Budd, commercial director, communities business unit within Majid Al Futtaim Properties, told CW: “We’ve been given the time to secure the market research, to listen to the customers and get a product that meets their requirement. And with this unique green-field nature, we’ve been able to build a community the way it should be built.”
As well as Al Zahia, the communities business unit within Majid Al Futtaim is also playing a key role at Waterfront City, in Beirut; and at The Wave, Muscat.
Budd added: “We’re very excited about 2014. For us, the story continues. With the addition of more projects under the Majid Al Futtaim banner, we will see a more regional approach reaching out to more customers; reaching out to those markets where we see synergies with our projects and our partners.”
A former rugby player for the UAE, Budd, who is also a graduate of the Harvard Business School Executive Education Programme, has achieved over $544.5m (AED2bn) in property sales from over 400 customers across 14 different countries. He has also established a network of 70 brokers in seven countries.