Joint venture launches three projects in Sharjah worth $735m
Three real estate projects worth a total of $735m (AED2.7bn) have been announced in Sharjah, developed as a joint venture between Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi-based Eagle Hills
Three real estate projects worth a total of $735m (AED2.7bn) have been announced in Sharjah, developed as a joint venture between Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi-based Eagle Hills.
The company, Eagle Hills Sharjah Development, will develop the three projects, which include 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, chairperson of Shurooq, and Mohamed Alabbar, chairman of Eagle Hills, as well as a number of CEOs, directors of government and private corporations, in addition to local and international investors.
Sheikha Bodour bint Sultan Al Qasimi, 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 His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah.”
The largest development of the three projects in terms of both value and area, the $653m (AED2.4bn) mixed-use Maryam Island, will be located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah, where it will be situated within the city’s commercial and residential facilities.
The waterside development will comprise low-rise buildings that do not exceed eight floors, featuring 1,890 luxury apartments and villas.
It will be home to premium 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 $44m (AED160m) Kalba Waterfront is a master-planned retail development which will have a gross floor area of 17,000sqm and a gross leasing area of 11,200sqm.
The mall will be constructed within the Kalba Eco-Tourism Project and have 86 retail outlets. Work on the Kalba Waterfront will commence in the first quarter of 2018 and the development is set for completion in Q3 2019.
The third project, Palace Al Khan is a waterfront resort with a $33m (AED120m) five-star seaside hotel extending over 66,300sqm. It will offer 87 hotel keys, two two-bedroom units, nine one-bedroom units, and 76 studios.
Address Hotels + Resorts will manage Palace Al Khan and work on the hotel will begin in the first quarter of 2018, completing in Q2 2020.