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Chairman: Sharjah's Alef sells 750 units of $816.8m Al Mamsha homes

Sharjah-based developer, Alef Group, also announced a payment plan allowing select buyers to own their units by making a 5% down payment

Up to 750 units of Alef Group's Al Mamsha homes have been sold [image: Alef Group].
Up to 750 units of Alef Group's Al Mamsha homes have been sold [image: Alef Group].

Alef Group, real estate developer in Sharjah, announced that 750 residential units in the first and second phases of its flagship project, Al Mamsha, have been sold.

The $816.8m (AED3bn) mixed-use development was launched in September 2017, and features studio, one-bedroom, two-bedroom, three-bedroom, and duplex units.

READ: Public-private collaborations are promoting Sharjah’s steady real estate growth

Commenting on the project's sales, Sheikh Khalid bin Sultan Al Qasimi, chairman of Alef Group, said: "The project fits within the emirate's directives and objectives and goes in unison with the wise vision of the emirate's leadership to promote tourism and property sectors.

"Thanks to varied units built in multiple spaces and designs, along with diverse retail, entertainment and sports facilities, Al Mamsha gives additional momentum to the hospitality and retail sectors in the emirate."

Sheikh Khalid said that the pedestrian-friendly project was "the first of its kind in Sharjah, which allows residents and visitors to move around the entire community on foot".

Alef Group also announced a payment plan allowing select buyers to own their units by making a 5% down payment, with the remainder to be paid in installments starting at $1,120 (AED4,100) per month. 

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Construction Week - Issue 747
Aug 03, 2019