Maryam Island, Kalba Waterfront and Palace Al Khan will be built by the Eagle Hills Sharjah Development joint venture
Shurooq, Eagle Hills unveil plans for Dh2.7bn trio of real estate projects in Sharjah
Plans for a trio of real estate projects worth Dh2.7 billion (US$734 million) to be built in Sharjah were unveiled by the emirate's ruler on Tuesday, as it looks to develop its retail and tourism industries in competition with Dubai and Abu Dhabi.
The three projects are the first to be developed by Eagle Hills Sharjah Development, a partnership between the Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi-based real estate developer Eagle Hills.
Sheikh Dr Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah, launched the three mixed-use projects - Maryam Island, Kalba Waterfront, and Palace Al Khan - at a ceremony at Expo Centre Sharjah on Tuesday.
The projects are intended to boost Sharjah’s property sector and set new benchmarks for housing, hospitality, retail and lifestyle offerings in the emirate, Shurooq 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,” said Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Eagle Hills Sharjah Development.
Sharjah residential sales and rental rates dropped slightly in 2017, according to property portal Bayut.com’s end-of-year Sharjah real estate report. The cost of renting a two-bed apartment in Al Nahda – the most searched-for neighbourhood in Sharjah in 2017 – was 18 per cent lower than in 2016, Bayut said.
However, Sharjah is becoming an increasingly attractive investment destination as new high profile projects come to market – most notably, developer Arada’s 2.2 million square metre Aljada mega-scheme announced last year.
Maryam Island is the largest of the three projects, valued at Dh2.4bn and covering 460,000 square metres. The low-rise mixed-use development is located on a waterfront site between Al Khan Lagoon and Al Mamzar in downtown Sharjah. It will comprise four- and five-star hotels featuring 600 rooms, as well as 1,890 luxury apartments and villas, and 100 restaurants, cafes and retail outlets.
Work will commence in the first quarter of this year and is scheduled to complete by the end of 2019.
The second project, Kalba Waterfront, is a Dh160m retail scheme with a gross floor area of 17,000 sqm and 86 retail outlets, set to complete in the third quarter of 2019. The mall will be constructed within the Kalba Eco-Tourism Project, and also house a supermarket, family entertainment centre, and a covered dining area.
The third project is the Dh120m Palace Al Khan, a luxury waterfront resort in the historic Sharjah city centre, spanning 66,300 sqm and managed by Emaar Hospitality Group's The Address brand.
The scheme comprises 87 hotel rooms, two two-bedroom residential units, nine one-bedroom units and 76 studio apartments. Work will begin this quarter and complete in the second quarter of 2020, the partnership said.
“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,” said Mohamed Alabbar, chairman of Eagle Hills and vice-chairman of Eagle Hills Sharjah Development.
The Eagle Hills Sharjah Development partnership is separate to the Omran property joint venture formed by Shurooq, Eagle Hills and Mr Alabbar’s Emaar Properties in January 2016.