Sharjah-based Omran Properties will launch three real estate projects – including mixed-use, hotel and retail – in the emirate worth AED2.47 billion, in total, as part of a massive investment drive.
The company – established in 2016 through a strategic partnership between the Sharjah Investment and Development Authority (Shurooq), Dubai’s Emaar Properties and Abu Dhabi-based developer Eagle Hills – is slated to launch the projects later this year.
The largest of the developments is ‘Maryam Island’, a unique AED2.26 billion mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula. The five-star hotel ‘Al Khan Village Resort’, is worth AED120.6 million and the ‘Kalba Waterfront Mall’ in the eastern region of the emirate has a development cost valued at AED106 million.
Spanning 3.9 million sqft – situated between Al Khan Lagoon and Al Mamzar peninsula – Maryam Island will offer a leasable retail area of 200,004 sqft. The development will include residential housing, apartments, offices, hotels, a cinema and entertainment areas.
The Al Khan Village Resort is part of the re-construction of the traditional Al Khan fishing village. It will house a range of F&B options and a spa. Spread across 713,668 sqft, it is expected to open by the third quarter of 2019.
Kalba Waterfront Mall will be located at the centre of the development area in the Kalba Eco-tourism Project, overlooking a lagoon lined by mangroves. The mall, also due to open in the third quarter of 2019, will offer a leasable retail area of 120,600 sqft.
Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and chairperson of the board of directors at Omran Properties, said the projects align with Shurooq’s vision of expanding investments in Sharjah, diversifying its world-class portfolio, while promoting Sharjah as a premier investment attraction.
“These developments are a perfect reflection of Shurooq’s ambitions to position Sharjah as a premium lifestyle destination and a lucrative and intelligent commercial opportunity. Sharjah is increasingly becoming an international focal point for business, hospitality, tourism and trade, and with the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors. These projects are a barometer of the confidence in Sharjah and an indication of its long-term success,” she says.
“The huge projects unveiled by Omran Properties are the first in a series of developments in different sectors that will play a crucial role in changing the investment and real estate sector in Sharjah,” she continues.
“As Sharjah’s property sector grows, we see a progressive trend towards mid- and high-end real estate, creating a more niche market that meets the requirements of discerning investors,” observes Mohamed Alabbar, chairman of Emaar Properties and Eagle Hills. “Led by Sharjah government’s tremendous support of these developments and its overarching strategy of economic diversification, the emirate today welcomes a growing number of regional and international investors.
“As a development manager for the projects, Emaar is committed to delivering the highest standards of residential, lifestyle, leisure and tourism experiences, and we will bring these same values to Sharjah through our strategic partnership with Shurooq and Eagles Hills for Omran Properties,” Alabbar asserts.
“Sharjah is full of unique opportunities and real estate has proven to be one of the biggest and most promising sectors in Sharjah’s economic growth. The unique projects announced by Omran Properties signify the emirate’s desire to commission premium projects, something that Shurooq has continuously promoted to local and international investors,” adds Marwan bin Jassim Al Sarkal, CEO of Shurooq.
“These projects also show the continuous demand by residents and investors, who recognise the emirate as a high quality diversified economy, with a variety of opportunities across multiple sectors. Sharjah is experiencing new demands for services and lifestyles as it evolves even further into a family-friendly and business-friendly destination. It is truly becoming a world-class community of integrated residents and inspirational businesses,” he concludes.