Sharjah Ruler launches three real estate projects worth AED2.7bn

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, supreme council member and ruler of Sharjah, unveiled three ground-breaking real estate projects to be developed in Sharjah. Worth a total of AED2.7 billion, the projects are the result of a joint venture between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills, an Abu Dhabi-based private real estate investment and development company.

Shurooq and Eagle Hills will work together in a strategic partnership represented by ‘Eagle Hills Sharjah Development’, a dedicated real estate company that aims to develop the three projects – Maryam Island, Kalba Waterfront and Palace Al Khan.

Maryam Island is the largest development of the three projects in terms of both value and area. The AED2.4 billion mixed-use development – featuring a series of 100 restaurants, cafés and retail outlets alongside hotels, luxury apartments and villas – will be located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah. The breakthrough masterplanned waterside development will spread across 4.9 million sqft, with a built-up area of 3.3 million sqft.

The AED160 million Kalba Waterfront is a master-planned retail development that is set to become one of the most prominent retail projects in the eastern region. The retail project has gross floor area of 182,985 sqft and a gross leasing area of 120,555 sqft. The mall – which will house 86 retail outlets and top local and international fashion brands – will be constructed within the Kalba Eco-Tourism Project, adjacent to Kalba’s stunning serene lagoon surrounded by mangrove trees, offering a unique experience in one of the most beautiful and tranquil areas in the country. Work on the Kalba Waterfront will commence in the first quarter of 2018 and the development is set for completion in Q3 2019.

Palace Al Khan, the third project to be developed by Eagle Hills Sharjah Development, is the first luxury waterfront resort in the heart of Sharjah city. Overlooking the Arabian Sea, the AED120 million five-star seaside hotel will extend over 713,645 sqft.

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.

Commenting on the launch, Sheikha Bodour Al Qasimi, says, “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.”

“At Shurooq, we dedicate our efforts to working with various government entities in the emirate to establish the groundwork for promising opportunities for several businesses, and to strengthen our infrastructure in support of both public and private sectors. Today, we are gathered to announce a strategic partnership between Shurooq and Eagle Hills in order to launch three new projects that provide unique residential and leisure opportunities to citizens and residents in Sharjah, thanks to our firm belief in the emirate’s competencies,” she adds.

Sheikha Bodour Al Qasimi also reiterated her complete trust in the new partnership with Eagle Hills, to introduce a new chapter in Sharjah’s real estate sector, which will translate His Highness’s grand vision to increase investments and economic diversification in the emirate.

“To us, Sharjah is a symbol of traditional and national values, representing our roots and Arabic culture. It is a place of tolerance and welcoming hospitality that brings warmth to all its citizens and visitors in alignment with the wise vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi,” states Alabbar.

“Unveiling such prestigious projects in Sharjah with our partner Shurooq demonstrates our commitment to the sustained development of the Northern Emirates. 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. We look forward to a longstanding partnership as we focus on developing these projects to the highest standards of design excellence and build quality,” he concludes.