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Sharjah Waterfront City Redesigned & Restructured

Sharjah Waterfront City

Sharjah Oasis real estate development has officially launched Sharjah Waterfront City on the second day of Cityscape Global 2015 event in Dubai. As per officials the Dh20 billion Sharjah Waterfront City is redesigned and restructured to add 200 residential and commercial towers and a hotel in this project. 100 freehold residential units would be available to non-Arab nationals.

Hayssam El Masri, president of Sharjah Oasis Real Estate, said, “We have launched Sharjah Waterfront City keeping in line with Sharjah’s development plans to attract 10 million visitors by 2021. These plans will increase demand for residential and commercial units as well as hotels, especially in prime locations that offer all modern facilities. Sharjah Waterfront City will be able to match the demands and provide the desired quality of living.”

The mega project which was earlier known as “Nujoom Islands” is restructured and rebranded at the Cityscape for potential investors and buyers. The project features 200 residential and commercial towers, 95 apartment buildings, a hotel and a hotel tower apartment. Sharjah Waterfront City will also have around 1500 waterfront villas. It will be developed in multiple phases – the first phase is expected to be ready by Q3 of 2018 and the second phase will be ready by Q4 of 2016. Construction will begin by the end of this year and each phase would cost Dh9.3 billion. Currently, the property units are available at very attractive price tags.

The developer has signed a management contract with Shaza Hotels, to build a 300-key hotel and 350 serviced apartments. The project will also have another 200-key Dusit hotel and another 200 serviced apartments. The construction contract is under bidding process and will be awarded by December 2015. The infrastructure contract has already been awarded.

Al Hanoo, a renowned real estate company, is the investor-partner in the project. Abdullah Shkara, chairman of Al Hanoo Real Estate Company, said: “We believe this project will be the heartbeat of the city’s tourism 2021 vision.” Sharjah Oasis Real Estate also announced its partnership with Invest Bank for funding the said project. A memorandum of understanding (MoU) has also been signed between the two parties to fund the first phase of this project.