Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Tilal Properties, a new joint venture between Sharjah Asset Management and Eskan Real Estate Development, has announced Tilal City, a 25 million square feet mixed-use community strategically located near the Emirates Road (E611), just 10 kilometres from Sharjah’s International Airport. The AED 2 billion (US$ 540 million) real estate development will include some 2,000 residential plots, offices, retail stores, open parks, educational institutions and community facilities.
According to His Excellency Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Tilal Properties, Tilal City is one of a series of projects that will be implemented by Tilal Properties and the development will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market.
Tilal City will be divided into four major zones, consisting of neighbourhoods and residential clusters, linked together via green public spaces and corridors. The residential developments will centre around a fifth zone which contains a shopping mall and central park. Of the development’s total area of 25 million square feet, 13 million square feet will be used for property sales and 12 million square feet for public facilities, roads and parks.
The residential community will provide high-quality, affordable housing for 65,000 residents in apartments, villas and townhouses, constructed on 1,800 land plots. The construction of the infrastructure is already under way and the first three zones are expected to be completed by December 2016. Tilal City will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas.
International real estate consultancy, Cluttons has been appointed as the exclusive real estate partner for Tilal City sales and marketing, providing a wide range of services from project conception, throughout the 36 month development phase of Tilal City, to undertaking market studies and benchmarking exercises.
Land plot dimensions vary in size to appeal to a wide variety of purchasers and can be sold freehold to GCC nationals and Arab nationals, with a valid UAE resident visa. Non-Arab expats can purchase plots leasehold with a 100 year long lease, provided they hold a valid UAE resident visa, making this the first time a leasehold of this tenure has been offered in Sharjah.
Source: Tilal Properties, Cluttons
