Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
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Sharjah-based Al Thuriah Properties has announced the final handover of its AED 295 million (US$ 81m), 33-storey Sahara Tower 4 to home owners. The 3.1 million square foot (288,000 sqm.) mixed-use Sahara Complex on Sharjah’s Al Nahda Street, near to the border with Dubai, will ultimately have six residential towers. Construction of Sahara Towers 1 to 5 is already completed and Sahara Tower 6 is scheduled for completion in December 2019.
Sahara Tower 4 consists of 300 apartments with world-class amenities, state-of-the-art swimming pool and gymnasium, garden and lounge area, plus retail and restaurant outlets on the lower floors. Construction of the tower began in April 2014 and, according to the developer, all units were sold out within 18 months of its launch. The property includes one, two, three and four-bedroom units, supported by facilities management and 24/7 security.
Al Thuriah has delivered approximately 4,500 homes and has a further 2,500 units at various stages of development. At the forefront is the 400-unit Sahara Tower 6, which will be the tallest building in the Sahara Complex with the highest of its two tower blocks reaching 39 storeys (Block A) and the other (Block B) 21 storeys.
Sharjah’s real estate market has seen strong growth, invigorated by 2014 updates to the Emirate’s property laws allowing foreign expatriates living in the United Arab Emirates to purchase property in designated zones via 100 year leasehold agreements. Consequently, freehold and leasehold sales have seen increasing demand for residential and commercial properties across multiple market segments.
According to global credit rating agency Standard & Poor’s, Sharjah’s real estate and business services sector accounts for about 22 percent of GDP and is expected to experience accelerated growth through to 2020.
Source: Al Thuriah
