Alef Group launches AED 3 billion pedestrian-friendly residential community

The Editor September 6, 2017 Business 9,056 Views

Alef Group, a Sharjah-based real estate developer, has launched a new AED 3 billion (US$ 820m) pedestrian-friendly residential development in the city’s Al Juraina area. Announced as Sharjah’s first fully-walkable community and covering an estimated area of 3 million square feet (279,000 sqm.), ‘Al Mamsha’ will offer a variety of modern apartments, from studios through to penthouses with private terraces.

Al Mamsha (which means ‘pedestrian area’ in Arabic), has been designed with ample sidewalks and walkways with landscaping and open spaces. The community is expected to appeal to a wide range of tastes and budgets, with accommodation units ranging from studios, through to one bedroom, two bedroom and three bedroom apartments. The development will also offer a selection of duplex apartments and penthouses, featuring wide terraces and private gardens.

According to Alef Group, Al Mamsha Zone 1 will comprise a total of 33 mixed-use buildings that combine retail and residential units. A community square will provide the focal point of the development, with water features, green areas and a variety of dining outlets. The project will include about 500,000 square feet (46,000 sqm.) of available space for retail, plus basement parking for more than 7,000 cars. Al Mamsha will provide amenities such as nurseries, a beauty spa and fitness facilities. Plans for the community include entertainment zones, platforms for live music concerts, art galleries, a Friday market and outdoor events.

Sharjah’s real estate market has experienced strong growth, supported by increasing demand for mid- to high-end residential properties. According to Sharjah Real Estate Registration Department, the emirate registered 23 percent growth in the number of residential sales transactions during the first half of this year. Rising demand and new residential developments have also helped push Sharjah villa rental prices up by 11.7 percent during the same period (source: Cluttons Sharjah Property Market Snapshot).

Alef Group is currently preparing to open its first ‘Zero 6’ branded shopping mall in Al Juraina 2, which is expected to open in the fourth quarter of this year. The 37,000 square metre property will have a gross leasable area of 16,000 sqm., including approximately 3,000 sqm. dedicated to restaurants and cafes, a supermarket and an 8 screen cinema complex.

Al Juraina area is in close proximity to Sharjah University City and Sharjah International Airport, about 15-20 minutes drive from Sharjah city centre and 20-30 minutes drive from Dubai International Financial Centre.

Source: Alef Group, various