Sharjah – The Sharjah Investment and Development Authority, known as Shurooq, joined hands with Eagle Hills to announce the launch of three luxury projects worth more than Dh2.7 billion, under a new partnership which will boost the property and hospitality market in Sharjah.
The three projects include Dh2.4 billion Maryam Island, Dh120 million Palace Al Khan and Dh160 million Kalba Waterfront. All three projects are focused on promoting Sharjah’s tourism sector and pay homage to the emirate’s heritage. Construction is already underway on the projects with Maryam Island scheduled for completion by the fourth quarter of 2019. The Kalba Waterfront is scheduled for completion by Q3 of 2019 and the Palace Al Khan is scheduled for Q2 of 2020.
His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, unveiled the real estate projects on Tuesday at an event in Sharjah. The trio of projects are the result of a joint venture between Shurooq and Eagle Hills, who will work together in a strategic partnership represented by Eagle Hills Sharjah Development.
Sheikha Bodour bint Sultan Al Qasimi, chairperson of Shurooq and Eagle Hills Sharjah Development, said 2018 will see Sharjah open its doors to several new and exciting projects. “Our focus has always been to work with different entities to promote Sharjah as a major investment and tourism destination. The emirate is witnessing a boom in its diversified economy, which has been attracting investments from business leaders around the world, making it a premium investment destination for tourism and trade.”
Sheikha Bodour reiterated her trust in the partnership with Eagle Hills to introduce a new chapter in Sharjah’s real estate sector, which will translate His Highness’ vision to increase investments and economic diversification in the emirate.
Mohamed Alabbar, chairman of Eagle Hills and vice-chairman of Eagle Hills Sharjah Development, said he is pleased with the opportunity to work with Shurooq in their mission to promote Sharjah as a tourism destination and as a destination of choice for investors. “We are confident that these projects will enhance the quality of the real estate sector in Sharjah and usher in a new era of development,” he said.
Speaking to the media, Marwan bin Jassim Al Sarkal, CEO of Shurooq, said all three projects had been carefully planned to preserve and showcase the heritage of Sharjah. “We wanted visitors to get a sense about the culture of the area they are visiting. These projects focus on our roots and pay homage to our history.”
Maryam Island is the largest development of the three projects in terms of both value and area. The Dh2.4 billion mixed-use development will be located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah, where it will be centrally situated within the city’s commercial and residential facilities. The masterplanned waterside development will spread across 460,000sqm, with a built-up area of 310,000sqm. Maryam Island will house villages offering both accommodation and holiday offerings.
The Dh160 million Kalba Waterfront is a master-planned retail development that has a gross floor area of 17,000sqm and a gross leasing area of 11,200sqm. The mall will be constructed within the Kalba Eco-Tourism Project, adjacent to Kalba’s lagoon.
The Dh120 million Palace Al Khan is a five-star seaside hotel that will offer 87 hotel keys. Address Hotels + Resorts, a premium luxury brand by Emaar Hospitality group, will manage Palace Al Khan. Work on Palace Al Khan will begin in the first quarter of 2018.