Tilal City, a new mixed-use community being developed over an area of 25 million square feet in Sharjah, is worth Dhs2 billion, its developer said in a statement post its official launch.
The new city is located off Emirates Road, close to the Al Dhaid interchange and will be developed by Tilal Properties.
Tilal Properties is the new joint venture between the emirate’s investment arm Sharjah Asset Management and Eskan Real Estate Development.
Out of the total area of the project, around 13 million square feet will have units on sale while 12 million square feet will be dedicated to public facilities, roads and parks.
The project will have 1,800 land plots and will be split into five zones featuring apartments, villas and townhouses. It will offer affordable homes for 65,000 residents while including commercial, office and retail space.
The construction of the project will be completed by December 2016, the developer said.
“This development really sets Sharjah up as a destination for investors and prospective residents,” said Khalifa Al Shaibani, director general of Tilal Properties.
The launch follows a recently issued resolution by the emirate executive council, which allows foreign investors the right to own properties in Sharjah for up to 100 years. The resolution is expected to attract more investments to the emirate, the statement said.
“Tilal City is one of a series of projects that will be implemented by Tilal Properties and it will allow UAE residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah’s property market,” said Sheikh Sultan bin Ahmed Al Qasimi, chairman of Tilal Properties.
“We all realise the importance of the real estate sector, which greatly contributes to the GDP and economic growth in general.
“Through Tilal City, we aspire to serve the real estate requirements of the emirate and benefit all segments of the society. We also aspire to add this integrated model city to Sharjah’s tourist destinations.”
Sharjah’s property sector has been booming in the last year, with its residential rental sector performing extremely well.
Developers are also cashing in on high rental rates as they launch new residential properties across the emirate.
Earlier this year UAE-based firm Al Thuriah announced plans to construct two high-rise residential towers in Sharjah, close to its border with Dubai.