Sharjah Waterfront City, the northern emirate’s latest mega project, will offer 100 freehold residential units for foreign investors, the project developer said during the ongoing Cityscape Global exhibition.
The project joins a string of other developments including Al Tilal City and Al Rayyan which have offered freehold units to boost their sales. Unlike Dubai, Sharjah does not allow lifelong ownership to foreign nationals but only a 100-year lease.
Previously focused on local buyers, a number of Sharjah-based developers are now looking to tap into the buoyant expat investor pool in the UAE.
Sharjah Waterfront City, launched years earlier as Nujoum Island project, was stalled until it was taken over by current developer Sharjah Oasis Real Estate Development and rebranded.
Slated to become the emirate’s largest mixed-use development, the project is estimated to cost a total of Dhs 20bn to build.
Officials have revealed that the project will have around 200 residential and commercial towers, 95 apartment buildings, a hotel and a hotel apartment tower. It will also have up to 1,500 waterfront villas.
The project will be developed in phases with the first phase slated to be ready by Q4 2018 and the second phase by Q4 2016, officials said. Each phase is estimated to cost about Dhs 9.3bn.
Construction of the first phase is scheduled to begin by the end of next year, according to Sharjah Oasis Real Estate Development president Hayssam El Masri.
The master developer has also signed a management contract with Shaza Hotels, an affiliate of Kempinski, to build a 300-key hotel and 350 serviced apartments. The city will also have another 200-key Dusit hotel and another 200 keys of serviced apartments although further details have not yet been dislcosed.
Sharjah Waterfront City will also have a Crystal Lagoon theme park within its development. Initial feasibility studies have revealed that the park will have 900,000 visits in the year it opened, officials said.
The overall project will be capable of housing around 200,000 residents upon completion, according to its developer.