UAE developer launches 8b dirham Sharjah project
This comes even as Dubai is affected by downturn due to excessive development
Dubai
A UNITED Arab Emirates (UAE) real estate developer launched an 8 billion dirham (S$2.9 billion) upmarket, gated community project on Sunday in the emirate of Sharjah.
The announcement comes as fewer projects are being launched in neighbouring Dubai, where the real estate sector is in a deep downturn caused by excessive development over the past decade.
The 19 million square foot, 4,000 unit Masaar project will be delivered in phases from 2023 and completed by 2028, Arada chief executive Ahmed Alkhoshaibi told Reuters.
Around 15,000 people are expected to eventually live in the community, which along with residential and commercial facilities will feature green spaces and an international school. The project will be financed through equity, debt and sales, Mr Alkhoshaibi said.
The downturn in Dubai, the UAE's real estate engine, has been exacerbated by the coronavirus pandemic that has led to huge job losses and an exodus of foreign residents.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
However, Mr Alkhoshaibi said despite the pandemic, he expected there to be significant demand for the project where a house will cost between 1.2 million dirham and 3.7 milliom dirham.
Arada is owned by Sheikh Sultan bin Ahmed al-Qasimi, chairman of the Basma Group, a Sharjah conglomerate, and Prince Khaled bin Alwaleed bin Talal, chairman of Dubai-based KBW Investments. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Australia’s housing rent hits record high in headache for RBA
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise