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The first phase of a project in Sharjah offering large-sized plots — of between 18,442 and 32,297 square feet — for investors to build their own villas has just been launched. The Dh400 million development — Shoumous Residential Complex — represents a joint venture between MAG Group and Albatha Real Estate Group and located in the Al Tai district of Sharjah and close to Shaikh Mohammad Bin Zayed Road.
The first phase, spread over 6.8 million square feet, will feature 220 plots, extensive common areas and a mall which is to be developed by a third-party developer. The plots are going for Dh90-Dh100 a square foot. The handover will be by the end of the year. (It has been registered with Sharjah Real Estate Department.)
“Sales are open to all Arab nationals — we are offering full flexibility on when the buyer wants to start construction on the plot,” said Dr Hani S. Abu Auida, CEO of Shoumous Properties and Vice-chairman of MAG Group. “But all of the access infrastructure, the internal road networks and the provision of utility will be managed by us as the master-developer.
“The nearness to the Shaikh Mohammad Bin Zayed Road is another factor that will score with prospective investors.”
On why the developer could not have built its own properties and sold them to investors, Auida said: “It would have altered the timing of the project significantly — compared to handing it over in eight months to a year, it would have taken us three or four years.
“Plus, in the current market situation, we are giving serious investors to come in at an investment of, say, Dh2 million compared to Dh7 million or so for a finished property. The buyers have the freedom to plan the kind of funds they want to invest in building their property.
“We found there was demand from niche buyers who place a prime value on individuality as well as exclusivity. This is a great opportunity to invest in property in Sharjah.
“We will not be placing any restrictions on investors wishing to sell these plots rather than build. It’s entirely their call on what they want to do once the transaction is done.”
The developer also has access to an addition 4 million square feet of land in the area for a second phase. But the timing for its launch has not been decided. “The planned train project that will connect Abu Dhabi, Sharjah and Dubai should be passing through the area and we thought a final decision on the second phase must happen when we have a full picture,” said Auida.
For MAG Property Group, this is its first residential venture in Sharjah, where it had earlier taken on industrial projects.
As for Sharjah, its property market has been seeing a spike in the launch of large-sized residential developments. Recently, there was the unveiling of Tilal City, spread over 25 million square feet, by a joint venture between Eskan Real Estate Development and Sharjah Asset Management. Plots there are available on both freehold and long-lease terms to a buyer with a UAE resident visa.
Source: Manoj Nair, Associate Editor, gulfnews.com