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Non-Arab nationals will have a chance to acquire property at the Sharjah Waterfront City development. The plans are to set aside a limited numbers for these buyers within the first phase, construction of which is to start by the year-end.
“We will see special dispensation from the Sharjah authorities to allow foreign nationals to buy on 100-year leases,” said Hayssam Al Masri, president of Sharjah Oasis Real Estate, the master-developer of the Dh18 billion plus project. “These are the regulations Sharjah operates by on property sales, and we will abide by that.”
The first round of residential sales was launched on Wednesday at Cityscape, and the take-up has been deemed as extremely encouraging. There are expected to be 20 high-rises in this phase.
The project was earlier known as ‘Nujoom Islands’. “The original plan had been around for some time, but Sharjah Waterfront City has been extensively redesigned to create a sustainable project. Phase 1 will be delivered by Q3-2018.”
The project has also roped in investor-partners in the form of Saudi headquartered Al Hanoo Real Estate Co. More strategic partners are to be roped in. The first two phases could come to around Dh9.5 billion.
Meanwhile, two hotel brands have been signed on for the Waterfront City, and expected to open in the last quarter of 2016 and 2019, respectively.
More than 100,000 are expected to live and work in the City once it reaches full development.
Source: Manoj Nair, Associate Editor, gulfnews.com