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International investors who have expressed an interest in the region, have always traditionally focused their attention on Dubai and Abu Dhabi. In November this year, the Government of Sharjah has taken a breakthrough decision by now enabling expatriates from any country in the world to stake a claim on land in the emirate providing they hold a valid UAE residence visa. Leases of up to 100 years will be granted, and the move is likely to open up new markets to investors residing in the UAE.
The Sharjah Asset Management, in association with Eskan Real Estate development, announced their brand new project, named Tilal City. The mixed-use project is up for sale to GCC and Arab Nationals and on offer via a 100-year lease to all other nationalities. Tilal City is a 25 million square feet development off Emirates Road, located close to the Al Dhaid Interchange. It is located 10 km away from Sharjah International airport and in close vicinity to the E611 highway.
Tilal City is slated to be split into five major zones featuring apartments, villas and townhouses for 65,000 people. 13 million square feet will be used for property sales and 12 million square feet for public facilities, roads and parks. The fifth zone is where the residential developments will be situated and it will have a shopping mall and a central park. The first three zones are estimated to be handed over and ready for occupation by December 2016.
Homes are styled in apartments, villas and townhouses constructed on 1,800 land plots. Neighborhoods and residential clusters will be linked together via green public spaces and corridors. Commercial and retail spaces, as well as mosques, schools and open areas designed for community use will be available.
Cluttons, a reputed company and a popular real estate consultancy, are the official consultants on this project and they will be on board for the whole 36-month development of this project, providing their expertise alongside. The success of Tilal City is likely to determine whether a number of similar schemes are brought forward in Sharjah. The current shortage of these types of communities is causing a real demand not only from families residing in Sharjah, but also from families who want to relocate from Dubai in search of affordability.
• This mega project will be set for completion and handover by December 2016
• Tilal City’s four zones are residential, the fifth having a mall and central park
• Apartments, villas and townhouses will be built to cater to 65,000 residents
Source: Urmila Santosh, Special to Properties
The writer is a freelancer