Burooj Properties expands amid crisis

Dubai: Abu Dhabi-based developer, Burooj Properties has boosted its portfolio to Dh20 billion, including its latest project, the Dh15 billion Sharjah Marina development.

On the first days of the Acres real estate exhibition in Sharjah on Monday, Randa Dinnawi, marketing manager of Sharjah Marina, explained why the company's plans have not been affected by global financial worries.

"We are owned and backed by Abu Dhabi Islamic Bank and that's why we are not really affected by this (financial crisis)," Dinnawi said. Sharjah Marina is a Dh15 billion waterfront development located near Al Mamzar park.

The development will include a shopping mall, three hotels, six residential towers, one commercial tower and one mixed-use tower. While still in the planning stages, construction will start with the mall which will "probably be operated by us", Dinnawi said.

Rent options

The development will also include a park, mosque, schools and leisure facilities. It has not yet been decided who will operate the three hotels. Burooj Properties has five projects in Abu Dhabi and this is the first in Sharjah. They also have one residential tower in Jordan. Future company plans include expanding to Egypt and Algeria - developing in Dubai is not on their agenda.

"Dubai is already saturated, Abu Dhabi is maturing but Sharjah is at an immature level and so the Marina will be one of a kind in Sharjah," added Dinnawi.

Sharjah Marina is expected to be launched in mid 2009, with construction hopefully beginning by early 2010.

Prices will be within the market standards, Dinnawi said.

Sharjah real estate has not been active compared to other emirates, since it does not have freehold options for expatriates.

"However, there will be freehold for Arabs and rent options for non-Arabs," said Dinnawi.