Sharjah has always been a better yielding asset than Dubai: Al Thuriah Group COO
The only way to beat the pandemic has been to work on schedule, says Georges Khouzami
Georges Khouzami, chief operations officer of the Al Thuriah Group, a Sharjah-based developer looks to ride on its on-time delivery, superior build-quality, transparency and customer service as it offers a bundle of services including construction, maintenance and leasing under one roof. In an interview to Property Weekly he talks about the benefits of diversifying.
What are your key current and upcoming projects in Sharjah?
We have two developments for sale in Sharjah – La Plage Tower and Muweileh Community. La Plage Tower, a 45-storey skyscraper in Al Mamzar area, has over 90 floor plans. Equipped with uninterrupted views across, La Plage Tower is shaping to become a landmark in the emirate when completed in Q4, 2022. The second project is the Muweileh Community which consists of eight residential buildings of seven-storeys each, cored by a community centre that boasts about 30,000+ sq. ft. of health clubs (gym, yoga, etc.), conference rooms, auditorium, and pool. The project will be for sale on a building-wise approach and completion is the third quarter of next year.
What benefits/schemes you are offering to boost sales?
End users will benefit from the highest build-quality, before schedule handover date, complete transparency and best customer experience from sales to handover to registration. On top of that, investors will have access to our leasing department which in turn will lease, collect, maintain and report back to the owner for the years ahead, hassle-free.
What other services do you offer besides developing properties?
It is worth mentioning that we do everything in-house for all our properties to guarantee the timeline, quality, and service. Each company operates independently with its own projects. For instance, Al Thuriah Building Contracting LLC is currently building three skyscrapers and nine buildings; Al Thuriah Cleaning Services and Maintenance LLC is maintaining at least 35 towers along with several schools and banks across the Emirates and Al Thuriah Properties LLC via its Leasing wing is managing over 2,500 residential and commercial units.
What are you doing to address the challenges posed by the pandemic?
We continued to work on schedule by implementing pandemic-specific policies and procedures set by the UAE Ministry of Health and Prevention such as temperature control checks, desk dividers, social distancing, routine testing, and workspace disinfection. We invested heavily in PPE to contain the spread of the virus and ensure the safety and well-being of our employees.
Are you seeing any new trend in Sharjah property market?
We will always see new trends, strategies and schemes to be launched in Sharjah and other emirates. However, we believe in simplifying the transactions and making it as straightforward as possible. The key difference is the price which moves by simple supply and demand economics.
In comparison to Dubai, how does Sharjah real estate market measure up?
Historically, Sharjah has always been a better yielding asset than Dubai. With very competitive service charges plus the three-year rent freeze for any tenant, the forecast of payables/receivables are clear which makes it a more stable market.