Massive project to go ahead in Sharjah despite global slump

Dubai: Hydra Village, a 20 million square foot development in Sharjah being built by Hydra Properties, will be home to 50,000 people when completed.

The project will consist of 10 hotels, villas, apartments, commercial space, schools, mosques and retail facilities. Property sizes range from about 400 square feet for a studio to a 5,000 square feet, five-bedroom townhouse.

"There is demand in Sharjah for affordable homes and many people like to have a conservative way of living, not just the hip-hop life of Dubai. This project is targeting the families," said Sulaiman Al Fahim, chief executive officer of Hydra Properties.

The pre-launch prices started at around Dh900 per square foot and now going for Dh1,050 per square foot.

Construction will start in around six months and take seven to 10 years to complete.

Islamic management

Some of the hotels will be operated by Hydra Properties' hotel management and outside operators will be appointed to manage the other hotels.

"Sharjah is different as we have to go to Islamic hotel management companies or hotels that are willing to go into this (kind) of business," Al Fahim said.

Al Fahim said that 70 per cent financing has been confirmed for this project but the company is negotiating to raise this to 90 per cent.

"But I think 70 per cent is healthy. It's an end user market now, not for speculator," Al Fahim said.

The Hydra Village project is situated on Dubai Bypass road, 15 kilometres from Sharjah International airport and will be split into 13 zones, including residential, commerical, educational and hotels.