Revitalising Sharjah’s real estate market is a matter of cultural preservation

In a series of firsts for Sharjah’s real estate development sector, three projects with a cumulative value of Dh2.7 billion were unveiled in January by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Palace Al Khan, Maryam Island and Kalba Waterfront will be developed by Eagle Hills Sharjah, a joint partnership between Sharjah Investment and Development Authority (Shurooq) and Eagle Hills, an Abu Dhabi-based real estate developer.

Dr Shaikh Sultan unveiled the projects in an event attended by several dignitaries, including Shaikha Bodour Bint Sultan Al Qasimi, chairperson of Shurooq, and Mohamed Alabbar, chairman of Eagle Hills and vice-chairman of Eagle Hills Sharjah Development.

The three projects, which will all start construction in the first quarter, are unique in their positioning. Palace Al Khan is the first luxury waterfront resort in Sharjah and it accentuates the history of the emirate. It will be home to a Dh120-million five-star seaside hotel. The project is expected to be completed by the second quarter of 2020.

Maryam Island is a mixed-use development situated between Al Khan Lagoon and Al Mamzar in Downtown Sharjah. It will be home to buildings not higher than eight floors and will see 1,890 luxury apartments and villas. Spanning 460,000 sq m, the project is set for completion by the end of next year.

The Dh160-million Kalba Waterfront is a luxury retail project with the mall constructed within the Kalba Eco-tourism project, a haven for Sharjah’s wildlife and nature. It is expected to be delivered by the third quarter of next year.

Marwan Bin Jassim Al Sarkal, CEO Shurooq, talks to PW about the projects and Sharjah’s development goals.

What do you hope the partnership between Shurooq and Eagle Hills will bring to Sharjah?

Assurance, quality and time. Since the beginning, Eagle Hills has been developing projects on an international scene and they are known for delivering quality projects within the given time frame. For Shurooq, we felt it was a great fit to work with developers who are not only committed to the project but know what they are doing.

How does the development of these three properties fit in with Sharjah’s overall city planning and the vision of the Ruler?

The identity of Sharjah is very important when it comes to developing these properties. It’s all about preservation of culture and the historic architecture and, therefore, we aim to building something that impacts future generations positively. His Highness the Ruler of Sharjah has envisioned the sustainable development of Sharjah for the long haul. Finding a developer who can align development concepts to this vision has been crucial.

The identity of Sharjah is very important when it comes to developing these properties. It’s all about preservation of culture and the historic architecture.

Moreover, if you look at the location of each of the projects, we have tried to create the components that are missing from each area where the projects will be developed. So in Al Kalba Waterfront we are creating the missing retail component.

In Palace Al Khan, it’s about preserving the historic area. The project will have a magnificent view and we could have planned to put in five hotels, not just one hotel. We could have built towers, but instead we are making this a luxury destination where only 87 rooms are created. So 50 years down the line, the generations will still appreciate the historical content of the area.

With Maryam Island that’s situated between two lagoons, we could have easily focussed on the highest return on investment by building G+15 buildings instead of the G+8 buildings that we are going to develop. Instead, we are creating low-density areas, public green spaces, mixed retail spaces that can be enjoyed while keeping the project financially feasible.

What will the launch of these premium properties bring to the real estate market in Sharjah?

Since Shurooq was created in 2009, we have been attracting investors by showing them that there’s a market in Sharjah. It’s not only limited to free zone areas, but also the opening of hotels, hospitals, retail spaces and more.

When you can demonstrate that a successful developer such as Eagle Hills, which has been involved in developing new city hubs around the world, has now come to Sharjah to create such premium properties, then this opens opportunities. At the launch of the projects, three health care providers were present as they are interested in the health care components that will be a part of Maryam Island.

There’s huge potential in investing in the emirate due to its continued economic diversification. We have created a body called Investment in Sharjah, an investment promotion agency that supports and guides foreign investors in whatever questions they may have. This is so they can make the most of the investment opportunities across all sectors in Sharjah, such as tourism, health care, logistics and the environment.