A new waterfront city is being built in Sharjah at the cost of between Dh18.5 billion and Dh20 billion that will accommodate 200,000 people upon completion of 10 natural islands, which will be connected by bridges and canals, Emirates 24|7 can reveal.
Comprising 10 islands, Sharjah Waterfront City will be spread across 36 kilometres of coastal land on the northeastern coast of the emirate.
And that’s not all.
The city will have 200 mixed-use towers, 95 apartment buildings, offering affordable luxury apartments, multi-level hotels and service apartments, over 1,100 water-front and park-side villas, marine clubs, a shopping mall, two entertainment centers and mosques, schools, banks, stores, coffee shops and restaurants.
Hayssam El Masri, President, Sharjah Oasis Real Estate Development Company. (Supplied)
“We have commenced work on the infrastructure after securing the required approvals from the government authorities.
“The project will cost between Dh18.5 billion to Dh20 billion,” Hayssam El Masri, President, Sharjah Oasis Real Estate Development Company told Emirates 24|7.
“We will officially launch the project at Cityscape 2015. We are expecting to complete the first phase, which includes mixed-use towers, villas, hotels and a commercial centre, by third quarter 2018 and will cost us Dh9.35 billion.”
The first phase will be spread across a plot area of 3.05 million square feet with a total construction area of 15.22 million square feet.
El Masri revealed the second phase is expected to be completed by 2020-2021, stating, “The project will be developed in multiple phases, keeping in mind the market dynamics.”
On completion, Sharjah Waterfront City will have a total area of around 60 million square feet – becoming one of the biggest real estate developments in the emirate.
Among the major highlights will be ‘Crystal Lagoon’, a water theme park, El Masri said.
“We are working to complete all the formalities for the theme park, which will be spread across 1.5 million square feet. It will be a family destination, with entertainment and fun rides.”
Overall, the project is expected to become a major tourist destination and support Sharjah Tourism Vision 2021, the strategic plan developed by Sharjah Commerce and Tourism Development Authority that aims to attract 10 million tourists by year 2021.
Giving emphasis on creating an environment-friendly city, the developer has devoted 60 per cent of project area for landscaping (beaches, gardens, parks).
El Masri disclosed the company is in talks with financial institutions and private investors to raise funds for the project.
“We are in talks with various institutions and investors. Besides, we will raise funds by selling land, signing strategic alliances and even launching real estate funds,” he added.