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Real estate project important source of foreign expenditure
Sharjah - Tilal Properties, Sharjah’s leading real estate developer that first offered properties with freehold and free-lease policies in the emirate, received an unprecedented response from local and international visitors for its flagship project at the 2016 Sharjah Foreign Direct Forum, which ended recently.
Tilal City, a unique mixed-use community in Sharjah, and Tilal Mall, set to be Sharjah’s largest shopping centre, were the focus of attention for many of the FDI visitors to Tilal Properties’ stand. Tilal Mall was recently announced during Cityscape Global 2016.
The developer, as Gold Sponsor of the event, highlighted its strategy to draw more foreign investments into the emirate. The promising local real estate sector has been a key source of foreign expenditure into the economy, giving a further boost to its development.
Khalifa Shaibani, Director General at Tilal Properties, said: “The FDI Forum’s strategic goals of presenting potential business opportunities and encouraging investments from across the world perfectly corresponds with our own vision of stimulating investments into Sharjah’s economy as well as Tilal’s projects.
Shaibani added: “The reaction of the visitors to a scale model of Tilal Mall, which we showcased was a true indicator of the confidence and intent to invest. We expect the second phase of the project to see a huge demand from the public with equally high sales as those achieved in the first phase.”
“Due to various factors, including political and economic stability and a rational legislative system, Sharjah has become a gateway to attract foreign investments to the region. One of the most prominent legal incentives for Sharjah is the property law, endorsed two years ago, that gives expatriates the right to buy residential properties on a 100- year leasehold basis,” he concluded.
His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, honoured Tilal Properties for its support to the FDI Forum as gold sponsors. The event was held on the 28th and 29th of September
Since launching its mega-project Tilal City in 2014, Tilal Properties has made achieved major milestones, including the opening of the sales centre in the city in April 2015, and the announcement of the completion of initial roadworks in September. The infrastructure works for water pipes and sewers, gas network and installation of electronic cables, are underway, with the first phase of the project expected to be delivered to developers according to the predetermined time schedule by the end of 2016.
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About Tilal City
Tilal City is a new AED2 billion mixed use development located on Emirates Road (E611) in Sharjah. The project is the first of its kind in the emirate and offers a unique opportunity to purchase land and build property within Sharjah’s first masterplanned community.
Tilal City comprises 1,855 land plots, combined with parks, education and community facilities. 100-year leaseholds are available, for the first time, to UAE resident expats. GCC nationals and other Arab residents of the UAE can purchase land at Tilal City on freehold basis.
About Tilal Properties
Tilal Properties is a joint venture between Sharjah Asset Management and Eskan Real Estate Development LLC to focus on the establishment, development and management of real estate projects in Sharjah. The vision of Tilal Properties is founded in the developmental boom achieved by Sharjah under the directives of His Highness Sheikh Dr Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah. Tilal Properties plans to develop a series of high-quality real estate projects in Sharjah.
For further information contact:
Mousa Nimer
Senior Account Manager
National Networking Communications (NNC)
+971 50 737 6154
m.nimer@nncpr.com
© Press Release 2016
