Sharjah Investment and Development Authority (Shurooq) and Eagle Hills, a private real estate investment and development company based in Abu Dhabi, have entered into an equal joint venture partnership to develop three real estate projects worth 2.7 billion UAE dirhams ($730 million) spanning the housing, hospitality and retail sectors in the emirate of Sharjah, it was announced on Tuesday.
The projects - the 2.4 billion dirhams Maryam Island, the 160 million dirhams Kalba Waterfront and 120 million dirhams Palace Al Khan - were unveiled by Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, at an official ceremony in the emirate.
The joint venture, to be named Eagle Hills Sharjah Development, will start work on all three projects in the first quarter of this year, Shurooq CEO Marwan Al Sarkal told Thomson Reuters Projects on the sidelines of the press conference.
"We have finished everything when it comes to bidding, design. The enabling works have almost started," said Al Sarkal.
He said all three projects are unique in terms of their surroundings and positioning.
"What we are trying to do is we look at what is missing in each area. In Kalba, for example, the retail component is missing. That’s what we are trying to do [with Kalba Waterfriont] and we are trying to create a destination out of it. In Al Khan, it is about preserving the heritage area and creating a destination through a luxury resort. Maryam Island is a mixed use development with retail, cinemas, public parks."
The three projects were part of the development portfolio of Omran Properties, a three-way partnership owned 34 percent by Shurooq and the remaining evenly split between Dubai's Emaar Properties and Abu Dhabi’s Eagle Hills.
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Rendering of Kalba Waterfront, a retail project being developed by Eagle Hills Sharjah
Sarkal clarified that Eagle Hills Sharjah Development hasn't replaced Omran, which continues to exist and will develop real estate projects in the future.
He said Eagle Hills Sharjah Development is structured as an equal partnership between Shurooq and Eagle Hills.
"We are involved in management, in design, basically in everything. We are a JV partner without a limited time," he said.
Trio of projects
In a separate press statement, Shurooq said Maryam Island, the largest development of the three projects, will be located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah. The master planned waterside development will spread across 460,000 square metres, with a built-up area of 310,000 sqm. It will comprise eight-storey buildings featuring 1,890 luxury apartments, five- and four-star hotels featuring more than 600 hotel rooms and 100 restaurants, cafes and retail outlets spread along the waterfront. The first phase will focus on the retail component.
The project is set for completion by the end of 2019.
The Kalba Waterfront retail development will have a gross floor area of 17,000 sqm and a gross leasable area of 11,200 sqm housing 86 retail units. It will be built within the Kalba Eco-Tourism Project and will also include internal public streets, indoor and outdoor restaurants and a family entertainment centre. The development is set for completion in the third quarter 2019.
Palace Al Khan, the third project to be developed by Eagle Hills Sharjah Development, is the first luxury waterfront resort in the heart of Sharjah city. The five-star seaside hotel will extend over 66,300 sqm and will offer 87 hotel keys, two 2-bedroom units, nine 1-bedroom units and 76 studios. The hotel will be managed by The Address Hotels + Resort.
Work on Palace Al Khan is set for completion in second quarter 2020.
(Reporting by Anoop Menon; Editing by Shane McGinley)
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