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Tilal City .... a groundbreaking mixed-use development in Sharjah.

Cluttons seals Sharjah property partnership

DUBAI, November 18, 2014

International real estate consultancy Cluttons has partnered with Tilal Properties, a newly formed joint venture between Sharjah Asset Management and Eskan Real Estate Development, to provide a fully integrated sales and marketing solution for Tilal City - a groundbreaking new mixed-use development in Sharjah, UAE.

Tilal City will create a vibrant mixed-use neighbourhood for 65,000 residents, incorporating locally distinctive design, sustainable infrastructure and recreational facilities to support high quality affordable living, said a statement from Cluttons.

The combination of retail, office, residential and recreation facilities will offer a ‘live, work and play’ environment, conveniently located on Emirates Road, close to the Al Dhaid interchange, and just 10 km from Sharjah International Airport, it stated.

With its integrated consultancy offering, Cluttons has provided a wide range of services from project conception, throughout the 36-month development phase of Tilal City, undertaking market studies and benchmarking exercises.

As the exclusive real estate partner for the project, Cluttons will continue to work in partnership with Tilal Properties right through to completion, advising on product development, branding, pricing and the sales and marketing strategy.

Speaking at the launch, Steve Morgan, Cluttons Middle East CEO, said: “Our consultancy team has a track record of advising on complex and innovative projects such as Tilal City. With more than 30 years of experience in Sharjah, we can combine our strategic advice with strong local market intelligence, making us ideally placed to work alongside the Government of Sharjah."

"Providing a totally integrated sales solution from pre-development, right up to fully operational assets, allows us to steer how the product is taken to market and enables clients to focus their efforts and expertise on the project delivery," observed Morgan.
 
"This is an historic milestone in the development of Sharjah, and we are already recording a strong interest in plots and expect this groundbreaking development to pave the way for further similar developments in the near future," he added.

The proposed Tilal City masterplan aims to create a socially sustainable community, divided into four major zones, consisting of neighbourhoods and clusters, linked together via green public spaces and corridors.

They will centre around a shopping mall and central park and contain a mix of villas, apartments and town houses.

Khalifa Al-Shaibani, the director general of Tilal Properties, said: "Cluttons’ guidance and market expertise has provided real added value to the planning, product development and sales process for Tilal City."

"Our collaborative partnership has helped to ensure the successful launch of this exciting new mixed-use community, with the use of effective marketing tools combined with Cluttons’ experienced sales team. We are already seeing strong demand for this exciting scheme in Sharjah, which is becoming an increasingly popular emirate," he added.

Land plot dimensions vary in size to appeal to a wide variety of purchasers and will be sold freehold to GCC and Arab nationals, with a valid UAE resident visa, said Cluttons.

Non-Arab expats can purchase plots leasehold with a 100-year lease, provided they hold a valid UAE resident visa, making this the first time a leasehold of this tenure has been offered in Sharjah, the consultancy added.

According to Cluttons, the strong growth of the UAE economy, is being mirrored in the emirate of Sharjah, and this has boosted demand in both the residential and commercial property markets in the emirate.

Morgan pointed out that the average rents in Sharjah are currently Dh72,000 ($19,602) per annum, and rental values have grown by 53 per cent since 2012.

"This significant increase is a result of strong tenant demand and a lack of available stock. Looking forward we forecast that rents will continue to rise as a result of tenant demand, due to the diversification of Sharjah’s economy, reverse migration from Dubai and international companies present in the UAE targeting Sharjah for staff housing requirements," noted Morgan.
 
"The commercial property markets will also continue to grow as a result of Sharjah’s rapidly expanding small and medium enterprises (SME) sector and a distinct lack of grade A office space at present, which remains in high demand. These are just some of the reasons why we believe Tilal City is a good choice for investors as well as those looking for a family home," he added.-TradeArabia News Service




Tags: Sharjah | property | Cluttons | partnership |

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