UAE-based Omran Properties has announced plans to launch three real estate projects worth a total Dh2.47 billion ($672 million) in the emirate of Sharjah as part of its massive investment drive.

The company, established in 2016 through a strategic partnership between Sharjah Investment and Development Authority (Shurooq), Dubai’s Emaar Properties and Eagle Hills, an Abu Dhabi-based developer, is slated to launch these projects later this year.

The unprecedented developments - the first Omran has made in Sharjah - bring new residential, retail, commercial and hospitality opportunities to Sharjah’s existing and potential investors.

The largest of the developments is ‘Maryam Island’, a unique Dh2.26-billion ($615 million) mixed-use development located between Al Khan Lagoon and Al Mamzar peninsula. The award-winning ‘Al Khan Village Resort’, a five-star hotel, is worth Dh121 million ($33 million) and ‘Kalba Waterfront Mall’ in the Eastern region of the emirate has a development cost valued at Dh106 million ($29 million).

Sheikha Bodour bint Sultan Al Qasimi, the chairperson of Shurooq and board of directors at Omran Properties, said the projects align with Shurooq’s vision of expanding investments in the emirate, diversifying its world-class portfolio and promoting it as the region’s premier investment attraction.

"These developments are a perfect reflection of Shurooq’s ambitions to position Sharjah as a premium lifestyle destination and a lucrative and intelligent commercial opportunity," she noted.

Sheikha Bodour pointed out that Sharjah was increasingly becoming an international focal point for business, hospitality, tourism and trade.

"And with the vital collaboration between government and the private sector, the emirate becomes an even more attractive proposition for domestic and foreign investors. These projects are a barometer of the confidence in Sharjah and an indication of its long term success, she stated.

“The huge projects unveiled by Omran Properties are the first in a series of developments in different sectors that will play a crucial role in changing the investment and real estate sphere in Sharjah,” said Sheikha Bodour.

Mohamed Alabbar, the chairman of Eagle Hills and Emaar Properties, said: "As Sharjah’s property sector grows, we see a progressive trend towards mid- and high-end real estate, creating a more niche market that meets the requirements of discerning investors."

"Led by Sharjah government’s tremendous support of these developments and its overarching strategy of economic diversification, the emirate today welcomes a growing number of regional and international investors," noted Alabbar.

"The prospective residents and visitors are assured of an authentic blend of modern and traditional culture in an environment of outstanding natural beauty. Economically and geographically, Sharjah serves a highly appealing investment destination," said the top official.

“As a development manager for the projects, Emaar is committed to delivering the highest standards of residential, lifestyle, leisure and tourism experiences, and we will bring these same values to Sharjah through our strategic partnership with Shurooq and Eagles Hills for Omran Properties,” he added.

Marwan bin Jassim Al Sarkal, the CEO of Shurooq, pointed out that Sharjah’s economy was full of unique opportunities and real estate had proven to be one of the biggest and most promising sectors in its economic growth.

The unique projects announced by Omran Properties signify the emirate’s desire to commission premium projects, something that Shurooq has continuously promoted to local and international investors, noted Al Sarkal.

"These projects also show the continuous demand by residents and investors, who recognise the emirate as a high quality diversified economy, with a variety of opportunities across multiple sectors," he noted.

"Sharjah is experiencing new demands for services and lifestyles as it evolves even further into a family-friendly and business-friendly destination. It is truly becoming a world class community of integrated residents and inspirational businesses," added Al Sarkal.

The projects announced by Omran Properties cover many sectors:

Maryam Island Project:
With a land size area of 364,000 sq m and a leasable retail area of 18,581 sq m, Maryam Island tops Omran Properties’ projects as its largest in Sharjah.

The mixed-use island, located between Al Khan Lagoon and Al Mamzar peninsula, will boast residential apartments, offices, hotels, a cinema and entertainment areas and will be highly suited for socialising, conducting business and communal living.
 
Al Khan Village Resort:
Al Khan Village Resort is part of the re-construction of the traditional Al Khan fishing village. Winning an award for ‘Best Interior’ by WAN Awards 2016 in London, the new 5-star hospitality destination, with a total ground size area of 66,302 sq m, will include a range of F&B options and a spa. It is set to open in Q3 of 2019.

Kalba Waterfront Mall:
Kalba Waterfront Mall will be located at the centre of the development area in the Kalba Eco-tourism Project, overlooking a lagoon lined by mangroves. The new retail destination provides a leasable retail area of 11,204 sq m and is also due to open in the third quarter of 2019.-TradeArabia News Service