Tilal Properties, the new joint venture between Sharjah Asset Management and Eskan Real Estate Development, has launched Tilal City, a mixed-use community with a total cost of Dh2 billion and an area of 25 million square feet.
Attended by Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Tilal Properties, as well as more than 300 VIP guests, the exclusive launch event in Sharjah's Al Jawaher Convention Centre offered attendees the opportunity to view the plans for the new sustainable, mixed-use community and register their interest in purchasing land plots for development.
Speaking at the event, Sheikh Sultan bin Ahmed Al Qasimi said that Tilal Properties, through the launch of its new city, seeks "to keep pace with the intellectual and urban development witnessed by Sharjah." He noted that "Tilal City is one of a series of projects that will be implemented by Tilal Properties" and it will allow U.A.E. residents to buy properties on a 100-year leasehold basis, according to the laws regulating Sharjah's property market.
The Sharjah Executive Council has recently issued Resolution No. 26 of 2014, which, for the first time, allows foreign investors the right to own properties in Sharjah for up to 100 years. This resolution is expected to stimulate investment in the emirate.
Referring to the remarkable development witnessed by Sharjah in the real estate sector, the Chairman of Tilal Properties said, "We all realise the importance of the real estate sector, which greatly contributes to the GDP and economic growth in general." He added, "Through Tilal City, we aspire to serve the real estate requirements of the emirate and benefit all segments of the society. We also aspire to add this integrated model city to Sharjah's tourist destinations." For his part, Khalifa Al Shaibani, Director General of Tilal Properties, said, "This development really sets Sharjah up as a destination for investors and prospective residents. "We are building a new community that is of high-quality and of a modern design." He indicated that Tilal City would occupy a total area of 25 million square feet, including 13 million square feet for sale and 12 million square feet for public facilities, roads and parks.
The project, according to Al Shaibani, will comprise 1800 land plots. Split into five zones, it will provide high-quality, affordable housing for 65,000 residents in apartments, villas and townhouses. The construction of the infrastructure is well under way and will be complete in the first three zones by December 2016. Tilal City will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas.
The brand new city is strategically located on Emirates Road, close to the Al Dhaid interchange, just 10 kilometres from Sharjah's International Airport and within convenient commuting distance to nearby Emirates.