x

Construction Week: In pictures; Arada’s Nasma Residences in Sharjah

News: May 21, 2018

Located in Sharjah, Arada’s Nasma Residences is a $354m-worth, five-phase residential master community that is due to be completed by the end of 2019

Gulf News, March 7, 2018

With almost a quarter of its budget this year allocated for infrastructure development, the government of Sharjah is laying the groundwork for a real estate blitz that could significantly transform the emirate’s property development scene. Sharjah has approved a budget of Dh22 billion for the fiscal year with 24 per cent dedicated to the development of infrastructure, a move that supports ongoing programmes by the Sharjah Investment and Development Authority (Shurooq), which has itself already launched a number of real estate projects.

In January three projects with a cumulative value of Dh2.7 billion were unveiled by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. According to Marwan Bin Jassim Al Sarkal, CEO of Shurooq, one of the key objectives now is to be able to fill the gaps and make Sharjah a more competitive real estate market.

“If you look at the location of each of the projects, we have tried to create the components that are missing from each area where the projects will be in development,” says Al Sarkal.

The congestion in older communities has also prompted efforts to build new residential destinations, particularly in line with population growth.

According to a JLL Mena report, congestion in the western parts of Sharjah, where many of the older residential areas are located, has contributed to the rise of new residential properties in Al Juraina, Al Gharayen and Al Nouf.

Read the full article here