Sharjah, Eagle Hills venture to build three projects worth $735m

Sharjah Investment and Development Authority (Shurooq) and Abu Dhabi developer Eagle Hills have announced the launch of three projects worth Dhs2.7bn ($735.1m) under a new joint venture.

Maryam Island, Kalba Waterfront and Palace Al Khan appear to be the same developments launched by Shurooq, Eagle Hills and Dubai’s Emaar Properties under the Omran Properties joint venture in March last year.

The new announcement irons out the plans and appears to eliminate Emaar’s role in all but one of the projects.

Read: Alabbar-Shurooq joint venture unveils $670m of projects in Sharjah

The largest of the three, Maryam Island, is a Dhs2.4bn ($653.4m) mixed-use development located between Al Khan Lagoon and Al Mamzar in Downtown Sharjah that is scheduled for completion by the end of 2019.

It spans 460,000 square metres and includes 1,890 luxury apartments and villas, 600 hotel rooms across five- and four-star properties and 100 restaurants, cafes and shops spread along the waterfront. Other amenities include a swimming pool, children’s play area and spa.

The Dhs160m ($43.5m) Kalba Waterfront is a master-planned retail mall spanning 17,000sqm with 11,200sqm of gross leasable area. It will be located within the Kalba Eco-Tourism Project adjacent to a lagoon and house 86 retail outlets, indoor and outdoor dining outlets, a supermarket and entertainment area.

The project, which was announced last year, is scheduled for completion in the third quarter of 2019.

Finally, the Dhs120m ($32.67m) Palace Al Khan is designed to be Sharjah city’s first luxury waterfront resort. It will comprise 87 hotel rooms, two two-bed apartments, nine one-bed apartments and 76 studios.

Emaar’s Address Hotels + Resorts brand will manage the property, which is set for completion in Q2 of 2020.

“To us, Sharjah is a symbol of traditional and national values, representing our roots and Arabic culture. It is a place of tolerance and welcoming hospitality that brings warmth to all its citizens and visitors in alignment with the wise vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi,” said Mohammed Alabbar, chairman of Eagle Hills and vice chairman of the Eagle Hills Sharjah Development.

“These three developments will offer the local community a whole new level of living and lifestyle experiences that will in turn attract a larger footfall to Sharjah, boost the economy and increase investments in the Emirate.”

Construction of the three projects will begin in the first quarter of 2018.