Sharjah’s Waterfront City is out to create a freehold boom
Sharjah's Waterfront City is out to create a freehold boom - and there will be a theme park too
Gulf News
Hamriyah-based Dh25b project targets bigger pool of investors with Dubai roadshow
Dubai: Can Sharjah Waterfront City be the next big freehold destination in the emirate?
It’s big, that’s for sure, at 60 million square feet, and which includes a cluster of eight islands located off Hamriyah, a prime mixed-use location in Sharjah.
The Sharjah Waterfront City is already hosting residents at its initial phases even while as the rest of the destination is getting built. And which, in the future, is to host a theme park and water-based attractions.
But right now, the developer, Ajmal Makan, is aiming to draw a lot more attention from offplan investors, starting off with a roadshow in Dubai this week to connect with potential buyers.
“The moment investors sign up for a home in Sharjah Waterfront City, they will get an ‘initial contract’,” said Farid Jamal, General Manager of Sales and Marketing at Ajmal Makan. “This is the same as the Oqood certificates issued by Dubai Land Department on offplan purchase.
“Once the property in SWC is handed over, the homeowner proceeds to the final registration and gets the title deed.”
Property market sources say that Sharjah’s property market is primed for its own freehold boom, given the significant changes the government has brought into property ownership and rental rules. That’s exactly where Ajmal Makan and Sharjah Waterfront City want to be a part of.
This explains the three-day showcasing of its project in Dubai and getting through to a wider mix of potential investors. So far, the Sharjah freehold growth has been centered on existing residents buying homes in the emirate. But as more offplan options show up, it could extend to those elsewhere in the UAE wanting to own investment homes for rent in Sharjah.
“Once Sharjah Waterfront City is completed (towards the end of the decade), we should be accommodating around 60,000 residents,” said Jamal.
Prices at Sharjah Waterfront City
Currently, a one-bedroom apartment in SWC starts at Dh750,000 and goes up to Dh1.2 million for a two-bed. When it comes to the villas, starting prices on the ‘View Island’ are Dh2.6 million for a four-bedroom unit and Dh5.3 million for a five-bed. (Property market sources say the current entry pricing offers decent margin for value growth down the line, which is why investors might look at SWC options for a 3-5 year holding timeframe.)
“The overall SWC cost of development will be around Dh25 billion, and the idea is to have the theme park as a standalone attraction of its own,” said Jamal.
The theme park – called ‘Crystal Gulf’ – has impressive dimensions of its own, at nearly 1.6 million square feet. Given the location, water will be a key element of what will be on offer.