Leases of up to 100 years will be granted as Sharjah benefits from spillover property demand from neighboring Dubai.
For the first time, non-Arab expats can acquire plots at a newly launched master-development in Sharjah called ‘Tilal City’ on 100-year leases. Until now, only UAE and GCC nationals were allowed to acquire plots and properties in the emirate.
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 AED 2 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 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 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.
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.
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.