Sharjah:
Sharjah Holding PJSC, a strategic partnership between Majid Al Futtaim Properties and Sharjah Asset Management, announced that Al Zahia is launching a Ramadan Campaign in celebration of its recent milestone. More than 1,200 homes at Sharjah’s premier lifestyle destination have been sold to date, which reflects the market’s demand for homes and communities that are both exclusive and sustainable.
The Ramadan Campaign includes prices that start from AED 550 per square foot and savings of up to 8% on homes that are finished to the highest standards. Buyers can also move in now and benefit from a generous post-handover plan and 4 years of free service charges. As part of its commitment to providing world-class asset management services to investors and stakeholders, Al Zahia also offers resale and leasing services.
Shadi Al Azzeh, Al Zahia Project Head at Majid Al Futtaim Properties, said, “Sharjah’s premier lifestyle destination, Al Zahia continues to grow for the benefit of its residents, Sharjah’s economy and the environment, raising the bar for high quality living in the emirate. In line with our firm commitment to our investors, we customise payment plans based on our in-depth knowledge of market dynamics and the needs of our future home-owners. We are also witnessing a strong demand for investor products prior to the opening of City Centre Al Zahia, which is expected to drastically increase demand for rentals with estimated yields of up to 8%.”
A new epicentre of growth strategically located in the heart of New Sharjah, Al Zahia will be home to more than 12,000 residents in villas, townhouses and apartments with leisure facilities and prime retail offerings upon completion in 2023. The community’s 2,270 exclusive homes are being released progressively to meet market requirements, and the 750 families who are already in residence enjoy open air markets, meditation and fitness classes and VOX Cinema movie nights in the park. A pedestrian bridge in Al Zahia will provide a direct connection to the Dh2.6 billion City Centre Al Zahia – a super-regional mall and the biggest City Centre in the Northern Emirates – which is set to open in 2020.
Walid Al Hashimi, Sharjah Holding’s Chief Executive Officer, stated, “Widely recognised as a centre for culture, heritage and education, Sharjah is also a hub for investment. Sharjah Holding is committed to developing landmark community projects that enhance well-being and economic growth while preserving the emirate’s cultural identity, and Al Zahia is expected to contribute AED 5.5 billion to the local economy. An investment in Al Zahia is an investment in a prosperous future.”
One of MENA’s most diversified economies, Sharjah’s credit ratings underline its status as an ideal destination for investment and business. Centrally located between Europe and East Asia, the emirate provides advanced infrastructure and easy access to international airports and ports in a nation with a stable business environment. Residential demand in Sharjah is forecast to exceed supply by 800% over the next three years.
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Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Al Zahia
Al Zahia – owned by Sharjah Holding and managed by Majid Al Futtaim – Properties – is a milestone development that will help diversify the real estate sector of the Emirate of Sharjah. Sharjah’s premier lifestyle destination – rooted in the emirate’s values of family, community and culture – Al Zahia is on par with the high-quality, international building standards for which its developer, Majid Al Futtaim – Properties, is known.
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About Sharjah Holding JSC
Sharjah Holding, a strategic partnership between Majid Al Futtaim – Properties and Sharjah Asset Management, is a community-focused real estate developer. Sharjah Holding’s current focus is on the development and management of retail and mixed-use projects in the Emirate of Sharjah. These include Matajer, a neighbourhood shopping centre concept, and Al Zahia, Sharjah’s premier lifestyle destination.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 15 international markets, employing more than 43,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 25 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in 37 markets across the Middle East, Africa and Asia, and operates a portfolio of more than 270 outlets in 15 countries.
Majid Al Futtaim operates more than 400 VOX Cinemas screens and 36 Magic Planet family entertainment centres across the region. In addition to iconic leisure and entertainment facilities such as Ski Dubai, Ski Egypt, among others. The Company is parent to the consumer finance company ‘Najm’, and a Fashion and Home retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
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© Press Release 2019
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