Wednesday, August 10, 2011

Al Majaz Waterfront re-development likely to increase rentals

Sharjah's Al Majaz waterfront development is likely to witness an increase in rental by atleast 15 percent, following a major redevelopment of the waterfront, according to a senior government official.

The rentals at Al Majaz and the neighbourhood will rise by 15percent following the development works happening at Al Majaz and the high-end restaurants and cafes in the locality, said Marwan Bin Jasem Al Sarkal, Chief Executive of Sharjah Investment and Development Authority (Shurooq), the developer of Al Majaz Waterfront.

The development, spreading 4,700 square meters will be ready for use by the public in November. Thereafter, there will be huge difference in rentals within span of a year. Residents can expect better offerings and services, and major difference on leasing and rental.

According to Matthew Green, Head of Research – CBRE (CB Richard Ellis), UAE, the eight restaurants, musical fountains, parks and art spaces, are sure to leave their impact on the rentals due to the superior amenities. The project will further have a positive impact on the market, impacting the rentals amidst considerable supply and will raise the emirate's profile.

Shurooq, together with Sharjah Chamber of Commerce and Industry (SCCI), under partnership will uplift the lagoon area. The standards of retail outlets are being improved, and there will be a whole change in the lagoon offering. This, in turn, will leave a positive impact on Jamal Abdul Nasser Street. The mid to low-standard outlets here will undergo major revamping when Al Majaz opens, confirmed Al Sarkal.

The Al Majaz Waterfront (also known as Khalid Lagoon) is being re-developed into a major tourist destination to attract residents who are currently travelling out of the emirate for entertainment purposes.

The SCCI Director General, Hussain Al Mahmoudi, commented that Al Majaz will be a major addition to improve Sharjah’s reputation and entertainment industry. Waterfront developments are still a unique concept in the emirate, and the development is hoped to increase traffic to the area, and develop the whole area and Al Wahda Street.

Being a major project, Al Majaz will be the landmark of Sharjah as a tourist destination, he added.

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