Emirate is revitalising its real estate sector
Sharjah-based developer Al-Teneiji Real Estate expects to tender the design and consultancy contract for a new mall specialising in furniture in Sharjah next year.
Land has been allocated for the 50,000 square-metre mall, according to a source with knowledge of the project.
Budget is expected at AED250m ($68m). Construction is expected to start between 2019 and 2020.
The developer also expects to complete the construction of an outdoor mall by the end of 2017. The AED150m mall is being constructed by High Raise Construction, which is also based in Sharjah.
The new malls are among several real-estate projects featured at the Sharjah Foreign Direct Investment (FDI) Forum.
Other projects are the Sharjah Media City (Shams), which is expected to be completed by 2020, and the freehold Al-Mamsha City being developed by Alef Group. The first phase of that project is expected to be completed by 2019. The construction contract was awarded to a team comprising Laceco and WTF Construction.
Earlier this month, Arada Development, a joint venture of Dubai-based KBW Investments and Sharjahs Basma Group, announced Aljada City, a $6.5bn project that is expected to accommodate up to 70,000 residents upon completion.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.