The mega project, taking shape in Sharjah, will be home to over 200,000 in total. Set to become the largest commercial, residential and tourism development in the city, the waterfront city will consist of ten natural islands, which will be connected by bridges and canals.
Amongst other highlights, the City will also have its own water theme park, ‘Crystal Lagoon’, spread across 1.5 million square feet.
Hayssam El Masri, president of Sharjah Oasis Real Estate Development, expects the development to change the face of emirate’s tourism landscape. The new project is projected to be the heartbeat of the city’s tourism 2021 vision, which is Sharjah Commerce and Tourism Development Authority’s plans to attract ten million visitors to the emirate by 2021.
“We will officially launch the project at Cityscape 2015. We are expecting to complete the first phase, which includes mixed-use towers, villas, hotels and a commercial centre, by third quarter 2018 and will cost us AED9.35 billion,” El Masri tells Emirates247.
The initial cost of the first phase of the development will be AED9.35 billion, with construction to begin in Q4 2015 and is expected to be completed by Q3 2018. The second phase of the project is expected to be completed by 2020-2021.
The project cost of the City will be between AED18.5 billion and AED20 billion, according to its developer, Sharjah Oasis Real Estate. The project will be launched during Cityscape Global 2015 next month in Dubai.
“We cannot comment on the total cost of the project as it will vary depending on market conditions and future prices,” El Masri responds to a question by Gulf News about the total cost of the entire project, the company told Gulf News.
However, El Masri discloses that the company is in talks with financial institutions and private investors to raise funds for the project.