Property sector is witnessing a healthy corrective phase, giving investors a choice to opt from the best in the market, says Attaya
For Immediate release
Sharjah, UAE- May 4th – 2019
Sharjah-based developer Alef Group — a pioneer in developing premier lifestyle communities, destinations and experiences through investment and strategic joint ventures — organised a tour for media representatives to have first-hand knowledge of the latest status of its flagship project Al Mamsha.
The visitors were briefed by the company’s engineering team about the ongoing work and various completion stages of the project, which is a landmark mixed-use development in Sharjah that brings together a modern living, retail and leisure in an upscale environment completely accessible on foot.
Media persons toured the project site and got awareof the ongoing construction works and infrastructure development.They also had a face-to-face discussion with the project’s working team.
The engineering team revealed that the existing construction works cover 15 mixed-use buildings, which will include 1193 housing units and 88 shops. They also pointed out that 25% of the current phase has been completed to-date with the completion target for the entire phase slated forDec 2020.
The total land area of the existing construction works during this stage is 629,694 square-feet, with infrastructure development going in full swing, they added.
Commenting on the visit, Mr. Issa Ataya, Managing Director, Alef Group, said, “We always welcome media representatives to visit any of the Alef Group’s projects and gain onsite knowledge of the progress of work and the achievements we have made to-date. We thank them for supporting the real estate sector in the emirate of Sharjah in particular and the UAE in general.”
Attaya added: “The momentum and ongoing mobility we bear witness to now on the project site testifies to our commitment at Alef Group to complete our flagship project as per the schedule.In the process, we apply the best possible specifications, highest technical standards and ideal practices, with the ultimate goal ofdelivering a distinctive real estate product that matches the goodwill boasted by Alef Group in thereal estate market.The company’s mission is to provide end-users with a one-of-a-kind experience for modern living, retail and leisure in an upscale environment.”
Speaking on the current market situation in the real estate sector, Attaya said, “Sharjah today is considered one of the best real estate markets in the region, driven by robust investment potential, primarily strong stability fundamentals and growing domestic demand together with the presence of many free and industrial zones as well as a strategic location between Dubai and the Northern Emirates. In addition, there is an increasing domestic and external demand from different population segments for residential units within the emerging integrated mixed-use developments such as Al Mamsha project.”
He added that the property sector is going through a healthy corrective phase, conducive to help investors and end-users find low-hanging fruits in real estate.
“The present market scenario is following the normal cycle for open economies worldwide, with price falls and hikes being common processes. There is no doubt that oversupply of residential or commercial units of all kinds is one of the key challenges faced by developers today.It, however, gives end-users and investors the advantage.”
Attaya believes that the ongoing circumstances are the “best time to buy, especially for those looking for safe investments in the property sector, with myriad opportunities up for grabs with significant returns.”
Al Mamsha is spread over a total land area of approximately 3 million square feet and will have a built-up area of 9.3 million square feet and a retail floor area of 500,000 square feet.
It is Sharjah’s first fully-walkable community and features ample sidewalks and walkways complemented by plenty of green and open spaces.
Al Mamsha is located just off Sheikh Mohammed Bin Zayed Road in the heart of ‘new’ Sharjah and is just two minutes away from Sharjah International Airport and University City and five minutes away from the Sharjah-Dubai border.
The development offers a choice of studio, 1-, 2- and 3-bedroom apartments as well as 2- and 3- bedroom duplexes with quality finishes and state-of-the-art facilities.
Residents of Al Mamsha will enjoy free access to a wide range of amenities and community facilities including dedicated cluster swimming pools, health club and gym, walkways, nursery, family entertainment centre, a dedicated kids’ zone, retail spine and more.
Al Mamsha is envisioned as the first car-free development in Sharjah.Cars will only park in the basement levels, with visitors and residents using vertical transportation means such as elevators and escalators to get to retail or residential floors.