Tilal Properties has announced that all nationalities may purchase land at its flagship development, Tilal City, in Sharjah.
H.E. Khalifa Al Shaibani, Director General of Tilal Properties, has stated new ownership laws allow Emiratis, GCC citizens and all Arab nationals to purchase land on a freehold basis at the development, while renewable 100-year leaseholds are available, for the first time, to other nationalities without having to be UAE residents.
Al Shaibani noted that the new ownership regulations being applied by Tilal Properties are in line with the policy adopted by the Emirate of Sharjah to stimulate local and foreign investment across different economic sectors, notably the real estate and construction platforms.
“The new ownership structures echo the economic transformation witnessed by the emirate at the current period and go in unison with the government’s mid & long-term incentive plans whose aim is to ensure the social welfare and economic wellbeing of citizens and residents living in Sharjah,” Al Shaibani added.
He pointed out that the favourable credit ratings of Sharjah by global rating agencies earlier this year have strengthened the economic status of the emirate and sustained its future outlook.
“Global credit rating agency Standard & Poor’s has affirmed the Emirate of Sharjah’s BBB+/A-2 sovereign credit ratings long- and short-term, foreign and local currency, with a stable outlook. The agency also projected a gradual increase in economic growth within the next three years, supported by growth in the emirate’s construction, tourism and manufacturing sectors,” said Al Shaibani.
The agency also projects the emirate’s economy to grow 2 percent on an annual basis from 2018 through 2021, noting that the emirate’s economy is supported by a diverse production base, with process industries accounting for 17 percent of its GDP, while realty, wholesale & retail and financial sectors comprise more than 10 percent of GDP.
Moody’s Investors Service has, as well, affirmed Sharjah’s long-term A3 issuer rating and stable outlook, thanks to its resilient and diversified economy and the introduction of revenue-raising measures.
The rating agency maintained the emirate’s rating also partly thanks to improved performance of key government-related issuers which has lowered the risks posed by contingent liabilities to the government’s balance sheet and the government’s initiatives to stimulate FDI inflows.
In the meantime, Tilal Properties has announced it will showcase its flagship AED2.4 billion development, Tilal City, in the 12th annual Cityscape Abu Dhabi Conference, this week from April 17-19 at the Abu Dhabi National Exhibition Centre.
Tilal Properties’ senior executives are attending the three- day real-estate exhibition to promote the City’s unique investment opportunities to both global and regional developers, investors, as well as infrastructure and utilities providers.
Commenting on the company’s participation in the premier event, Al Shaibani said, “The completion of Tilal City’s infrastructure, as per the schedule we have set out from day 1, marks an important milestone as we continually seek to achieve our clients’ satisfaction through real estate developments that exceed their expectations in terms of distinction and affordable luxury, which enhances the Company’s position in the real estate market across the region.”
“The emirate’s first-of-its-kind development offers a unique opportunity to purchase land and build property within Sharjah’s first master-planned community development and provides promising opportunities for homeownership and purchasing land,” he added.
Once fully complete, Tilal City’s five zones, comprised of 1,850 land plots sprawling over 25 million-square-feet, will include office, retail, and mixed-use buildings. Additionally, a total gross leasing area of 115,982-square-metres will house “TILAL Mall”, a regional shopping center that will serve as the destination’s key retail facility.
Tilal City will also boast a wide range of facilities for residents such as education and community centers, as well as public amenities including parks, mosques, and schools. Buyers will have an opportunity to buy land plots in all zones including A, B, C and D which is planned to consist of buildings G+3, G+4, G+5 & G+1 villa, where the land plots are ready with complete infrastructure with a flexible payment plan up to 36 months. A total area of the project development’s 13 million-square-feet will be used for property sales and 12 million-square-feet is allocated for public facilities, roads, and parks.
Due to growing demand, Tilal Properties responded by offering ready buildings (G+4). Construction entered its final phase in Zone B, which is a residential zone that provides an energetic district for residents. In total, there are 382 apartment buildings within Zone B; 56 have retail units on the ground floor and the remaining 326 are apartment buildings without retail.
Zone A, which is preparing for construction, is a vibrant area that combines retail with residential apartments and consists of two distinctly different plot types. Zone A’s thirty-three G+3 buildings are currently being developed as a crescent, which overlooks the public park, adjacent to the planned Tilal Mall.