Tilal Properties, a leading Sharjah-based real estate developer and the first to develop freehold and leasehold properties in the emirate, is set to showcase its flagship projects at Cityscape Jeddah 2016, taking place from November 2-4 at Jeddah Centre for Forums and Events.
At the forefront of its participation, the latest updates, designs and progress of the pioneering 25 million square feet project Tilal City and its latest retail project, Tilal Mall, Sharjah’s largest commercial and retail destination.
Khalifa Shaibani, Director of Tilal Properties, said, “Saudi-based real estate investors are constantly looking for the most rewarding opportunities not just domestically, but across the region. Cityscape Jeddah is the perfect platform for us to bring those options to the market and present our exceptional investment prospects. Tilal City and Tilal Mall are truly unique projects and on a global scale, a highly attractive and potentially very lucrative proposition.”
He added: “Sharjah enjoys an extremely investment-friendly environment conducive to investors from Saudi and the rest of the GCC countries, that allows them to invest in 100% freehold properties without conditions or restrictions. Due to this incentive, aside from other attractions offered by Tilal City and Tilal Mall, such as integrated services, sophisticated infrastructure, quality finishing, the strategic location of the project and its proximity to other emirates, we believe our participation in Saudi Arabia’s largest property event will be extremely positive.”
Tilal City, the first-of-its-kind mixed-use community in Sharjah, includes residential, commercial, recreational, educational, retail and community facilities, plus 1,855 land plots. Strategically located on the Emirates Road in Sharjah, the AED 2.4 billion development is only 10 minutes away from the Sharjah International Airport, and within convenient commuting distance to nearby emirates, with Dubai only 2 km away.
Two of the project’s most attractive aspects are the opportunity for non-Arab residents to buy properties on a 100-year leasehold basis for the first time ever, and the option of 100% freehold for GCC nationals and Arab residents who want to buy land and develop properties in the emirate – again, for the first time ever.
Scheduled for construction in mid-2017 with an official opening schedule for 2019, the AED1 billion Tilal Mall, which was announced at Cityscape Global 2016 in Dubai, will stretch across an area of 2 million square feet, making it the most expansive mall and upscale commercial hub in the emirate of Sharjah. It will host a range of retail outlets, including exclusive high-end brands, a multi-screen cinema, family entertainment centres, and a variety of culinary offerings. It will be home to a 65-hectare park and a giant hypermarket that will offer all requirements for residents and visitors to Tilal City, in addition to a medical clinic and pharmacy.
As the domestic property market in Saudi Arabia stalls and in many cases falls, the prospects for overseas investment becomes more attractive. In Riyadh, for example, apartment prices dropped by 1% over the past year, and villa prices fell by 5%.
Likewise, in Jeddah, apartment prices fell by 4% y-o-y in Q3, and 5% from the previous quarter. Villa prices also fell by 5% y-o-y in Q3.
In line with its ambitious and far-reaching strategy to expand its investment portfolio, Tilal Properties plans to develop a number of high-end real estate projects in Sharjah, to help drive the emirate’s dynamic progress and urban boom achieved by Sharjah under the directives of His Highness Dr Sheikh Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah.