Cluttons appointed for landmark Sharjah development
Development is in Sharjah's Al Nadha district
Cluttons has been appointed as sole agent for Al Rayyan, a mixed use, multi-purpose development project located in Sharjah's popular Al Nadha district, in the UAE.
Comprising of two residential towers, a commercial tower, and a retail complex, the development contains a total of 504 residential units. These will be offered with leasehold agreements also available to non-GCC UAE residents for the first time in the emirate.
Prices for one-beds to four-bed penthouses, ranged between Dh790,000 and Dh4.5 million. The maintenance fee is set at Dh12 per square feet for residential tower, while the commercial fee is kept at Dh10 per square feet. Buyers will have to pay in addition chiller charges, which will be based on consumption.
The expected return on investment is between 7 and 9 per cent, referring to a rental growth of 53 per cent since 2012 with a 23 per cent rental increase registered in the first nine months of 2014.
Sharjah has been witnessing huge demand for properties in the renal market, post spike in rents across Dubai in the last two years, driven by a reverse migration of budget conscious families and companies leasing bulk staff accommodation. The two residential towers will be completed by end of first quarter 2016, while completion of the commercial tower is set for end of second quarter.