Waterfront City Aims to Boost Real Estate with Theme Park

Sharjah Waterfront City (SWC), a massive 60-million-square-foot mixed-use development located off Hamriyah, Sharjah, is aiming to become a major freehold destination. Currently, residents already occupy the initial phases, with plans for a theme park and water-based attractions in the future. Developer Ajmal Makan is actively seeking off-plan investors, starting with a roadshow in Dubai to connect with potential buyers. Investors receive an "initial contract" upon signing, similar to Dubai's Oqood certificates, followed by a title deed upon property handover.

The project is capitalizing on Sharjah's evolving property market, which is experiencing significant changes in ownership and rental regulations. SWC aims to attract both existing residents and investors from across the UAE seeking rental properties. Upon completion, expected towards the end of the decade, SWC anticipates accommodating approximately 60,000 residents.

Current pricing starts at Dh750,000 for a one-bedroom apartment and reaches Dh1.2 million for a two-bedroom unit. Villas on the ‘View Island’ begin at Dh2.6 million for a four-bedroom unit and Dh5.3 million for a five-bedroom unit. Property market sources suggest these entry prices offer potential for value growth, making SWC attractive for investors with a 3-5 year holding timeframe. The total development cost of SWC is estimated at Dh25 billion, with the "Crystal Gulf" theme park, spanning nearly 1.6 million square feet, designed as a standalone attraction.

Ajmal Makan is currently managing all aspects of the build-out. While the focus is on their own development, they are open to collaborating with other developers in the future.