Sharjah Oasis Real Estate Development is set to launch a large-scale project called Waterfront City at next month’s Cityscape Global 2015 exhibition, the company said in a statement.
Phase one of the project is scheduled for completion in 2018, and is set to cost $2.5 billion (AED9.3 billion). Phase two is expected to be finished between 2020-21.
The city will accommodate 200,000 people on completion and comprise of 10 natural islands spread across 36 kilometers of coastal land, connected via bridges and canals. It is set to span a total area of 60 million square feet.
“This is an incredibly exciting time for us as we begin our preparations for Cityscape, where we will be officially announcing the launch of Sharjah Waterfront City and formally outlining our progress with the project, which is set to be a tourism landscape as the preferred tourist destination for families,” said Hayssam El Masri, president of the Sharjah Oasis Real Estate Development.
“Our objective is to develop Sharjah Waterfront City as the epitome of privacy, luxury and status. We believe we can significantly add valuable leisure time to family entertainment.”
Among the major attractions is the Crystal Lagoon water theme park that will span around 1.5 million square feet.
In an earlier interview with Emirates 24/7, El Masri addressed the company’s plans to finance the project. “We are in talks with various institutions and investors. Besides, we will raise funds by selling land, signing strategic alliances and even launching real estate funds,” he was quoted saying.