Image Credit: Supplied
Dubai: The initial set of office buildings that will make up Sharjah’s planned Central Business District (CBD) will strictly be for leasing, according to a top official with the developer Arada. The CBD, announced this year, will eventually expand to 4.3 million square feet, with the first cluster taking up 812,000 square feet to it.
The decision to stick with leasing these offices is telling, because Sharjah has just updated its freehold laws, which also says that property assets other than resident could be sold to investors. “Obviously, freehold has been approved, but we will stick to renting those initial 8 buildings,” said Ahmed Alkhoshaibi, CEO of Arada. “One of these will be for Arada’s own corporate HQ.
“The reason we are renting is because we want to control Phase 1, see how the market is responding to the new space and thus get a feel for the later phases of the CBD.
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