Azizi unveils $11.2bn Sharjah community in first move into emirate Dubai-based Azizi Developments is expanding into Sharjah with one of the emirate’s largest master-planned communities, unveiling a A$11.2 billion project encompassing more than 10,000 homes.
Azizi Developments has made its first move into Sharjah with the launch of a US$8.1 billion (about A$11.2 billion) master-planned community, extending the Dubai developer’s footprint into another of the UAE’s major property markets.
The freehold development, Azizi Florence, will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments, alongside retail, hospitality, education, leisure and wellness facilities.
At the centre of the development will be a 1.7 million sq ft Central Park, while the community will be divided into six residential clusters, each with its own park, clubhouse, community centre and landscaped gardens.
Three-bedroom townhouses will start from approximately AUD $713,000 at current exchange rates.
The scale of Azizi Florence is significant even by the standards of the UAE’s rapidly expanding residential development sector. At around Dh30 billion, the project represents Azizi’s debut in Sharjah after building much of its portfolio in neighbouring Dubai.
Azizi Group founder and chairman Mirwais Azizi said in statement, the move also represented a return to the emirate where his UAE story began.
“Returning to Sharjah after more than three decades is deeply meaningful to me, as this emirate was my first home in the UAE and an important part of my journey,” Mr Azizi said.
“With Azizi Florence, we are proud to bring back that connection through a community designed for families, wellbeing and a high quality of life.”
The development comes as Sharjah’s property sector records continued growth. According to The National, the emirate recorded Dh29.5 billion (A11.13billion) in real estate transactions, with the value of transactions up 9.3 per cent year-on-year and transaction volumes increasing 23.7 per cent to 59,460.
That activity is attracting greater attention to Sharjah as development continues across the UAE, with its property market offering a different price point to neighbouring Dubai while large-scale developers expand their pipelines.
Azizi Florence will add more than 10,000 residences to that pipeline and broaden Azizi’s portfolio beyond its major Dubai developments, which include Azizi Venice and Burj Azizi, the latter planned to become the world’s second-tallest skyscraper.
The developer says it has delivered more than 45,000 homes to investors and owner-occupiers from more than 100 nationalities and currently has approximately 150,000 units under construction.
For Australian property professionals watching the Gulf’s rapid development, the sheer value of Azizi Florence is striking: at approximately A$11.2 billion, a single new master-planned community represents an investment on a scale rarely seen in the Australian residential development market.