(MENAFN - Khaleej Times) Al Hanoo Real Estate, one of the leading real estate companies in GCC, has sold around 40 per cent of phase II of its industrial city in Sharjah, general manager Dr Omar A Mashabi told Khaleej Times at 'Made in Sharjah' exhibition.
The company has spent Dh500 million for acquiring the land and building the infrastructure, Dr Mashabi said. Investors can start their project immediately as water, power and road network is already there, he added.
"We got very good response from investors as around 40 per cent of the second phase has been sold in a month," he said.
It's an 18 million sq ft project and the company has sold nearly 2.5 million sq ft, according to the general manager. There are three phases in Al Hanoo Industrial City, which is located on Al Abir Highway and it's in the centre of the Emirates.
Dr Mashabi did not disclose the price, but said its good, fair, and competitive. It depends on types of plots, as there are plots for commercial, industrial and residential needs in addition to warehouses, he explained. Plot size is also important for the price, he added. He said the city is ideal for small and medium enterprises, light industries, green industries and warehouses.
Al Hanoo Real Estate is a subsidiary of Al Hanoo Holding, which is not just a UAE real estate master developers , but has diversified into many fields.