MAG Lifestyle Development (MAG LD) is changing the infrastructure and design of its Shoumous residential project in Sharjah, due to demand for smaller, cheaper villas, Construction Week Online reported.
The 2.2km² project, which includes a mix of villas and townhouses, has been renamed Sharjah Garden City.
The chief executive officer of MAG LD, Talal Al Gaddah, told Construction Week that he approved the major redesign of the project “because the market demand has changed”.
“People are now looking for a certain price and a certain size for their home,” he said.
Talal explained that prospective homebuyers in Sharjah wanted to acquire villas or townhouses that had four bedrooms and cost in the region of $326,000 (AED1.2m).
The Shoumous project had been initially designed to have up to five bedrooms, cover 464m², and cost approximately $760,000 (AED2.8m), he explained.
But in order to meet buyer demand for cheaper properties with fewer rooms, Gaddah said MAG LD is adapting the infrastructure and design of the residential complex to meet the demand head on and capture sales.
“If I do each villa for half of the size, we can sell them for [$326,000 or] AED1.2m. If you divide this amount over 12 months, the monthly payment is [approximately $24,000] AED90,000 in rent,” Gaddah said.
A date for delivery of the project has not been set, but Gaddah said he “expects to launch it soon”.