Colliers International named as the official management company for Tilal Mall during a high-level signing ceremony on the first day of Cityscape Global Dubai 2017
Sharjah, 12 September 2017: Tilal Properties, a leading Sharjah-based real estate developer and the first to develop freehold and leasehold properties in the emirate, has unveiled sweeping expansion plans for its flagship retail project ‘Tilal Mall', as a part of its strategy to lead the emirate's booming property sector and provide the perfect destination for investors, residents, tourists and entrepreneurs.
The comprehensive range of updates involve increasing the area designated for construction from 256,000 square metres to 400,000 square metres and raising the total gross leasing area from 69,000 square metres to 115,982 square metres. The plans will also increase parking lots from 2,500 to 4,170 in the five-storey building.
The expansion plan, part of Tilal's intensive investment promotion strategy will draw even greater interest both domestically and internationally to the opportunities the mall offers.
The wide-reaching updates were revealed at an official signing ceremony between Tilal Properties and real estate giant Colliers International during the first day (Monday) of the region's most important and influential real estate event, Cityscape Global Dubai 2017, taking place from 11-13 September at Dubai World Trade Centre, where Tilal had a highly-significant presence, as it concludes its participation today (Wednesday).
Under the official contract, Colliers International has been assigned the task of reviewing the designs of the mall, providing leasing services and undertaking property management. Colliers International successfully leased and advised on more than 86 million square feet of retail destination developments across MENA region.
Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Tilal Properties, said: “The revised plans are a phenomenal opportunity for more investors to take part in one of the most prominent projects in the region. The agreement with Colliers International followed a comprehensive study, taking into consideration the real estate's requirements and market analysis and needs. Today's property market is witnessing a noticeable rise in demand, especially for this kind of sophisticated community and service project.
“We have chosen Colliers due to its vast experience as one of the leading companies in the development of retail projects on a local and global stage,” Sheikh Sultan bin Ahmed Al Qasimi added.
He continued: “Tilal Mall is the largest shopping destination in Sharjah, designed to cope with the rapid growth of Sharjah city and its surrounding areas. This is why we opted to update the designs of the mall in order to maintain its individuality and its symbolism to the emirate, which is highly respected as a business-friendly environment for investment, given that Sharjah's real estate market has maintained its stability on the state level.”
On his part John D. Davis, Chief Executive Officer at Colliers International MENA said :“We are very pleased to partner with Tilal Properties ensuring a World - Class experience that will set new standards in the retail sector in the region.”
From his side, Stuart Gissing, Regional Director of Colliers International Middle East, said: “Our company is one of the leading global commercial real estate companies and enjoys a great reputation and accumulated experience in developing retail destinations. On designing Tilal Mall, we mainly focus on creating a strong and unique design that ensures the giant shopping destination will play a prominent role in reaffirming the project's strength and significance and add value to Sharjah's bourgeoning retail sector, with a view to providing luxury services to the project's visitors.”
He added: “Colliers International looks forward to providing consultancy services relating to design, leasing, and the operations management of the project, in partnership with Tilal Properties. We are all confident that this partnership will be fruitful for both parties. '
Strategically located on Emirates Road (E611), Tilal Mall will comprise 220 stores, 61 restaurants and cafés serving a variety of food and beverages, a hypermarket extending across 8,200 square metres, a cinema complex, a 3,200-square metre multi-section store, six small stores and three family leisure centres.
Once completed, Tilal Mall will become the most important and largest shopping destination in Sharjah where it will offer the necessary services to keep up with the exponential growth of Sharjah city and its nearby areas.