TURNKEY SOLUTIONS

Sharjah 2019 | REAL ESTATE & CONSTRUCTION | VIP INTERVIEW

TBY talks to Georges Khouzami, Chief Operations Officer of Al Thuriah, on sustainability, new visa rules, and data analysis in real estate.

What recent economic and market trends have you noticed in Sharjah and how have they impacted the construction and real estate sector?

Al Thuriah specializes in offering turnkey solutions to institutions and investors by combining Real Estate Development, Construction, Leasing and Facilities Management into one seamless service. The real estate sector in Sharjah remains very healthy in terms of demand and supply; however, the price volatility of the neighboring emirates has an immediate effect on Sharjah's. We have noticed that end-users and investors are spoiled for choices in terms of payment schemes and limited time offers, but here at Al Thuriah, we decided to focus our efforts on better living standards. All our projects have superior living spaces that are 50% above market sizes along with premium finishes and amenities. In turn, our products fulfill the requirements of better living. Moreover, Sharjah granted foreign nationals the right to buy long-term leasehold properties which proved to be a great starting stimulus to our industry.

What is the status of your La Plage Tower and Sahara Tower 6 projects?

La Plage Tower and Sahara Tower 6 are the only projects in our portfolio that are for sale as individual apartments. Sahara Tower 6 is the final jewel of the Sahara Complex. The final tower in the series means all the improvements learned throughout the years were incorporated in its design and execution to create our best product yet. Sahara Tower 6 is due for completion during 4Q2019, ahead by 60 days of its official completion date. On the other hand, La Plage Tower was designed to set a new benchmark in high-rise residential living. The Tower offers 90 different floor plans that will cater to all cultures and tastes. The concept of exclusivity was the foundation of our approach and design. The Tower is split into three sections that slightly twist from one another, its terraces are 2m wide for supreme utilization and its window frames are 1.5m wide for the ultimate views. La Plage Tower is on sale now and slated for completion in 4Q2022.

How are you working to increase sustainability in your projects?

Sustainability is a subjective word. At Al Thuriah, sustainability means keeping the same standard of the project on handover throughout its life cycle. To achieve this, our facilities management subsidiary weighs in during the design for valuable insights and recommendations. Furthermore, we always keep a sinking fund that accumulates yearly for every project in order to take immediate action for any asset that shows wear and tear. Keeping a hands-on approach with a preventive mindset are the key to increasing our sustainability.

Which of your service has yielded the highest revenue?

All our services are integrated into one turnkey solution.

How will the change in visa and investment opportunities for foreigners benefit Sharjah?

The approval to allow foreigners to invest on a long-term leasehold basis opened a new pool of end-users and investors. Our target market increased tenfold overnight which greatly benefited all developers and the emirate of Sharjah as a whole.

What kind of AI or machine learning solutions are you using?

Real Estate is a long-term business which requires analysis for the near future and future. Machine learning does not help in creating futurity assumptions; however, it does help in comparing current data with historical data to establish a baseline.

What are your goals and expectations for 2019?

Our primary goal is to complete our transition to an international Enterprise Resource Planning (ERP) which will create a coherent journey for our customers and reduce the operating time to complete tasks. The ERP will also allow all our companies to share its data in a single structure to improve our processes resulting in greater efficiencies and customer care. We have a very healthy backlog of projects. However, we will still evaluate new launches or partnerships in the near future.