VOICES FROM THE REAL ESTATE & CONSTRUCTION SECTOR
How would you assess the business climate in the construction and real estate sector?
We saw so many challenges last year, especially in the real estate and construction sectors, but there was good movement in the real estate market. Rents dropped below previous years, which allowed people to choose their own home—larger ones at that. There was also a movement of people from Sharjah to Dubai, and Dubai to Sharjah because of its affordability and living style. Historically, there is a flux between people in Dubai, Sharjah, and Ajman. The construction work and real estate in these three Emirates creates a large metropolitan area. While the movement was continuous, Sharjah saw the majority. It offers a family environment, with increasing facilities such as parks, a developing port, and more restaurants in each and every community. Every year, we are surprised by what happens next. Traditionally, people have lived in Sharjah but invested in Dubai. Now, however, the concepts are changing.
How would you describe the real estate customer base?
Some are losing their jobs or having their salaries cut, which causes an undeniable crisis and has made people more conscious of their savings and spending than before. Rents play a serious role in a family's budget when times are tough, which is why we are seeing more desire for residential properties.
Can you give us some background to GJ Real Estate and its recent projects?
GJ Real Estate was established 10 years ago. So far in 2019 we have delivered about 1.5 million sqft of residential space. We have Oasis Tower 1 and 2, which is our Creek Project development with close to 500 luxury apartments, a project where people can purchase today and move in tomorrow. This is our policy at GJ Real Estate—you buy and move in. Our payment plans are attractive compared to what else you see in the market. It requires a 5% down payment and eight-year installment plan. Most of our projects consist of full 24-hour security, gyms, and pools, and are strategically located. Another of our projects, Conqueror Tower, is the most luxurious product in Ajman so far. It has about 350 units and clients can move after a 5% down payment.
What recent market changes have you noticed?
The trend is for more selective and well-informed buyers. We used to sell in bulk. We had a lot of customers who would come and buy four or five units and either on-sell them or move in and reinvest. That is no longer the case.
How would you evaluate your company's operations in the last couple of years?
We started in 1985 when I set up the precast company here, after which we started persuading people to work with us in this relatively new construction tech. Our work is mainly precast, and precast work was new in the country at that time. We were trying to persuade consultant offices to convert from traditional ways to precast. It was something new for them, and many did not even know what precast was. We managed to get approval at that time from Abu Dhabi for one of the biggest projects, which was for the Ministry of Defense. After this job, his Highness was impressed with our work of neoclassical architecture and started encouraging us to do precast in more jobs in Sharjah, so we constructed the Ruler's Office, followed by offices in the cultural department, among others.
Do you have other divisions?
We opened the GRC and GRB work, which is mainly for the decoration of the building. GRC is lighter than concrete, and reinforced concrete is heavier to use and handle for elevations. When you want to renovate old buildings, sometimes it does not take the load of the precast, so we go for GRC or GRB. We also opened a branch of precast hollow core slabs.
VOICES FROM THE REAL ESTATE & CONSTRUCTION SECTOR
TABLE OF CONTENTS
Interview
Abdullah Sultan Al Owais, Chairman of the Board of Directors, Sharjah Chamber of Commerce and Industry
The Sharjah Chamber of Commerce and Industry is encouraging firms to undergo “smart transformation" when digitalizing their operations or introducing Industry 4.0 technologies.
read articleSpotlight Feature
Making a Difference
Sharjah has long been a pioneer in the fields of culture and education since the beginning of the UAE. Thanks to His Highness' continued focus on culture, there has been an ongoing effort to focus on educating the youth and families, encouraging greater interest in the arts, fostering social harmony, appreciating diversity, and nurturing a more mindful generation.
read articleGuest Speaker
Phumzile Mlambo-Ngcuka , Under-Secretary-General , UN & Executive Director of UN Women
Freeing women from the fear of domestic violence and opening up opportunities for them in business is not just about doing the right thing, but also serves as a potent formula for economic growth.
read articleInterview
Taher Abu Laila , Senior Director of Northern Emirates, Consolidated Engineering Company Khatib & Alami (K&A)
The concept of smart cities is yet to be fully realized, but K&A is pioneering the adoption of digital services and working with the public sector to move toward a smarter future in an organized way.
read articleFocus: Sharjah Research, Technology and Innovation Park
A Walk in the Park
Working toward becoming an information economy, the UAE is cashing in on the high-tech dividend, and homing in on the Emirate of Sharjah, kudos goes to the Sharjah Research, Technology and Innovation (SRTI) Park.
read articleInterview
Abdulla Ali Al Mahyan , Chairman, Sharjah Health Authority & Sharjah Healthcare City (SHCC)
The digital revolution underway in the healthcare sector has not skipped over Sharjah, affecting everything from patient records and software-enabled diagnostic systems to telehealth, robotic surgery, and e-pharmacy.
read articleInterview
Khalid Jasim Al Midfa , Chairman, Sharjah Commerce and Tourism Development Authority (SCTDA)
Niche desert lodges, water parks, huge new infrastructure projects, and a world-class architectural restoration project are but a few of the things putting Sharjah on the global tourism map.
read article