Sports City International, a company owned by Sharjah’s Bukhatir Group, is taking its sports city concept to Tunisia with the development of the Dh18.4 billion (US$5bn) Tunis Sports City.
As full completion nears on Dubai Sports City, which is being developed by Bukhatir Group, the company is also reviewing plans for a similar project in Lahore, Pakistan.
A number of UAE developers are eyeing opportunities in Tunisia and other North African markets to combat the slowdown at home as well as cater to demand for property among the local population.
Sales of homes in the residential component of Tunis Sports City, which will be built in phases over 15 years, have begun, with most of the interest coming from local buyers, according to Paul Crosetta, the chief executive of Sports City International. The company will also target buyers in Algeria, Libya and Europe as part of its international sales drive.
“Tunisia has been relatively cocooned from the financial crisis and has a stable economy,” said Mr Crosetta.
“This is the first development of its kind in Tunisia and we’re seeing demand from Tunisians wanting to book apartments.”
Mr Crosetta added that five banks were on board to provide home financing for the project. While homes will be sold offplan, most of the construction will be financed from money raised by the Bukhatir Group. The price of homes, which will be a mix of villas and apartments, will start at Dh599 a square foot.
“It’s been a difficult process but we’ve managed to partner with banks to provide finance,” added Mr Crosetta.
As with the Dubai concept, Tunis Sports City will include sports academies, a golf course, hotels and an urban centre surrounded by a man-made waterway.
Meanwhile, the plans for a sports city in Lahore are still being considered.
“There has been an impact on the timeframe because of the instability in Pakistan,” said Mr Crosetta.
“But we’re assessing the concept and haven’t written it off just yet.”
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