By Sam Bridge
Arada says construction progress at its two Sharjah communities, Nasma Residences and Aljada, are on schedule
Sharjah-based developer Arada has announced that it has now sold 5,000 units, a little over two and a half years since it launched its first project in the emirate.
The developer said it reached the milestone following an "exceptional" sales performance in 2019 so far as well as rising interest in ‘New Sharjah’, the area in which both its communities are based.
The company added that construction progress at Arada’s two communities, Nasma Residences and Aljada, is also on schedule.
Arada said it is on track to hand over the first homes in Aljada, Sharjah’s largest ever mixed-use real estate project, in the first quarter of 2020, and will also deliver all five phases of Nasma Residences in the second quarter of 2020.
Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “We have always been confident that there would be strong demand for our communities, but to have reached this milestone in such a short time really reflects the enormous amount of trust that our buyers have placed in us.”
Recent data have shown that Sharjah’s property market is bucking the trend of a general slowdown in the real estate sector across the UAE.
In early November, Sharjah Real Estate Registration Department (SRERD), the government regulator, announced that the number of transactions that had taken place in the emirate had risen by 31.4 percent during the third quarter, compared to the same period a year earlier. In the year to date, AED18.9 billion has been invested into Sharjah real estate.
In September, Arada announced that its sales in the first eight months of 2019 were up by 30 percent compared to the same period a year before.
Located in Muwaileh, Aljada is a master-planned destination with a sales value of AED24 billion and was unveiled by Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, in September 2017.
The 24 million square foot mega project also features retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.
The first phase of the Aljada Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened before the end of this year.
Arada’s first project, Nasma Residences, was launched in March 2017 in Al Tay. Featuring landscaped parks, two retail centres, a GEMS international school, plenty of sports facilities and a mosque, Nasma Residences sets a new standard for Sharjah communities.
Construction on Nasma Residences began last year, and Arada is currently in the process of handing over homes in Phase 2 of the project.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.