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Tue 12 Mar 2019 02:14 PM

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UAE developer unveils student homes plan in Sharjah mega project

Arada unveils new investment opportunity after announcing the launch of Nest, an integrated student accommodation complex

UAE developer unveils student homes plan in Sharjah mega project
Nest features a total of 10 five-storey buildings containing studios and two-, four-, five- and eight-bed dormitories.

Developer Arada is introducing a new investment opportunity after announcing the launch of Nest, an integrated student accommodation complex in its Sharjah mega project Aljada.

The move will enable individual real estate investors to purchase directly in the student housing segment in the Gulf for the first time, an area that has seen major interest in traditional markets such as the United States and Europe, Arada said in a statement.

Located close to Sharjah’s University City, Nest features a total of 10 five-storey buildings containing studios and two-, four-, five- and eight-bed dormitories, alongside laundry rooms, shared TV rooms and study areas.

Different parts of the community have been allocated to accommodation for men and women, it added.

Nest’s list of facilities includes an art studio, a music hall, a library, a running track and a central dining hall, while tenants will also be provided with access to male- and female-only swimming pools, gyms and study areas.

Arada has also committed to providing Nest residents with a number of part-time employment opportunities at local retail and food and beverage outlets, both in the complex and in Aljada as a whole.

In total, there are 1,288 units and 2,600 bed spaces in the Nest complex. Leasing will be arranged by fully licensed onsite management teams.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “The UAE has made education one of its highest priorities and a key platform for the development of the country. We are proud to support this critical industry through Nest.

"Student accommodation is still a relatively new investment segment here in the Gulf and we’re happy to offer this opportunity in Sharjah for the first time. We believe student housing is an excellent and hassle-free way to diversify your real estate portfolio, and we hope that the stable and steady guaranteed returns on offer at Nest will be of significant interest to local and international investors.”

He said buyers in Nest will be rewarded with a guaranteed return on investment of 10 percent annually for a period of five years after their units have been completed. Arada is planning to hand over the entire community by the end of 2021.

Aljada, a master-planned destination with a sales value of AED24 billion, was unveiled by Sheikh Dr Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, in September 2017.

Sharjah’s largest ever mixed-use community, the first homes of the 24 million square foot megaproject is scheduled to be handed over by the end of this year.

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