Sharjah-based developer Arada sold 652 homes worth AED 545 million ($148.3 million) at this year’s Cityscape Global, a 42 percent increase on the company’s performance in 2017, when it launched its $6.8 Aljada development.
“We see these excellent results as a vote of confidence in the UAE property sector in general, and in Sharjah in particular,” said Arada chairman Sheikh Sultan bin Ahmed Al Qasimi. “Arada has worked exceptionally hard to bring to the market communities that combine great pricing, great amenities and great design.”
“To improve on our performance in 2017, when we launched Aljada, totally vindicates those efforts,” he added.
The company’s performance at Cityscape seems to have matched the expectations of CEO Ahmed Alkhoshaibi, who told Arabian Business on the first day of the event that he expected sales “to be better” than 2017, when Arada sold approximately 400 apartments.
At this year’s event, Arada unveiled the final masterplace design of Aljada’s ‘Central Hub’, a fully-walkable 1.9 million sq. ft space designed by Zaha Hadid Architects.
Additionally, the company launched Sarab Community, a collection of 109 nature-themed townhouses and semi-detached villas near the Central Hub.
According to the company, a number of other areas, such as the Aljada’s East Village and Misk Apartments, both drew “significant” interest from investors at Cityscape.
Although Arada currently has a sales centre located at the Radisson Blu Sharjah and a pop-up sales centre at its Nasma Residences, in Q1 2019 is plans to open a Zahid Hadid Architects-designed “experiential” sales centre, which Alkhoshaibi said the company hopes will “double” sales at Aljada.For all the latest real estate 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.