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Wed 15 Jan 2020 10:54 AM

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UAE developer Arada reports 33% growth in sales for 2019

Arada will start to hand over the first homes in Aljada in the second quarter of this year

UAE developer Arada reports 33% growth in sales for 2019

In total, Arada has now sold just over 5,400 homes across both projects.

Arada reported a 33% growth in sales for 2019, boosted by significant investor interest in Sharjah’s largest mixed-use megaproject, Aljada and a stable local market.

The total number of units sold by Arada increased by 86% compared to the previous year.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said the strong figures were particularly impressive at time when the property sector is challenging for developers in the UAE.

“2019 was a very strong year for Arada, despite generally adverse conditions in the UAE’s property sector, and our sales results reflect the strength of the Sharjah economy, and its real estate industry in particular,” said Sheikh Sultan.

“As well as handing over our first homes in Nasma Residences in May, we have also made considerable construction progress at Aljada and strengthened our executive team as we move towards our goal of becoming a major international developer.”

Aljada, Sharjah’s largest ever mixed-use real estate project, is a $6.5 billion master-planned, 24 million square foot megaproject with residential and business portions, as well as student housing, hospitals, schools and entertainment venues.

The total value of sales at Aljada rose by 57% in 2019, while the number of units sold increased by 105%.

Arada said the growth was spurred by the launch of Nest, the Gulf’s first student housing community in which individual buyers can invest directly, and The Boulevard, a three-tower complex ideally placed near the centre of Aljada. Arada said it’s on track to hand over the first homes in Aljada in the second quarter of this year.

The total value of sales at Nasma Residences, which is now 95% sold out, edged up by less than 1% against the previous year. Based in the Al Tay neighbourhood, Nasma Residences, which features nearly a thousand villas and townhouses, saw a 3% rise in the total number of units sold as compared to 2018.

Arada is currently handing over homes in the second phase and anticipates completing all five phases of the project by the end of the second quarter of 2020.

Nasma Residences became Sharjah’s fastest-selling community in 2017 when its first phase sold out in less than a month. Spread over a 5 million square foot area, Nasma Residences features a GEMS international school and a 13-acre landscaped park.

In total, Arada has now sold just over 5,400 homes across both projects.

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