Developer sells 652 units, with investor interest highest in East Village and Sarab Community homes in Aljada, Bareem Townhouses in Nasma Residences
Arada has announced that total sales during the recent Cityscape Global real estate exhibition in Dubai reached AED540 million. The developer, which is building two lifestyle communities in Sharjah, sold 652 homes during the three-day event in early October, a 42% increase on the company’s performance in 2017, when it launched its largest project, Aljada.
The healthy results are further evidence of the strength of the property market in Sharjah, which saw a 20% rise in transactions in 2017 over the year before, thanks in large part to recent changes in real estate ownership legislation and steady growth in the local economy.
During Cityscape Global, which ran between 2-4 October, Arada showcased the final masterplan design of the Central Hub, the focal point of its ground-breaking lifestyle megaproject, Aljada. Designed by Zaha Hadid Architects, the Central Hub is a new entertainment and leisure destination for the UAE, the first phase of which will be completed in the first quarter of next year.
Arada also launched Sarab Community, a collection of 109 nature-themed townhouses and semi-detached villas located near to the Central Hub. Other areas that drew significant interest from investors were the East Village and the Misk Apartments, both at Aljada, and the Bareem Townhouses at Nasma Residences.
HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said: “We see these excellent results as a vote of confidence in the UAE property sector in general, and in Sharjah in particular. 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.”
The Arada stand at Cityscape Global was also attended by a number of prominent visitors, including HH Sheikh Hamdan bin Mohammed Al Maktoum, the Crown Prince of Dubai, who was welcomed by HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada.
Launched in late 2016, Arada launched its first project, Nasma Residences in March last year. The project went on to become Sharjah’s fastest-selling community when its first phase sold out in less than a month. Homes in the first phase are scheduled to be handed over to buyers by the end of this year.
In September 2017, Arada launched its second project, Aljada, a 24 million square foot megaproject that was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Construction on Sharjah’s largest ever mixed-use destination began in April 2018, and the entire project is scheduled for completion in 2025.
Valued at AED24 billion, the Aljada masterplan is carefully designed with walkability and wide green spaces in mind, allowing residents, workers and visitors the ability to live, work, play and be entertained within a fully integrated and sustainable community. Aljada has exceptional connectivity to surrounding areas, and is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.
Interested buyers may visit the Arada sales centre located at the Radisson Blu Sharjah in the Badriyah Ballroom, or the developer’s pop-up sales centre at Nasma Residences, from 10:00am to 7:00pm Saturday-Thursday.