Tuesday 4 August 2020

Arada posts 33pc growth in sales during 2019

SHARJAH, January 15, 2020

UAE-based Arada, a top real estate developer, said that its sales rose by 33 per cent in 2019 compared to the previous year, boosted by significant investor interest in Sharjah’s largest mixed-use megaproject, Aljada.

The total number of units sold by Arada increased by 86 per cent against the previous year.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “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.

“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.”

The total value of sales at Aljada, the Dh24-billion ($6.5 billion) project located in the heart of Sharjah, rose by 57 per cent in 2019, while the number of units sold increased by 105 per cent. 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 is on track to hand over the first homes in Aljada in the second quarter of this year.

Located in Muwaileh, Aljada is a master-planned destination with a sales value of Dh24 billion, and is situated on the last major plot of undeveloped land in the heart of the city. It is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.

The total value of sales at Nasma Residences, which is now 95 per cent sold out, edged up by less than one per cent against the previous year. Based in the up-and-coming Al Tay neighbourhood, Nasma Residences, which features nearly a thousand villas and townhouses, saw a three per cent 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 sq ft area, Nasma Residences hosts a wealth of amenities, including a GEMS international school and a 13-acre landscaped park. Other amenities include a mosque, two retail centres and two smaller community parks.

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


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