Arada records solid performance for 2021, sales up 38pc
SHARJAH, January 6, 2022
Sharjah-based real estate developer Arada has reported a solid performance for 2021 with its sales hitting AED2.41 billion ($656 million), up 38 per cent over the previous year, thanks to successful new project launches and a resurgence in the overall property market in both Sharjah and the wider UAE.
In total, Arada completed the sale of 2,488 homes across its project portfolio last year, thus registering a 6% jump on the year before, as buyers continued to invest in higher-value apartments and villas, said the company in a statement.
Arada’s best-performing project in terms of sales was Masaar, the upscale forested villa community that became the UAE’s first major offplan launch of last year. It sold a total of 559 homes in that community worth AED1.2 billion.
Arada said the first residential contract at the project was scheduled to be awarded this month.
On the results, Vice Chairman Prince Khaled bin Alwaleed bin Talal said: "Arada is now well-positioned as one of the region’s most prominent and active developers, with a clear road map for the coming years."
"We are determined to carry this momentum forward into 2022 with an increased focus on home deliveries at our existing communities, alongside the launch of our first projects outside Sharjah," stated Prince Khaled.
"We will also continue to focus matching customer demand for a smart and sustainable lifestyle with world-class homes, facilities and services," he added.
Group CEO Ahmed Alkhoshaibi expressed delight at the trust that investors had placed in them to build some of the UAE’s most progressive, active and nature-inspired communities.
"For 2022, our aim is to complete 4,000 impeccably designed smart homes, all of which will be delivered to an exceptionally high level of quality," he added.
Arada said investor interest remained strong at Aljada, Sharjah’s largest ever mixed-use project, where it sold 1,796 homes at a total value of almost AED1.1 billion.
At Nasma Residences, the villa and townhouse community in the Al Suyoh district of Sharjah, Arada completed the Nasma Central lifestyle hub and park in May, and homes in the sixth and final phase of the project scheduled to be completed in the coming weeks, said the developer.
The total value of Arada’s three projects is AED33 billion and the developer has sold nearly 9,300 homes since its launch in 2017, it added.-TradeArabia News Service
