Significant investor interest in $6.5bn Aljada project drove increase, developer says
Arada, the UAE-based real estate developer, has said that its sales rose by 33% in 2019, as compared to the previous year, thanks to significant investor interest in Sharjah’s largest mixed-use megaproject, Aljada.
In a statement, the developer said that the total number of units sold increased by 86% against the previous year. The total value of sales at Aljada, the $6.5 billion project located in the heart of Sharjah, rose by 57% in 2019, while the number of units sold increased by 105%.
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, the statement added.
HE 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,” he added.
Located in Muwaileh, Aljada was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah in September 2017. Situated on the last major plot of undeveloped land in the heart of the city, the district features a number of 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% sold out, edged up by less than 1% 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 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 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.