UAE - Sharjah developer Arada has announced that work is currently under way on nearly 6,500 residential units being built across its various communities. Of these, nearly 5,000 homes are on track for completion by the end of this year.

During the first six months of the year, Arada had launched the Phase Three of its woodland megaproject Masaar, after Suyoh community’s first two phases got sold out.

These new launches come amid renewed buyer interest in Sharjah and wider UAE property markets for mainly spacious and green integrated communities.

Arada said it had witnessed a 30% growth in the value of property sold during the first six months of 2022.

The developer sold homes valued at a total of AED1.49 billion ($405.6 million) at its two Sharjah megaprojects, Aljada and Masaar.

During the first half, Arada had awarded contracts valued at AED460 million to build the Phase One of Masaar, and is currently putting the final touches to the first part of the project to be completed, the Masaar Experience Center and surrounding precinct.

The value of sales at Masaar rose by 49% to AED781 million, with a total of 331 homes purchased.

At Sharjah’s largest mixed-use community, Aljada, the launch of Nasaq District in February has witnessed encouraging buyer demand, while the first residential phase of the project, totalling 1,482 homes was also completed.

In total, Arada sold 980 homes at Aljada valued at AED709 million, up 39% over last year.

The rise in sales for both master communities compensated for the absence of sales at Nasma Residences, Arada’s first community, which sold out last year, stated the Sharjah developer.

During the first half of 2022, Arada also completed the sixth and final phase at Nasma Residences, where all 1,117 homes have now been finished.

Vice Chairman Prince Khaled bin Alwaleed bin Talal said: “Our performance in the first half of the year is proof once again of both the resilience of the Sharjah market, which continues to see steady and sustainable growth, and of the interest in our product."

"In particular, Arada is witnessing exceptional demand for well-designed homes, with great facilities and competitive pricing,” he noted.

The first half results cap a particularly strong period for Arada, which also saw the award of credit ratings and the successful completion of the company’s first public financing deal, a $350 million sukuk issuance.

The results also come against the continuing strong performance of the Sharjah property market, which saw a 65% increase in the total value of property sold in 2021 to AED26.2 billion, compared to the previous year, stated Prince Khaled citing data released by Sharjah Real Estate Registration Department.

Group CEO Ahmed Alkhoshaibi said: “These strong results put us firmly on track for our overall sales target of AED3 billion in property sold by the end of this year."

"As we look ahead to the H2, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales still further and achieve the ambitious targets we set for ourselves earlier this year,” he added.

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