SHARJAH: Arada has reported a robust sales performance for 2020, as the developer benefited from a raft of project handovers and the stable Sharjah real estate market to overcome the effects of the pandemic.

During a challenging year for the UAE property sector as a whole, the total value of real estate sold by Arada rose by 35 percent to reach AED1.75 billion, with investor interest continuing to grow at Aljada, the landmark mixed-use megaproject in the heart of New Sharjah, said an Arada press release issued on Monday.

Arada has also confirmed a new Islamic loan agreement with Dubai Islamic Bank, amounting to an initial AED300 million, as well as a smaller facility with Ajman Bank.

The two agreements, which will enable the full financing of all residential phases that have been announced by Arada, follow previous loans totalling AED2 billion, which were secured in 2017 and 2018.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said, "Against an incredibly difficult backdrop, I am pleased to say that Arada outperformed expectations over the course of 2020, awarding over AED1 billion in contracts and achieving exceptional sales results. In particular, we see the closure of the new financing agreements with Dubai Islamic Bank and Ajman Bank as another vote of confidence not just in Arada but in the resilience of the Sharjah property market.

Over the course of 2020, Arada’s sales dipped during the UAE lockdown period in April but recovered strongly in the following months, with the developer posting its best ever quarterly performance in the third quarter. In total, Arada sold 2,337 units during 2020, as investors flocked to higher-end apartments and villas across the company’s two projects, Aljada and Nasma Residences.

Arada sold 1,977 units at Aljada over the course of the year and is preparing to hand over the first homes in the community, which will be delivered this month.

A number of key construction contracts were also awarded at Aljada during 2020, including for the project’s second residential phase, East Village, and the SABIS International School – Aljada. In addition, the developer also launched a new creative community for Sharjah, Naseej District; the Vida Residences Aljada, in partnership with Emaar Hospitality Group; and the second Sarab garden villa community.

At Nasma Residences, the AED1.3 billion villa and townhouse community in Al Tay, Arada has completed all 993 homes in the first five phases of the project. During 2020, the developer sold 360 units in Nasma Residences, which is now sold out. The remaining components of the community, which include a 13-acre landscaped park and the Nasma Central community centre, will be opened to the public in the first quarter of 2021.

© WAM (Emirates News Agency) 2021