UAE-based developer Arada said on Wednesday that it expects to complete the construction of its Nasma Central retail hub, located within its five million square feet (sq ft) Nasma Residences community in Sharjah, in the third quarter.
Local company Intermass Engineering and Contracting started work on the retail hub in December last year, the developer said in a press statement.
Last week, the developer had reported that Nasma Residences development is 95 percent sold, with the project registering a 3 percent increase in the total number of units sold in 2019 as compared to the previous year.
Arada has leased 65 percent of Nasma Central’s leasable space of 44,000 sq ft, the company said on Wednesday.
Starbucks and regional supermarket chain Spinneys are among the recent sign-ups for the retail hub, which also features an 8,600 sq ft gym and clubhouse and a 6,580 sq ft pre-school facility, according to the statement.
Launched in 2017, Nasma Residences comprises a total of 968 townhouses and villas scheduled to be delivered over five phases.
The statement said the handover of homes started in May last year, with Phase 3 delivery scheduled for the end of first quarter and Phases 4 and 5 by the end of the second quarter of 2020.
The developer’s overall sales, in terms of value, rose by 33 percent in 2019 compared to the previous year thanks to 86 percent jump in number of units sold in its 24 billion UAE dirhams ($6.5 billion) Aljada mixed-use development, it had said last week.
The total value of sales at the megaproject rose by 57 percent in 2019, while the number of units sold increased by 105 percent 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 residential complex.
The developer is on track to hand over the first homes in Aljada in the second quarter of 2020, the statement noted.
Last year, Sharjah’s real estate transactions increased by 7.3 percent in value terms to 24.2 billion dirhams ($6.6 billion), according to the annual report of the Sharjah Real Estate Registration Department (SRERD). In terms of volume, the increase was 13.4 percent with 61,357 transactions registered with SRERD.
(Writing by Anoop Menon; editing by Seban Scaria)
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