Monday, Mar 13, 2017
Investor interest in Sharjah freehold will be tested with the first properties going on sale — at Dh995,000 and above — from a newly created developer alliance. Located near the under-development Tilal Mall and Sharjah Convention Centre, the first units of Nasma Residences are to be delivered late next year.
The first phase, which will see 107 homes ranging from 1,500 square feet to just over 3,000 sq ft, go on sale March 21. In all there will be 800 residences.
The project is located at the intersection of Emirates Road Highway E611 and Maliha Road.
“We have taken a deliberate decision to design and build Nasma Residences as a full-service community, although it is not a gated community,” said Prince Khalid Bin Alwaleed Bin Talal, Vice-Chairman at Arada, the developer.
“This is to ensure that no service charges are levied, making it an attractive proposition for both investors and end users.
“We are comfortable that we can meet this deadline (of late 2018) for the first cluster. Much of the supporting infrastructure — such as connecting roads — is already in place. We’ll be carefully reviewing the development of the rest so that it is finished by the time the first phase is complete.”
It was in January that formation of Arada was announced, bringing together Saudi Arabia’s KBW Investments and Sharjah’s Basma Group. The developer was to principally focus on mid-market residential communities.
The choice of location fits the profile of expansive community-themed projects. Prince Khalid calls it as the heart of “New Sharjah”, and spanning just over 5 million square feet and including 20 acres for green space.
“Nasma Residences is located adjacent to Emirates Road, offering residents an easy commute to both the centre of Sharjah City and Dubai,” Prince Khalid said. “Although sale of property in Sharjah had previously been limited to GCC citizens and some select Arab nationals, we are delighted the emirate recently took a decision to sell freehold to all Arab nationals, while 100-year leases are available expatriates of every nationality.”
The gross sales value from Nasma Residences is estimated at Dh1.5 billion.
“For the time being, Arada’s focus is on building and delivering for buyers within Nasma Residences,” Prince Khalid said. “However, in the medium to long-term, Arada will consider any new opportunities as and when they become available.”
There is extensive development activity going on next door to the Nasma project. The 25 million square feet “Tilal City” also allows investors to acquire properties or go in for plots that can be built to their specifications. Last year, the developer — formed through a joint venture between Sharjah Asset Management and Eskan Real Estate — gave the location a major boost with the announcement of Tilal Mall, Sharjah’s biggest shopping destination in the making.
BOX — There will be more to Nasma than residences
The Nasma Residences development will be “anchored” by four community offerings — a 13-acre landscaped park with cycling and jogging tracks; a community centre with clubhouse, a children’s nursery and clinic; a school and a mall. During the first phase, the park will be built, and the retail mall will follow shortly thereafter.
By Manoj Nair Associate Editor
Gulf News 2017. All rights reserved.