Arada, the UAE's newest developer, said construction work was in full swing at its ambitious project Aljada with the first homes scheduled to be handed over in Q1 2020.
Sharjah’s largest ever mixed-use community, Aljada is ideally situated on the last major plot of undeveloped land spread over a sprawling 24-million-sq-ft area in the heart of the city.
A master-planned destination with a sales value of Dh24 billion ($6.5 billion), Aljada is set to transform the future of Sharjah, which was unveiled in 2017 by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.
The top developer has reported exceptional year-to-date sales, despite a quieter period for the property market in the UAE, during the run-up to the Cityscape Global expo.
The largest real estate showcase in the Middle East region, Cityscape Global kicks off on September 25 and runs for the next two days at the Dubai World Trade Centre.
Arada said that in the year until August, the value of its sales had grown by 30 per cent over 2018, with 1,801 units sold, up 86 per cent. In total, Arada has now sold 4,200 units across both its Sharjah-based communities.
It will be showcasing both Aljada and Nasma Residences, which became the emirate's fastest-selling community with Phase One sold out within a month. Visitors to Arada’s stand will be greeted with special prices and payment plans, said the company in a statement.
The developer will be focusing on selling the last remaining units at Nest, the student housing complex based within Aljada, which enables individual real estate investors to purchase directly in this lucrative asset class for the first time in the Gulf.
Arada’s strong sales figures come against a backdrop of challenging conditions in the UAE property market as a whole, where concerns over supply and demand and consumer sentiment have led to softer prices in some sectors.
The Sharjah market has remained resilient, with Sharjah Real Estate Registration Department, the government regulator, announcing in July that Dh14.7 billion had been invested in local property in the first half of 2019. This figure is already 65 per cent of the total value of transactions for the whole of 2018.
Chairman Sheikh Sultan bin Ahmed Al Qasimi said: "These excellent results are testament to the strength of Sharjah’s property sector, where demand has endured and prices have remained stable in comparison to other markets in the region."
"We have achieved those results by listening to our buyers, tailoring our products to the needs of our consumers and providing real estate investment opportunities that we don’t believe can be found anywhere else in the Gulf," he stated.
On its other achievements, Al Qassimi said the first phase of the Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened before the end of this year.
On its first project, Nasma Residences, Arada said the construction work began last year, and it was currently in the process of handing over homes in Phase Two of the project. The entire community will be completed by June 2020, it added.-TradeArabia News Service
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