Arada to float Nasma Residences tender in May 2017
Arada has revealed plans to float the tender for Phase 1 of its debut development, Nasma Residences in Sharjah, in May 2017
Arada has revealed plans to float the tender for Phase 1 of its debut development, Nasma Residences, at the end of May.
The Sharjah-headquartered developer – a partnership enterprise formed jointly by Saudi Arabia’s KBW Investments and the UAE’s Basma Group – intends to select the main contractor at the end of June, and commence mobilisation following Ramadan.
Located in Sharjah, less than 30 minutes’ drive from Dubai International Airport, Nasma Residences is an 800-unit community with a gross development value (GDV) of $408m (AED1.5bn).
Nasma Residences’ Phase 1, which will include 107 townhouses and villas, and numerous amenities, is scheduled to complete in October 2018. The project’s infrastructure has already been completed.
Ahmed AlKhoshaibi, group chief executive officer of KBW Investments, told Construction Week: “We’re pulling out all the stops. Because the infrastructure is already complete, building the [residential units] should take less time.
“We can deliver [Phase 1] in 15 months, although we’re aiming [for early completion],” he added.
Nasma Residences will be built in five phases, the construction of which will be implemented in three-month intervals.
“Work on Phase 1 will commence in mid-July, and construction will continue [with three-month intervals] between phases,” AlKhoshaibi explained. “Construction of Phase 2, for instance, will start in mid-October, and we’ll follow the same pattern thereafter.”
For further details of Nasma Residences, and Arada’s future development plans, check out the full-length interview with AlKhoshaibi in issue 653 of Construction Week, which will be published on 29 April, 2017.