UAE: $408m Nasma Residences to complete in 2019
Arada has revealed that its $408m, 800-unit debut development, Nasma Residences in Sharjah, is scheduled to complete by mid-2019 at the latest
Arada has revealed that its debut development, Nasma Residences, is on course to complete by mid-2019.
The developer – a partnership enterprise formed jointly by Saudi Arabia’s KBW Investments and the UAE’s Basma Group – told Construction Week that infrastructure works for the five-phase Sharjah project have already been completed.
All 107 units due to be built as part of Nasma Residences’ Phase 1 have been purchased, and Arada expects to sell out the entire project within 12 months.
Upon completion, the community will host 800 residential units and a broad range of community amenities. The gross development value (GDV) of the project is approximately $408m (AED1.5bn), according to its developer.
Ahmed AlKhoshaibi, group chief executive officer of KBW Investments, said: “Based on our current forecasts, we hope to sell out the entire project – all 800 residential units – within 12 months.
“[In terms of construction,] we expect that Nasma Residences will be completely built by mid-2019 at the latest.”
Arada plans to float the tender for Phase 1 of Nasma Residences at the end of May 2017. The project’s main contractor will be selected at the end of June, and mobilisation will commence following Ramadan.
Nasma Residences will be built in five phases, the construction of which will be implemented in three-month intervals.
For further details of Nasma Residences and Arada’s long-term development strategy, check out the full-length interview with AlKhoshaibi in issue 653 of Construction Week.