Arada hits 5,000 unit sales as interest in New Sharjah grows
Developer boosted by 2019 sales performance, strong demand in its investor-based products, and rising interest in ‘New Sharjah’
UAE developer Arada has sold 5,000 units – two and a half years after it launched its first project – boosted by its 2019 sales performance; strong demand in its investor-based products; and rising interest in ‘New Sharjah’, where its communities are based.
Construction at Arada’s two communities, Nasma Residences and Aljada, are on schedule, the developer said in a statement, with the first homes in Aljada – Sharjah’s largest mixed-use real estate project – expected to be handed over in the Q1 2020, and delivery of all five phases of Nasma Residences due in Q2 2020.
In September 2019, Arada announced that its sales in the first eight months of the year were up by 30% compared to the same period in 2018. The results were driven by the strength of the Sharjah market and release of new investor-friendly products such as Nest, the student housing complex based within the 223ha Aljada megaproject, which enables individual real estate investors to purchase directly in this lucrative asset class for the first time in the Gulf.
Offering a guaranteed return on investment of 10% annually for a 10-year period, Nest has already witnessed success since its launch, and is now almost sold out.
Commenting on the milestone of 5,000 unit sales, chairman of Arada, HE Sheikh Sultan bin Ahmed Al Qasimi, said: “We have always been confident that there would be strong demand for our communities, but to have reached this milestone in such a short time really reflects the enormous amount of trust that our buyers have placed in us. We are also delighted to see that the property market in the Emirate as a whole is also performing well, alongside clear evidence of rising interest in New Sharjah locations.”