Arada, the Sharjah-based real estate developer building the northern emirate’s largest ever mixed-use project, aims to sell its debut scheme Nasma Residences by the end of 2018, its chief executive said, as the developer prepares to launch the fourth phase on Saturday.
"So far, we have sold just over 500 villas and townhouses in Nasma Residences, our first project, which amounts to a little over 60 per cent of the total development," Ahmed Alkhoshaibi, chief executive of Arada, told The National.
“We will launch the final phase in the coming months, and are planning to sell out the entire project by the end of this year.”
Arada is a joint venture between KBW Investments – a firm controlled by Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal – and Basma Group. It unveiled the 2.2 million square kilometre Aljada mixed-use community last year as Sharjah’s largest-ever scheme to date with a projected sales value of Dh24 billion.
Prior to launching Aljada, it had already commenced marketing the 800-home Nasma Residences and witnessed “exceptional” demand, Mr Alkhoshaibi said.
UAE real estate prices have declined in the past two years due to low oil prices and muted investor appetite, but developers have launched several tourism, housing and mixed-use projects in Sharjah in recent months as the emirate seeks to raise its profile and compete with neighbouring Dubai.
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The release of 302 residential units in Nasma’s fourth phase includes the Bareem Townhouses, a collection of two and three-bedroom homes to be launched for sale on Saturday.
Unit prices at the 5 million square feet Nasma Residences start at Dh899,000, Arada said on Wednesday. The infrastructure contract has been awarded to Darwish Engineering Emirates, and construction of a 6,500 sq ft community shopping centre is due to complete by the end of this year, it added.
Arada is on track to reap Dh2bn of sales revenue from its projects by April 2019 and the company hopes to announce its first scheme in Dubai by the end of this year, Mr Alkhoshaibi said.
“In general, we have seen exceptional demand from both investors and end-users for our product,” he said.
“One of the reasons we founded Arada was due to a belief that Sharjah needed fully integrated residential developments, and we are now providing that product to the market.”