Emaar Hospitality, the hospitality arm of Emaar Properties, and Sharjah-based real estate developer Arada have teamed up to develop a Dh600 million residential project and a hotel in Sharjah, the two companies said.
Vida Residences Aljada project will come up in Arada's Dh24 billion master development in the emirate, the companies said in a statement on Tuesday.
“The introduction of Sharjah’s first branded residences and our partnership with Emaar Hospitality Group is yet more evidence of our determination to bring high-quality partnerships and competencies to Aljada,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said. “Vida Residences Aljada buyers will benefit not only from exceptional amenities and the perfect design and location, but also from the world-class service for which the Vida brand is renowned.”
"The partnership is to bring a superb brand to Sharjah," Arada chief executive Ahmed Alkhoshaibi told The National in an interview.. "This was signed in 2018 and we were waiting for the right time (to launch)."
Construction on Vida Residences Aljada and the adjacent Vida Aljada hotel will commence in the second quarter of 2021 and is set to be completed by the end of the second quarter of 2023.
Off-plan sales of the project's first phase which includes 168 residential apartments kicked off on Tuesday.
Arada is a joint venture between KBW Investments – a company controlled by Saudi Arabia’s Prince Khaled bin Alwaleed – and Sharjah-based Basma Group.
The new project will be financed through a mix of debt, equity and proceeds from sales, Mr Alkhoshaibiadded.
Arada is targeting to sell 2,600 units next year with a sales revenue of Dh2.3bn from its Aljada master development as well as the new project with Emaar.
"We will be launching another big project which will be announced in the next few weeks. We feel that there is still a solid area for more growth and as long as you deliver a product, that is high quality with all the amenities and accessible price there is always going to be a market.”
The company is aiming to start a new project in Saudi Arabia next year is looking for new opportunities in Dubai as well, he said.
"Sharjah (property market) has been able to grow as you saw from their Q3 results, they grew 10 per cent. Sharjah has been resilient when compared to its neighbours."
“This is a great example of the collaborations we foster to create iconic destinations of the future,” Mohamed Alabbar, founder of Emaar, said. “Our hotel brands have set a high industry standard and Vida Residences Aljada will be a valued addition to Aljada.”