Arabian Business: From Sharjah to the world: Arada CEO Ahmed Alkhoshaibi
News: 13 October 2017
Basma Group and KBW Investments formed property joint venture Arada Developments in December last year. CEO Ahmed Alkhoshaibi talks about how the company will deliver its ambitious $6.5bn Sharjah project, before looking to expand to Dubai, Saudi Arabia, London and even Sydney.
Arabian Business: 13 October 2017
As a developer starting out, Arada took little time to announce itself on the real estate scene in the UAE.
Its first project, Nasma Residences, a residential community of villas in Sharjah, sold out within four weeks in March this year, which is virtually unheard of in an emirate where property is expensive and demand is normally reserved for apartments.
For its follow-up, announced last month, Arada launched the $6.5bn Aljada, Sharjah’s largest ever real estate development. Spread over 2.2 million sq m, the ambitious project will take seven years to complete, creating a whole new city once completed in 2025. The apartments, villas and commercial units are expected to be fully sold out over the next five years.
Arada launched the first tranche of Aljada’s first phase, numbering 272 apartments, to a select number of private investors just before Cityscape, moving half of those units at one event. At Cityscape itself, opened to buyers for the first time since 2008, it was equally successful, selling out nearly 500 units in total.
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