Arada reaches 4,000-unit sales milestone and ties up with Dubai Islamic Bank to provide home financing solutions

Arada reaches 4,000-unit sales milestone and ties up with Dubai Islamic Bank to provide home financing solutions

News: 4 August 2019

  • Developer achieves landmark just over two years since launch of first project, Nasma Residences
  • Partnership with the UAE’s largest Islamic lender will ensure easier path to home ownership for buyers

Arada has announced a partnership with the UAE’s largest Islamic lender, Dubai Islamic Bank (DIB), which will streamline the home ownership process for buyers in the former’s projects. The tie-up comes as the UAE’s most exciting new developer confirmed that it has now sold over 4,000 units in its two record-breaking communities, Aljada and Nasma Residences, in just over two years.

HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said: “To reach this sales milestone during a challenging period for the UAE real estate sector speaks volumes about the strength of the Sharjah property market. So far, 2019 has resulted in our two best-performing sales months, which we have achieved due not only to the improving integration of the teams within Arada, but also the desirable investment products that we have recently released to the market.

“This new partnership with DIB represents yet another way in which we are making every effort to make our buyers’ lives easier and more efficient. We look forward to working closely with our partners as we accelerate the delivery process for our homes.”

Varun Sood, Chief of Home Finance at Dubai Islamic Bank

Varun Sood, Chief of Home Finance at Dubai Islamic Bank, said: “As one of the most experienced and capable Sharia-compliant lenders in the region, we have considerable expertise when it comes to providing transparent and efficient home financing solutions. We look forward to ensuring that Arada property buyers can benefit from our proficiency in this area as they prepare to move into their new homes.”

The home financing partnership with DIB will allow property purchasers to access highly competitive mortgage rates and exclusive flexible payment plans, as well as rapid and easy processing without the need for salary transfer. In addition, the lender is also opening a kiosk at Arada’s sales centre in Sharjah and has appointed a dedicated relationship manager to handle queries from the developer’s buyers.

Arada’s link-up with DIB is timely, given that the developer has just started handing over its first ever units, in Nasma Residences, which is scheduled to be completed by the end of the second quarter of 2020. Featuring over 900 homes, as well landscaped parks, a GEMS international school and two retail centres, Nasma Residences is spread out over a 5 million square foot plot that has excellent connectivity to Dubai and the Northern Emirates. Construction work on all five phases is now under way, and the community is now 80% sold.

Aljada, a master-planned destination with a sales value of AED24 billion that is set to transform the future of Sharjah, was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, during an exclusive ceremony in September 2017. Arada has now sold 70% of all released units in the first three phases of this project.

Sharjah’s largest ever mixed-use community, Aljada is ideally situated on the last major plot of undeveloped land in the heart of the city. The 24 million square foot megaproject has exceptional connectivity to surrounding areas, and is an all-encompassing district that comprises considerable retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.

Construction on Aljada is well under way, with the first homes scheduled to be handed over in the first quarter of 2020. The first phase of the Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened in the third quarter of this year. Containing Arada’s experiential Sales Centre, as well as events spaces, children’s play areas and a food truck zone, Sharjah’s newest community space will be complemented by a packed calendar of family-friendly activities.