The National: ARADA plans to sell out first project, Nasma Residences, by year end

20 June 2018

Sharjah developer has sold 60 per cent of scheme to date, chief executive says

The National: 20 June 2018

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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