Arada, the UAE’s newest developer, has announced that it sold a record 652 homes worth Dh545 million ($148 million) during the three-day Cityscape Global real estate exhibition held in Dubai recently, thus registering a 42 per cent increase on the company’s performance last year, when it launched its largest project, Aljada.  

These healthy results are further evidence of the strength of the property market in Sharjah, UAE, which saw a 20 per cent rise in transactions in 2017 over the year before, thanks in large part to recent changes in real estate ownership legislation and the steady growth in the local economy, said a statement from Arada.  

The developer is presently building two lifestyle communities in Sharjah, it added.   

During the Cityscape Global, Arada showcased the final masterplan design of the Central Hub, the focal point of its ground-breaking lifestyle megaproject, Aljada.

Designed by Zaha Hadid Architects, the Central Hub is a new entertainment and leisure destination for the UAE, the first phase of which will be completed in the first quarter of next year.

The Sharjah developer also unveiled the Sarab Community, a collection of 109 nature-themed townhouses and semi-detached villas located near the Central Hub.

Other areas that drew significant interest from investors were the East Village and the Misk Apartments, both at Aljada, and the Bareem Townhouses at Nasma Residences, it added.

Chairman Sheikh Sultan bin Ahmed Al Qasimi said: "We see these excellent results as a vote of confidence in the UAE property sector in general, and in Sharjah in particular. Arada has worked exceptionally hard to bring to the market communities that combine great pricing, great amenities and great design."

"To improve on our performance in 2017, when we launched Aljada, totally vindicates those efforts," he noted.

During the expo, the Arada stand was visited by several prominent visitors, including Sheikh Hamdan bin Mohammed Al Maktoum, the Crown Prince of Dubai, who was welcomed by Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada.

Arada, which was set up in late 2016, launched its first project, Nasma Residences in March last year.

The project went on to become Sharjah’s fastest-selling community when its first phase sold out in less than a month. Homes in the first phase are scheduled to be handed over to buyers by the end of this year, said the developer.

In September 2017, Arada launched its second project, Aljada, a 24-million-sq-ft megaproject which was unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.

Construction on Sharjah’s largest ever mixed-use destination began this April, and the entire project is scheduled for completion in 2025, said the statement from Arada.

Valued at Dh24 billion, the Aljada masterplan is carefully designed with walkability and wide green spaces in mind, allowing residents, workers and visitors the ability to live, work, play and be entertained within a fully integrated and sustainable community, it added.-TradeAraia News Service