Sharjah: A UAE-Saudi joint venture has launched what is said to be the largest privately-owned mixed-use real estate project in Sharjah. The Aljada development will take up 224 hectares on a site with easy access to the main access roads in the emirate.
The project is being helmed by Arada, its second project after the successful launch of the Nasma residential community. Arada is projecting a gross real estate value of Dh24 billion (including the sales proceeds) from Aljada.
“The plot on which Aljada will be developed was purchased from the Sharjah Government earlier this year, and it lies almost entirely on a greenfield site,” said Prince Khaled Bin Alwaleed Bin Talal, Vice-Chairman of Arada and Chairman of KBW Investments.
The first phases are to be delivered from 2019 and the entire destination by 2025. It will by then have a resident base of around 70,000.
“As we said at the launch of Arada, we have been in the process of carefully evaluating several opportunities available to us. Our original plan had been to launch Aljada in 2018, but the resounding success we witnessed at Nasma Residences. The first phase sold out in a month’s time, (and) convinced us to bring forward this launch. We believe that this demand persists.”
All residential units will be available on either a freehold or 100-year leasehold basis to all nationalities. There will be 272 units released at the launch.
“We will be releasing other phases rapidly,” said Prince Khaled. “Our plan is to focus mainly on low-rise and mid-rise buildings across a range of sectors, including residential, commercial, hospitality, retail and leisure and entertainment.”
