Sharjah developer Arada tests appetite for offplan sales with new 'district'
Launches studio at Dh299,000 at its Dh24b Aljada development in Sharjah city
Dubai: Sharjah master-developer Arada has gone in for a new offplan launch, hoping that there are enough buyers out there to make for a strong showing. If it does, Arada will join Abu Dhabi’s Aldar Properties in securing significant offplan purchases in what has been exceptionally difficult market circumstances.
On Wednesday, Arada released the ‘Naseej District’ at its Dh24 billion Aljada development, and will feature 16 apartment buildings. The first of these has gone on sale, with 128 units.
Construction at Naseej will start in the second quarter of 2021, and the first homes delivered in the first quarter of 2023.
Prices for the first apartment block start at Dh299,000 for a studio, Dh532,000 for a one-bedroom and Dh804,000 for a two-bedroom.
Busy with offplan
So far this year, “We have sold just over 2,200 units in total, including almost 1,900 homes at Aljada and over 300 homes at Nasma Residences (the other community project in Sharjah),” said Ahmed Alkhoshaibi, CEO of Arada.
“Our offplan launches at Aljada this year have included a number of new apartment buildings, the Sarab 2 garden villa community and the Vida Residences Aljada.”
Abu Dhabi and Sharjah have proved the busiest for offplan this year, while in Dubai, buyers are veering towards ready homes. Aldar scored a major success recently, selling out its latest release on Yas Island in a matter of hours.