Dubai: Sharjah's master-developer Arada has secured an "initial" Dh300 million loan from Dubai Islamic Bank as it adds more features to its Dh24 billion 'Aljada' project. It has also tapped a "smaller facility" from Ajman Bank, and which takes the developer's overall debt exposure to Dh2 billion.
“Against an incredibly difficult backdrop, I am pleased to say Arada outperformed expectations over the course of 2020, awarding over Dh1 billion in contracts and achieving exceptional sales results," said Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada. "We see the closure of the new financing agreements with Dubai Islamic Bank and Ajman Bank as another vote of confidence not just in Arada but in the resilience of the Sharjah property market."
On the selling side, Arada notched up sales of Dh1.75 billion, helped by handovers at some of its earlier launched communities. The developer has been talking about launching a brand new project at some point this year. “Our eyes are now firmly fixed on the year ahead, with an ambitious array of deliveries and launches, as well as an exciting events programme that has been designed to provide something for every citizen, resident and visitor to Sharjah and the UAE,” the chairman added.
Sales had dipped during the lockdown period in April but "recovered strongly". In total, Arada sold 2,337 units last year. It is preparing to hand over the first homes at Aljada this month.