The launch and sales of Sharjah’s largest private sector development — Aljada — seems to have been timed to perfection, with the first round of residential offerings nearing a sell-out. Around 400 of the initial 500 homes have now been sold since the formal unveiling last week, with the first two days of Cityscape generating significant investor interest.
“We do have a promotion running through Cityscape, offering a 2 per cent discount on the listed prices,” said Ahmad Al Khoshaibi, CEO of Arada, a joint venture featuring high-profile investor duo from Sharjah and Saudi Arabia. “And during the pre-launch, there was one of 5 per cent for a select group of invitees.
“That day we had put up 272 units for sale and managed to sell 200.”
Prices on the units released to date range from D850,000 to Dh2.99 million for a semi-detached villa. The residential mix also allows for multiple level loft-style units and the like.
At those prices, the developer is also setting the base for future releases, which could be linked to the project reaching certain milestones. (On a per square foot basis, the prices range from Dh750-Dh850 a square foot.) The freehold wave has well and truly reached Sharjah, a relatively late entrant to the game. Over the recent past, developers have launched mega-scale projects that allow freehold for all Arab nationals and very long-term leases for all others.
Being the biggest of them all and with a gross development value if Dh24 billion, Aljada can use its scale to its competitive advantage when it comes to the selling. Plus, the location will also be a key factor, given the proximity to Sharjah Airport free Zone, the airport and University City.
“Phase 1 will see 1,000 residences being released — so we are already at the half way mark,” said Al Khoshaibi. “How and when future releases are timed will depend on expectations and how they match up. We have a lot of stock in the pipeline and can be quite aggressive with the future launch schedules.”
That Aljada will not be an-residential location will add to its pull going forward. The developer has integrated a business park into the wider scheme.
It covers 224 hectares in an area that is at the very heart of the emirate. Construction is scheduled for an early 2018 start and extending through phases all the way up to 2025.