Arada reported an 85% rise in sales to Dh1.15 billion during the H1 of 2021, compared to the same period of last year.
In total, the developer sold 1,173 homes, as investor interest in Arada’s two megaprojects, Aljada and Masaar, continues to gather pace.
The developer was also supported by the continued strong performance of the Sharjah land sector, where the worth of property sold in the first half of the year rose by 41%, as per the information recently delivered by the Sharjah Real Estate Registration Department.
Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, said: “Both our own sales and transaction data for the Emirate as a whole tell us that Sharjah is becoming an increasingly important investment destination for property buyers from around the world.”
“We project that this pattern will continue for the near and medium term, and even allowing for the exceptional sales performance that Arada achieved in the third quarter of last year, we are still on track to achieve our target of increasing our sales by 30 per cent in 2021 compared to 2020,” he said.
“I am pleased to see that the launch of our third project, Masaar, has resonated particularly strongly with a wide range of buyers, who have been attracted by the nature-filled master plan, exceptional design and competitive pricing,” he added. “Meanwhile, home handovers and new building launches continue to drive interest at Aljada, where we have now sold 7,000 homes.”
The worth of deals at Aljada, Sharjah’s biggest ever mixed-use community, rose by 23% to Dh502 million during the first half, with a sum of 823 homes bought. The first homes at the 24 million square foot megaproject were handed over in January, and several contracts have been awarded to increase construction activity at several locations on site.
Following its launch in January this year, sales at Masaar, the upmarket forested community spread over a 19 million square foot region in the Suyouh region of Sharjah, arrived at an absolute worth of Dh510 million, with an aggregate of 256 homes bought. Masaar has seen especially strong interest from a wide scope of nationalities, including purchasers from the rest of the Gulf, other Arab countries, South Asia and Europe.
Construction work continues on the 6th and last period of Arada’s first venture, Nasma Residences, which is sold out. Nasma Central, the community hub and landscaped park at the heart of the project was finished and opened to the public in May.
During the first half, Arada also got an aggregate of Dh582 million in loans from Dubai Islamic Bank and Ajman Bank, which is being utilized to finance construction across the developer’s project portfolio, which is valued at Dh33 billion.