Sharjah’s Arada launches Naseej District; CEO ‘extremely bullish’ on outlook for 2021

Sharjah real estate developer Arada is ‘extremely bullish’ on the outlook for the emirate of Sharjah for 2021, its CEO has confirmed.

“It has been a challenging year for the UAE real estate market in general, which came on top of an already difficult period thanks to the unfavourable supply-and-demand situation and worsening consumer sentiment. However, some parts of the UAE are certainly faring better than others,” Ahmed Alkhoshaibi, Arada’s CEO told Gulf Business.

“We are extremely bullish on the outlook for Sharjah over the course of the next year. We are currently on target to reach our sales target of Dhs1.7bn in 2020. So far this year, we have sold just over 2,200 homes in total, including almost 1,900 homes at Aljada and over 300 homes at Nasma Residences.”

“Throughout the year, Sharjah has seen steady gains in the value of property sold within the emirate, according to official data. The third quarter report from Sharjah Real Estate Registration Department showed that transaction values rose by 10 per cent against the same period a year earlier, which is a strong result in the context of the overall UAE market situation,” Alkhoshaibi explained.

Arada launched Naseej District, a Dhs24m upscale neighbourhood in the emirate of Sharjah on December 16. Consisting of 16 apartment buildings designed in a contemporary style, Naseej District will also showcase several creative events that will encourage both residents and visitors to collaborate and learn.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “The introduction of Naseej District is another step in Sharjah’s journey to embrace art and culture as a way of living. We are working to curate a thriving community that will house some of the region’s finest creative talent, while also becoming a destination for those who seek authentic and engaging cultural activities.”

The company has also launched Tiraz 1, its first residential building to go on sale at Naseej District today, which features studios, one bedroom and two bedroom apartments. The Tiraz buildings contain 128 units in total, which overlook open courtyards and garden spaces. Both Tiraz residents and visitors to Naseej District, as well as art enthusiasts from around the UAE, will also enjoy an array of cultural, artistic and retail destinations. The district showcases a building that will incorporate galleries, a museum and exhibition space.

Construction on Naseej District will start in the second quarter of 2021, and the first homes will be delivered in the first quarter of 2023.

“The launch comes shortly after the successful sales launch of Vida Residences Aljada, which we launched in partnership with Emaar Hospitality Group in November and has received an overwhelming response,” the CEO said.

The developer is on track to achieve promising figures next year.

“Since our foundation in 2016, we have managed grow our sales aggressively on a year-on-year basis, averaging about 30 per cent a year. Our plan is to grow by the same amount in 2021, and we have set our sales targets for the year at Dhs2.3bn. While Nasma Residences is now largely sold out, we will achieve these targets thanks to continuing launches at Aljada, as well sales from new projects,” he added.

Read: Developer Arada begins handovers at Sharjah’s Nasma Residences