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The developer sold 1,173 homes in the first six month of the year earning USD 313 million.
Sharjah-based developing company Arada has reported an 85% increase in sales to USD 313 million during the first half of 2021 compared to the same period last year. The developer sold 1,173 homes in total as Arada’s two megaprojects, Aljada and Masaar, continues to attract investor interest.
The developer was also supported by the ongoing strong performance of the Sharjah real estate sector witnessed in the first half of the year. The value of property sold during the period grew by 41 percent, according to the Sharjah Real Estate Registration Department's recent data.
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% in 2021 compared to 2020.'
'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. Meanwhile, home handovers and new building launches continue to drive interest at Aljada, where we have now sold 7,000 homes,' he added.
The value of sales at Sharjah’s largest mixed-use community Aljada increased by 23 percent and reached USD 136 million during the first half of the year. A total of 823 homes in the project were purchased. The first hand-overs at the 24 million square foot megaproject took place in January and after that several additional contracts have been awarded to widen construction activity at several locations onsite.
After its launch in January this year, sales at Masaar, the upmarket community spread over 19 million square feet and located in the Suyouh district of Sharjah, reached a total of USD 138 million, with 256 homes purchased. Masaar has been particularly popular among international buyers, including buyers from the rest of the Gulf, South Asia and Europe.
In addition to that, Arada continues construction work on the sixth and final phase of its first project, Nasma Residences, which is now sold out. Nasma Central, the community hub and landscaped park located at the heart of the project, completed and opened to the public in May.
During the first half of the year, Arada also secured a total of USD 158 million in loans from Dubai Islamic Bank and Ajman Bank, which is being used to fund construction across the developer’s project portfolio, which is valued at USD 8.9 billion.
