Sharjah-based developing company Arada recorded a significant rise in sales to reach USD 476.45 million in 2020.
According to Arada's recent press release, despite the challenging year for UAE property sector as a whole, the total value of real estate sold by the company increased by 35 percent to reach USD 476.45 million with investor interest being especially high at Aljada, the landmark mixed-use megaproject in the heart of New Sharjah.
In 2020 Arada’s sales dropped during UAE lockdown period in April but, fortunately, recovered strongly in the following months, with the developer achieving the best ever quarterly performance in the third quarter. In total, Arada sold 2,337 units during 2020. Higher-end apartments and villas across the company’s two projects, Aljada and Nasma Residences, were most popular with buyers.
Arada sold 1,977 units at Aljada over the year. The first homes in the community will be handed over to owners this month already.
The company also awarded a number of key construction contracts at Aljada during 2020, including the project’s second residential phase, East Village, and the SABIS International School – Aljada. Moreover, the developer launched a new creative community for Sharjah, Naseej District, Sharjah's first branded residences Vida Residences Aljada, in partnership with Emaar Hospitality Group, and the second Sarab garden villa community.
Concerning Nasma Residences, villa and townhouse community in Al Tay, Arada has accomplished all 993 homes in the first five phases of the project. During the course of 2020, the company sold 360 units in Nasma Residences, which at the moment is sold out. The remaining components of the community that feature a 13-acre landscaped park and the Nasma Central retail and leisure complex will be opened to the public in the first quarter of 2021.