Sharjah’s Arada has sold over 300 units, says chairman

Sharjah-based real estate developer, Arada sold more than 300 residential units of the recently launched AED 24 billion Aljada project at Cityscape Dubai on Monday, chairman Sheikh Sultan bin Ahmed Al Qasimi told Argaam.

The company will partially self-finance Aljada with AED 5 billion, while the remaining cost will be covered through loans, he said.

Asked if it was the right time is right to launch sales of the new project, with prices stabilizing in some areas of the country and declining in others, Al Qassimi said that the company has already launched the first phase of sales and thinks the time is right to launch the second phase, as the current prices will attract buyers.

Arada believes real estate prices will rise in the near term, he said, adding that Aljada project will completed by 2025, and by then real estate prices will see positive changes.

Sharjah Electricity and Water Authority will provide electricity to all the buildings and villas of the project as soon as they are completed.

The project is residential, and there are no plans to adopt the free zone or investment systems, Al-Qassemi said.

On rental options, he said that the company is considering renting out a number of units. However, the company will remain the owner of the central lobby area of ​​the project but will lease the entertainment, sports and commercial facilities.