Wednesday, September 6, 2017

Arada launches $6.5bn Sharjah community project

UAE-based Arada has announced the launch of Aljada, a new masterplanned community to be developed on over a 2.2-sq-km area in Sharjah at a cost of Dh24 billion ($6.5 billion).

The upcoming development, which will be similar in size to Emaar Properties' Downtown Dubai district, is set to become Sharjah's biggest mixed-use project accommodating up to 70,000 residents.

A new property developer formed earlier this year, Arada, is a joint venture between Sheikh Sultan bin Ahmed Al Qasimi's Basma Group and KBW Investments' Prince Khaled bin Alwaleed bin Talal.

Aljada is located next to Sharjah University City, in-between the Al Dhaid Road and the University City Road. It will be delivered in a series of phases, with work starting on site early next year and completions expected from 2019 through to 2025, said a statement from Arada.

The new community's strategic location puts it within a few minutes drive of the Sheikh Mohammed Bin Zaid and Emirates 611 roads that connect Abu Dhabi, Dubai and Sharjah with the northern emirates.

Aljada community is planned to consist of a number of residential districts, connected with 2.2 km-long landscaped parks and tree-lined boulevards. The development will offer investors a variety of housing units, including villas, semi-detached villas, townhouses, apartments and loft apartments.

It is about 15-20 minutes from Sharjah city centre and 20-30 minutes from Dubai International Financial Centre.

Arada said its focus has, so far, been on developing communities in the northern emirate of Sharjah that offer quality living experiences, in the context of its wider goals for sustainable urban development.

In March, the developer had launched a 5 million sq-ft residential community, called Nasma Residences, located at the intersection of Emirates Road Highway #611 and Maliha Road. The new mid-market development is expected to be completed by 2019.

According to Arada, plots will be based around an entertainment and leisure precinct known as the Central Hub, which will contain an urban piazza filled with cafes and restaurants, and a musical fountain display.

Other attractions in the Central Hub include a large children's adventure complex, skateparks, and an extreme sports centre.

A pair of 2.2km-long linear parks will also run through the length of the 1km-wide site, and there will be a pair of wide, tree-lined boulevards offering retail and food and beverage stores. These will connect to each of the planned districts within the site, according to Arada. The site will also contain a dedicated business park.

Districts will contain a mix of housing types, from standalone and semi-detached villas to townhouses, lofts and apartments, and Arada said a "considerable portion" of the site has been dedicated to green space.

It will sit next to Sharjah's University City, with access from Al Dhaid Road in the north and University Road from the south. Once fully developed, it is expected to be home to about 70,000 residents.

Arada was founded in January this year and is a joint venture between Sheikh Sultan bin Ahmed Al Qasimi's Basma Group and KBW Investments' Prince Khaled bin Alwaleed bin Talal.

On the mega project, Sheikh Sultan said: "Aljada reflects Arada's unwavering commitment to contribute to the Sharjah leadership’s vision by creating unique urban communities with ample, green spaces. We want to offer residents and investors upscale living experiences that are currently unavailable in the market and ensure a better life for everyone who visits, lives, or works in Aljada."

"We are confident that this development will raise interest in Sharjah even further while strengthening its position as a secure and sought-after investment destination," he added.

Arada vice-chairman Prince Khaled said: “Aljada is a project that stays true to its roots; it embodies the heritage of the city that lies around it while looking forward to Sharjah’s future. With design elements that draw inspiration from Sharjah’s oldest neighbourhoods to environmentally-friendly building standards, Aljada really does represent the best of both worlds.”

Properties in Aljada are being made available to Emirati, GCC and UAE expatriate investors, as per Sharjah’s 2014 property law, said the Sharjah-based developer.

Property laws now allow foreign expatriates living in the UAE to acquire Sharjah property in approved zones via 100 year leasehold agreements, it stated.

Arada said that sales for the project have already opened, and it will be on display at the upcoming Cityscape Global exhibition in Dubai.-TradeArabia News Service

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