ARADA, a property developer formed earlier this year by KBW Investments and Basma Group, has announced plans for a AED 24 billion ($6.5 b) master-planned community called ‘Aljada’ that will cover an estimated 2.2 square kilometres and accommodate up to 70,000 residents. According to ARADA, the new community will be located next to Sharjah University City and is expected to be Sharjah’s biggest ever mixed-use real estate development. Construction phases are planned for delivery starting from 2019 and continuing through until 2025.
ARADA’s focus has, so far, been on developing communities in the emirate of Sharjah that offer quality living experiences, in the context of Sharjah’s wider goals for sustainable urban development. In March, the developer launched a 5 million square foot 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 the developer, Aljada will be located on Sharjah city’s last major plot of undeveloped land, near to University City, in-between the Al Dhaid Road and the University City Road. The community’s strategic location puts it within a few minutes drive of the Sheikh Mohammed Bin Zayed and Emirates 611 roads that connect Abu Dhabi, Dubai and Sharjah with the northern emirates. Aljada’s location is also about 15-20 minutes from Sharjah city centre and 20-30 minutes from Dubai International Financial Centre.
Aljada community is planned to consist of a number of residential districts, connected with 2.2 kilometre-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.
Residential districts will surround a central piazza offering entertainment, leisure and retail facilities. The central district will also boast a large children’s adventure complex, skateparks, an extreme sports centre and a musical fountain. A community business park will be built for the development.
Properties in Aljada are being made available to Emirati, GCC and UAE expatriate investors, as per Sharjah’s 2014 property law. Property laws now allow foreign expatriates living in the United Arab Emirates to acquire Sharjah property in approved zones via 100 year leasehold agreements.
Sharjah’s real estate market has experienced strong growth in recent years, supported by increasing demand for mid- to high-end residential properties and changes to the emirate’s property law. Sharjah registered 23 percent growth in the number of residential sales transactions during the first half of this year (SRERD) and rising demand has pushed Sharjah villa rental prices up by 11.7 percent during January to July (Cluttons).
Concepts for Aljada be on display at Cityscape Global in Dubai from 11-13 September.
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Image credit: All ARADA