Nasma Residences Phase 1 has sold out less than a month after launch, confirming investor-demand for mid-market residential properties in Sharjah. Advertised by the developer, ARADA, as offering ‘aspirational yet accessible living in an urban setting’, the new master-planned residential community was announced in mid-March with residential units starting at AED 995,000 (US$ 271,000). Nasma Residences is scheduled for completion in late 2018.
Sharjah’s real estate market has experienced strong growth and an increasing demand for residential and commercial properties, which has been further invigorated by new property laws for the Emirate of Sharjah. in 2014, the emirate introduced updated laws allowing foreign expatriates living in the United Arab Emirates to purchase property in designated zones via 100 year leasehold agreements. Previously, property could only be sold to UAE nationals, other Gulf Cooperation Council (GCC) nationals and Arab nationals with a valid UAE resident visa, but not to the many other nationalities living in the Emirates.
ARADA has now launched Phase 2 of property sales for the 5 million square foot development, including the availability of five-bedroom ‘Signature Villas’ for the first time. Two and three bedroom townhouses, plus four bedroom semi-detached villas are also on offer. The developer also confirmed that construction of the community’s 6,500 sq. ft. shopping center, Nasma Square, will begin in July. According to ARADA, more than 50 percent of Nasma Residences will be dedicated to community facilities, including a park, sports and recreation facilities and an international school.
Adjacent to the Tilal City residential development, Tilal Mall (opening 2019) and the upcoming new Sharjah Convention Centre (opening 2017), Nasma Residences is located ten minutes from Sharjah city centre and ten minutes from Sharjah International Airport.
KBW Investments (KBW) and Sharjah’s Basma Group (Basma) announced the formation of ARADA in February with an immediate focus on developing urban communities in the emirate of Sharjah.