Forbes Middle East: Arada launches third phase of Nasma Residencies, inks deal with GEMS

News: 17 December 2017

Arada, a joint venture between Sharjah-based Basma Group and KBW Investments, has launched the third phase of its debut project Nasma Residencies. The move indicates growing investor confidence in the northern emirate’s real estate market.

Forbes Middle East: 17 December 2017

The developer, in which notable figures such as H.E. Sheikh Sultan bin Ahmed Al Qasimi and Prince Khaled bin Alwaleed bin Talal hold a share through Basma Group and KBW Investments respectively, also revealed that it signed a deal with school operator GEMS Education to open an international school within the development.

Founded in early 2017, Arada successfully launched the second phase of its flagship project in May this year, selling out its first phase ahead of schedule and within less than a month, making it the fastest-selling residential real estate project in Sharjah. Arada is on-track to deliver the first phase of the project by end-2018. The developer awarded the main construction work contract to Sharjah-based Intermass Engineering & Contracting LLC.

With Sharjah as a focus market, the newly formed developer—Arada is just about a year old—has been performing steadily at a time when other well performing markets within the U.A.E. have been seeing a dip. According to Cluttons, the residential market in the Emirates is softening with property prices declining by 1.9% in the end of September 2017, compared to 1.5% in the same period in 2016. But it has not fazed developers who have a portfolio of projects in Sharjah.

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