Abu Dhabi – Mubasher: Arada Developments will launch a new product to attract investors from India and Saudi Arabia, the CEO of the Sharjah-based developer said.
Arada Developments is a joint venture between Prince Khaled bin Alwaleed bin Talal-led KBW Investments and Basma Group, chaired by HE Sheikh Sultan bin Ahmed Al Qasimi, a member of Sharjah’s ruling family, and chairman of Arada.
The next launch of Arada, which is the builder behind Sharjah's Nasma Residences and Aljada projects, will be rolled out “in the coming weeks”, CEO Ahmed Alkhoshaibi told Construction Week on Thursday.
The UAE real estate company’s new product is projected to meet the strong organic demand that Arada’s plans have attracted from the GCC and India, he added.
“Despite the lack of a major marketing push and sales drives in both the wider Gulf and India, there has been a lot of interest in [Arada’s products],” Alkhoshaibi said.
Arada plans to visit Indian cities in the second half of this year in an effort to engage investors.
“[The new] product, which is targeted specifically at investors, will offer a high guaranteed return on investment for a number of years. Given the current state of affairs in the region’s real estate sector, we believe that such a stable investment opportunity will be met with considerable demand,” Alkhoshaibi said.
Work is steadily progressing on AED 24 billion Aljada and Nasma, Arada’s inaugural development with AED1.5 billion ($408 million) in investments, Construction Week reported, citing the CEO.
Arada has awarded contracts covering 800 homes in December 2018 for both projects.
The company also appointed Modern Building Contracting Company as the main contractor for 366 units across three buildings of Areej Apartments within Aljada.
