Islamic facilities will contribute towards funding for developer’s two lifestyle projects in Sharjah
Arada, the UAE-based real estate developer, has announced that it has secured two syndicated loans worth a total of $272.2 million with Mashreq Bank, one of the leading financial institutions in the UAE.
In a statement, the developer explained that the two Islamic facilities – worth $163.3 million and $108.8 million respectively – will contribute towards funding for its two lifestyle projects in Sharjah – Aljada and Nasma Residences, respectively.
This announcement follows a previous $272.2 million facility that was arranged in December 2017, it added.
“We see the successful closure of this transaction as a sign of confidence not just in Arada but in the entire Sharjah property market as well. These facilities will enable us to continue our excellent progress at Aljada and complete all construction at Nasma Residences, where we are preparing to hand over our first homes. We would like to thank our partners at Mashreq Bank and look forward to working with them as we bring these two projects to fruition,” said HH Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada.
Aljada is a master-planned destination with a sales value of $6.53 billion. It is situated on the last major plot of undeveloped land in the heart of the city and will be Sharjah’s largest ever mixed-use community. The 24 million sqft megaproject is well-connected to surrounding areas and as a district, comprises of several retail, leisure and entertainment options, in addition to a wide range of residential and commercial offerings.
Construction on Aljada has already begun, with the first homes scheduled to be handed over by the end of this year. The first phase of the Central Hub, the UAE’s newest leisure and entertainment destination, which has been designed by Zaha Hadid Architects, will be opened in September 2019.
It will also contain the developer’s Sales Centre, as well as events spaces, children’s play areas and a food truck zone.
Launched in March 2017, Nasma Residences saw its first phase sold out in less than a month, the developer highlighted.
Featuring over 900 homes, as well as landscaped parks, a GEMS international school and two retail centres, Nasma Residences is spread out over a 5 million square foot plot in the heart of New Sharjah, with excellent connectivity to Dubai and the Northern Emirates. Construction work on the first three phases of Nasma Residences has already begun, with the first units due to be handed over in the coming days.
In total, Arada has now sold in excess of 3,500 units across both projects in just over two years.
“We are pleased to be collaborating with Arada on the development of these two landmark communities for Sharjah. We are not only confident in the management of Arada and their further growth ambitions but also in Sharjah’s real estate market that is positioned to be a major destination for real estate investment in the region,” said Ahmed Abdelaal, executive vice president, head of Corporate and Investment Banking Group, at Mashreq Bank.
“The Emirate has introduced various initiatives recently to stimulate the real estate sector, including allowing expats residing in the UAE to purchase property in Sharjah on a 100-year renewable land lease. This is an encouraging sign for the local economy which will further drive investments into the property market. We at Mashreq Bank are committed to the development of the local economy in all areas of the UAE,” he concluded.