Aldar makes first Sharjah investment with Dh1.1 billion Aljada deal with Arada

Abu Dhabi-based Aldar Properties has agreed to buy nine residential buildings in Aljada, Arada's flagship mixed-use master development in Sharjah, for Dh1.1 billion. The transaction is Aldar's first real estate investment in the emirate.

The deal is a forward purchase agreement covering three residential blocks with more than 1,100 units. Arada is scheduled to hand over the properties in the fourth quarter of 2029. The acquisition takes Aldar's develop-to-hold pipeline to Dh21 billion. It follows a Dh15 billion development partnership that the two companies announced recently.

Talal Al Dhiyebi, group chief executive of Aldar, described Sharjah as a large and growing residential market and said the purchase fits the company's develop-to-hold strategy for rental housing.

Ahmed Alkhoshaibi, group chief executive of Arada, said the transaction reflects confidence in Aljada and in Sharjah's residential market more widely.

According to Arada, Aljada covers 2.2 million square metres and is expected to contain about 25,000 homes once fully built, with an anticipated gross sales value of Dh35 billion.
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Handovers began in 2021, and more than 8,800 units have been delivered. The community already includes the Madar family entertainment district, two international schools, two hotels, the Nest student housing complex and more than 300,000 square feet of occupied retail space. Both companies said they will continue to look for further opportunities under their wider partnership.

Source: Gulf News