Dubai developer Sobha Realty seals $1b in 2021 sales

  • 3 years ago

Dubai: Dubai-based Sobha Realty closed sales of over $1 billion for 2021, helped by consistently expanding at its flagship development Hartland.

“The real estate market in Dubai continues to scale new heights,” said P.N.C. Menon, founder and Chairman, Sobha Group. “Despite the pandemic, transactional activity has been high in the emirate. We are optimistic about the sector outlook in 2022.”

Sobha Realty had announced the Waterfront District at Sobha Hartland with the launch of Waves and Waves Grande. The developer also launched Tranquility plots at Hartland. In line with its expansion plans, the developer acquired 11 million square feet of land for a new project, which will be completed in the next eight years.

Sharjah’s Arada awards Dh322m contract for 920 homes at Aljada

Arada’s latest contract is for eight apartment buildings in the ‘Naseej District’

Published:  February 01, 2022 11:23Gulf News Report

Visitors looking at Aljada project in Sharjah by Arada at Cityscape Global
More than 6,000 new homes are under construction at the Aljada development in Sharjah.Image Credit: Virendra Saklani/Gulf News

Dubai: Sharjah-based developer Arada has awarded a Dh322 million contract to build eight apartment buildings in Aljada, the Dh24 billion mega-project. The eight buildings form part of ‘Naseej District’, a neighbourhood forussed on a younger demographic buyer or future tenants. The builds will house 920 units.

The contract was won by Mohammed Abdulmohsen Al-Kharafi & Sons (Al-Kharafi). Work on the buildings is scheduled to take 18 months to complete. Featuring studios, one-bedroom and two-bedroom apartments, the buildings overlook open courtyards and garden spaces. Smart home features come as standard at all the apartments.

Upcoming contracts at the Naseej District include deals for the Vida Aljada hotel, residences and serviced apartments complex, the five ‘Sokoon’ buildings and the Naseej District Museum. All of these contracts will be awarded in 2022. “This award to Al-Kharafi shows our continued commitment to delivering high-quality homes at Aljada, which is increasingly becoming one of the region’s most active jobsites with 6,000 units under construction,” said Ahmed Alkhoshaibi, CEO of Arada.

“The coming year will be transformational for Aljada, with substantial retail, education, F&B and entertainment assets all nearing completion, alongside thousands of new homes, which will see the community’s population rising significantly as a result.”

Several key components of the Aljada masterplan are scheduled to be completed this year, including the third and fourth ‘Misk’ apartments buildings, which will be finished in March, and the second and final phase of the Sabis International School – Aljada (SIS-Aljada), which will open in August.

Arada will also complete the East Village complex of 16 apartment blocks, the ‘Nest’ student housing community consisting of 12 apartment blocks, and the second Sarab villa community at Aljada by the end of this year. In 2021, Arada completed 1,200 homes at Aljada, including 12 apartment blocks and the first ‘Sarab’ villa community, as well as the first phase of SIS-Aljada.

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