Sharjah’s Arada sees 35% higher sales in 2020; secures new loans

Sharjah’s Arada sees 35% higher sales in 2020; secures new loans

UAE - Mubasher: Sharjah-based property developer Arada recorded a 35% year-on-year (YoY) rise in the value of real estate sales to AED 1.75 billion in 2020.

The strong sales performance of Arada is attributed to a large number of project handovers and the stable Sharjah real estate market to address the coronavirus (COVID-19) repercussions, according to a press release on Monday.

Meanwhile, the real estate developer has reached a new Islamic loan agreement worth AED 300 million with Dubai Islamic Bank (DIB) and a smaller facility agreement with Ajman Bank.

Following the AED 2 billion previous financings secured in 2017 and 2018, the two new loans will finance all residential phases that have been announced by Arada. 

In 2020, the company has sold 1,977 units in Aljada, Sharjah's largest real estate project, and is preparing to deliver the first homes in the community in January.

The commercial leasing has also been started at new family entertainment destination Madar at Aljada.

The Chairman of Arada, Sheikh Sultan bin Ahmed Al Qasimi, said: "Against an incredibly difficult backdrop, I am pleased to say that Arada outperformed expectations over