Areej 5, a 115-unit apartment block situated within Sharjah’s $6.5bn (AED24bn) Aljada community, sold out within a day of being released to the market.
The milestone surpassed UAE-based developer Arada’s previous single-day record, which involved the sale of 102 units on the 2.2km2(220ha) megaproject’s launch day.
Areej 5, which is being developed as part of Aljada’s Phase 1, features a combination of studio and one-bedroom apartments.
The residential project was released to the market on 9 November, 2017.
Commenting on Arada’s latest sales record, HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of the real estate developer, said: “I’m delighted to see that sales for Aljada are progressing stronger than ever, showing that demand for homes in this wonderful project remains undiminished.
“It’s clear that investors agree with our vision to provide a lifestyle that is second to none in Sharjah, at a price point that is realistic for all. We look forward to breaking ground on Aljada at the beginning of next year, and repaying the faith that investors have placed in us.”
Arada’s Aljada megaproject was officially unveiled by HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in September 2017. Since the community’s launch, more than 600 units have been sold, making it the emirate’s fastest-selling residential project, according to Arada.
Aljada will be developed in 10 phases, with construction activities scheduled to commence in Q1 2018.
Phase 1 is due to be delivered in 2019, and the entire community is expected to complete by 2025.