UAE's Aldar signs $300mln deal to acquire residential units in Sharjah's Aljada

By Zawya

By Staff Writer

Abu Dhabi-listed developer Aldar Properties has signed a 1.1 billion UAE dirhams ($299.52 million) forward purchase agreement with Arada to acquire more than 1,100 residential units in the latter’s Aljada mixed-use development in Sharjah.

The transaction covers three residential blocks comprising nine buildings and marks Aldar's first real estate investment in Sharjah, the company said in a statement on Thursday.

The units are scheduled for delivery by Arada in the fourth quarter of 2029.

The acquisition will expand Aldar's residential rental portfolio, increasing its develop-to-hold pipeline to AED 21 billion ($5.72 billion), the statement said.

The deal follows an AED 15 billion ($4.08 billion) development partnership between the two developments announced last month, which included a master plan joint venture to develop a large-scale mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border, as well as the acquisition of three residential development plots on Yas Island by Arada from Aldar.

Spanning 2.2 million square metres (sqm), Aljada is expected to comprise approximately 25,000 residential units upon completion, with an anticipated gross sales value of AED 35 billion ($9.5 billion).

More than 8,800 residential units have been delivered since handovers began in 2021. The master development 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. Ongoing projects include Arada Central Business District and Madar Mall.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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