UAE: ARADA awards Nasma Residences phase 2 construction contracts
ARADA has awarded main construction contracts for phase 2 of Nasma Residences, a fully self-sustained villa and townhouse community in the heart of Sharjah, to two separate companies.
Sharjah-based Intermass Engineering and Contracting and Klampfer Middle East, a joint venture between Basma Group and KBW Investments, will construct the 184 villas and townhouses that make up phase 2 of ARADA’s first project. Mobilisation onsite will begin in February, and handover of units to homeowners is scheduled for the first quarter of 2019.
Launched in March 2017, Nasma Residences sold out the first of the community’s five phases in less than a month, making it the fastest-selling residential real estate project in Sharjah. In total, the project contains 800 homes, and is scheduled to be completed by the end of 2019.
The main construction contract for work on phase 1 of Nasma Residences was also awarded to Intermass Engineering and Contracting. Enabling works began on site in September last year, and the first phase is on track to be delivered to buyers by the end of 2018.
The news follows the announcement in December that the world’s largest private education operator, GEMS, will open an international school in Nasma Residences, ensuring that homeowners in the community have access to premium education for their children on their doorstep.
HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of ARADA, said: “This year is a hugely important one for Nasma Residences, as we work towards handing over our first homes in the final quarter. These contracts for Phase 2 of this community shows our commitment to homebuyers to move quickly and deliver on schedule.”
Spread over an area of 464,515sqm, Nasma Residences has been carefully planned to ensure a balance between living areas and community facilities. The residences will be anchored by a number of community offerings – a 13-acre lushly landscaped park with cycling and jogging tracks and large play areas; a multi-purpose community centre with clubhouse offering sports and recreation facilities; children’s nursery and full-service medical clinic; the GEMS international school; and Nasma Square, a retail mall.
With homes ranging in size from 139sqm to 408sqm, complemented by generous plots, there is an offering to suit every prospective homeowner. With homes starting from AED1.04mn, it offers an attractive opportunity for investors who want to buy in a lively new urban destination.