Aldar Properties has agreed to buy nine residential buildings comprising more than 1,100 homes in Arada's Aljada development for AED1.1bn (about US$300m), the Abu Dhabi developer's first real estate investment in Sharjah, it said on 15 October.
Why Aldar Properties is buying Nine residential buildings in Aljada, Sharjah (from Arada)
Aldar said Sharjah is a large and growing residential market and that Aljada offers an entry point through one of the emirate's leading master-planned communities. The buildings will be held as part of its residential-for-rent portfolio, catering mainly to end-users and long-term renters seeking housing at accessible price points, and expand its develop-to-hold pipeline across sectors to AED21bn.
Deal terms and financing
The deal is structured as a forward purchase: Aldar commits to buying three residential blocks of nine buildings before completion, and Arada remains responsible for building and delivering them, with handover scheduled for the fourth quarter of 2029.
Market context
The transaction builds on a AED15bn strategic partnership announced on 30 September, under which Aldar and Arada will jointly develop a mixed-use community at Seih Sdeirah on the Abu Dhabi-Dubai border and Arada bought three residential plots from Aldar on Yas Island. Aljada spans 2.2 million square metres and is expected to hold about 25,000 homes at full build-out, with more than 8,800 units delivered since 2021.
