Arada Real Estate Development Company confirmed that it is moving forward towards achieving the sales target of 10 Billion Dirhams by the end of the year 2024. Ahmed Al Khashibi, CEO of Arada Group, said: We will continue to discover and evaluate new development opportunities in Dubai, Sharjah, and other regions of the Emirates and abroad. He stressed that the company is moving steadily towards achieving the goal set for the current year.
He explained that the Armani Beach Residences project on Palm Jumeirah has achieved strong sales so far since the beginning of this year, as we launched its sales last January, and we are about to launch two other luxury projects in Dubai later this year. In addition, we have another luxury beach project that we will launch in Sharjah, in addition to the growing interest in the giant Aljada project in the heart of Sharjah.
He also added that 2023 was an exceptional year for us at Arada, driven by the growing interest of investors and buyers in the markets in which we operate, namely Sharjah and Dubai. There are several factors that led to achieving this great success, perhaps the most important of which are the strong macroeconomics and flexible policies that the UAE as a whole enjoys.
There is also the strategy that the company has relied on since its launch in 2017, which is to build communities with designs and service facilities, according to the highest international standards, and at competitive prices that reflect the best possible value for the properties sold. We have continued to focus on this strategy as the company continues to grow and expand, which has resulted in the sale of more than 13,000 homes with a total value exceeding 17 Billion Dirhams since the launch of Arada.
Regarding the most successful project in 2023, he said: For the third year in a row, the Masar residential project continued to lead the list of our most successful projects, with total sales of 3.64 Billion Dirhams during the year 2023, which represented more than half of our total sales in the company.
Our first project in Dubai, Juri Hills, Jumeirah Golf Estates, came in second place, but this trend is about to change this year, as the Juri Hills project has been completely sold and the Masar community is about to follow soon. As for the year 2024, we expect that the three new projects that we will launch in Dubai this year will be the best-selling among all projects.
Al Khashibi pointed out that work is currently underway to develop more than 3,800 real estate units in Aljada and Masar in Sharjah, and the Juri Hills project in Dubai. The Sindyan neighborhood, which represents the first phase of Masar, was the most recent project we completed, and it includes 430 villas. Construction work on it ended during the month of December, and its units are currently being delivered to the new owners.
Also in December, we completed the first 4 buildings within the Aljada apartment complex, and the remaining 4 buildings were completed in March, thus adding 920 new residential units to this destination.
He stated that since the beginning of this year, Indians have constituted the largest percentage of our buyers at Arada, in terms of the value of properties sold, followed immediately after that by Emirati buyers. In addition to that sustainability is an integral part of our basic goals, and our focus is not limited to the concept of green buildings only, but extends to a wide range of practices.
We are also integrating smart city and smart home technologies into our communities, as well as making significant investments in organic water treatment technologies. He said: There is also our fruitful partnership with the Ministry of Climate Change and Environment, within the Manbet Initiative, through which Emirate farmers are directly linked with various consumer segments.