Real estate developer Arada has announced the launch of Sharjah’s first purpose-built student accommodation, which it claims will guarantee investors a 10% return on investment for five years.
The accommodation complex, called Nest, will be part of the $6.5bn mega-project Aljada and will feature 10 five-storey buildings spread across a 35,000 square metre area on the University City side of the development.
Each block will be designed with internal courtyards and meeting spaces, also it will contain a selection of studios and two, four, five, and eight-bed dormitories, as well as laundry rooms, shared TV rooms and study areas. In total there are 1,288 units and 2,600-bed spaces.
Other facilities include an art studio, music hall, library, running track, amphitheatre, central dining hall, and male and female swimming pools and gyms.
Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said that the UAE has made education one of its highest priorities and a key platform for the development of the country. They are proud to support this critical industry through Nest, state-of-the-art home for the region’s future leaders.
At Nest, it has been dedicated to providing facilities and living experience for the students that is unmatched anywhere in the Middle East. Student accommodation is still a relatively new investment segment in the Gulf and it is the first student accommodation in Sharjah.
The wider Aljada development is due to become Sharjah’s largest mixed-use community, spread across 24 million square feet. Construction has already begun, with the first homes scheduled to be handed over by the end of 2019.