ARADA, the UAE-based developer started by Prince Khaled bin Alwaleed bin Talal, the only son of Saudi billionaire Prince Alwaleed, has announced the launch of its first project in Sharjah.

With an expected completion date for late 2018, Nasma Residences will offer more than 800 homes plus community facilities, a statement said.

In January, Prince Khaled’s KBW Investments (KBW) and Basma Group unveiled ARADA, a partnership enterprise dedicated to the creation of prime residential properties in the UAE.

The statement said Nasma Residences will offer a choice of two and three bedroom townhouses, four bedroom semi-detached homes and five bedroom signature villas.

The development will expand over 5,000,000 sq ft of land planned to ensure a balance between living areas and community facilities, it added.

The project will be anchored by community offerings including a 13-acre park with cycling and jogging tracks and large play areas, a community centre, children’s nursery and medical clinic, an international school and a retail mall.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of ARADA, said: “We are very proud to be launching Nasma Residences just over a month following ARADA’s announcement.

“Nasma Residences is our value-added proposition to consumers demanding higher living standards combining product quality and affordability. We are confident that the project will be well-received by families and investors.”

 Prices of homes will start at AED995,000, the statement added.