UAE real estate developer Arada, a joint venture between KBW Investmentsand Basma Group, said construction work on the 33/11kV main substation at its Nasma Residences megaproject in Sharjah has been completed and commenced operations.
According to a statement on Arada’s website, the developer worked with Sharjah Electricity and Water Authority (Sewa) for the development of the substation.
Nasma Residences was launched in March 2017 and spans 46.5ha in Sharjah’s Al Tay locality.
The residential community, when fully complete, will comprise more than 900 villas and townhouses.
The news comes days after the developer secured two syndicated loans with a combined value of $272m (AED1bn) from Dubai’s Mashreq Bank for Nasma Residences, as well as the $6.5bn (AED24bn) Aljada, a masterplanned residential project spanning 2.2km2.
In March 2019, chief executive officer of Arada, Ahmed AlKhosahibi, told Construction Week that the company was eyeing an expansion into Abu Dhabi and Saudi Arabia in H1 2019.