Arada awards $168mn in contracts for construction of 565 homes
The homes are part of the fourth phase of the Masaar megaproject in Sharjah
Two contracts worth US $168mn have been awarded by developer Arada for the construction of all 565 homes within its premium community Azalea. The community is part of the fourth phase of the Masaar megaproject, which is taking shape in the Suyoh district of Sharjah.
Announcing the contract awards, Arada said Saleh Construction will build 324 residences, while Yanal Building Contracting Company will deliver 241 homes. Construction work will begin immediately and all homes will be completed and handed over by the end of 2025.
Contracts for the remaining two phases will be awarded in the second quarter, with the entire project scheduled for completion by the end of 2026, the developer noted.
“The feedback we have received from the first residents who have started moving into Masaar in recent months has been exceptional, underlining our commitment to setting a new standard of living for the UAE. Since we launched Masaar in 2021, it has become one of the country’s most successful offplan projects, with strong capital appreciation over the last three years creating significant additional value for our buyers,” states Arada Group CEO Ahmed Alkhoshaibi.
These new awards mean that over 1,500 homes in the second, third and fourth phases at Masaar are now under construction, following the completion of 430 homes in the first phase by the end of 2023, the developer explained.
Arada pointed out that the other completed elements of the woodland community include Masaar Discovery Center and a number of family attractions including a children’s adventure playground, water play area, skate park and a Zad food truck park.
Valued at $2.6bn and containing 3,000 villas and townhouses spread over six phases, Masaar is defined by a ‘green spine’ of 70,000 trees, offering a nature-inspired lifestyle to its residents.
