Construction on the project will begin immediately and all homes will be completed and handed over by the end of 2025
Arada Developments has awarded two contracts valued at Dhs615m to build 565 homes in Azalea, the fourth phase of Masaar and a popular megaproject in Sharjah’s Suyoh district.
The contracts were awarded to Saleh Construction, which will build 324 homes, and Yanal Building Contracting Company, which will build 241 homes, Arada said in a statement.
The property firm said construction on the project will begin immediately and all homes will be completed and handed over by the end of 2025.
Masaar, which is valued at Dhs9.5bn and contains 3,000 villas and townhouses, offers a nature-inspired lifestyle to its residents.
The 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 company plans to award contracts for the remaining two phases in Q2 2024 with the entire project scheduled for completion by the end of 2026.
“Since we launched Masaar in 2021, it has become one of the country’s most successful off-plan projects, with strong capital appreciation over the last three years creating significant additional value for our buyers,” said Ahmed Alkhoshaibi, group CEO of Arada.
Arada said the other completed elements of the woodland community include the Masaar Discovery Center and several family attractions including a children’s adventure playground, water play area, skate park and a Zad food truck park.
Masaar Track, a 6.6-km forested cycleway incorporating bridges and tunnels, is currently welcoming thousands of cyclists every month, while The Loop offers onsite bike rental and repair services alongside a café.
Arada’s growth prospects
Founded in 2017, Arada has sold more than 13,000 homes valued at Dhs13.4bn. It has completed 7,400 homes, with another 4,000 currently under construction.
The company is building five master-planned projects in Sharjah and Dubai, with a combined sales value of Dhs37bn.
The developer reported a 186 per cent increase in H1 2023 sales to a record Dhs4.26bn, as the demand for lifestyle communities in Sharjah and Dubai continues to gather momentum.
Arada’s best-performing community in terms of sales was Masaar. The real estate firm sold 813 homes in Masaar valued at Dhs2.34bn during the first half of 2023, 200 per cent compared to the same period a year earlier.
The developer continues to expand its brand portfolio including its first master franchise agreement with Australian brand Boost Juice, and the launch of the Artal fashion platform dedicated to women’s traditional clothing.
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