Arada awards $256m contracts to build 986 new homes in Masaar

Arada

Sharjah-based real estate developer Arada has awarded two contracts worth AED 939 million ($255.66 million) to build 986 new homes across two residential districts in AED 8 billion Masaar mega project. 

The first contract, valued at AED 401 million, was awarded to Abu Dhabi-based Pivot Engineering & General Contracting to build 421 villas and townhouses in Masaar’s second residential phase, Kaya, the developer said in a statement.

Construction will begin immediately and is scheduled to take 18 months.

The second contract, worth AED 538 million, was won by Sharjah-based Intermass, which will construct 565 villas and townhouses in Robinia, Masaar’s third residential phase.

Construction on Robinia will begin immediately and is scheduled to take 17 months.

Ahmed Alkhoshaibi, group CEO of Arada, said: “These two awards signal our determination to push forward rapidly with construction at Masaar, where we are seeing sales demand accelerate due to very favourable customer sentiment.”

He stated that the company is seeing buyer interest at Masaar accelerate significantly due to the recent decision to allow freehold ownership for all nationalities in Sharjah.

“The master development as a whole is now more than a third sold out and we’re bringing forward new phase launches to keep up with demand.”

About 1,416 homes are now under construction at Masaar, which was launched in November. The first phase is slated for completion by June 2023.

Sales for Masaar’s fourth phase, Azalea, began in November with an expected delivery of end-2024. It consists of 566 two-bedroom townhouses to six-bedroom villas.