Real Estate Arada awards $168m in contracts for Sharjah development By Pramod Kumar April 17, 2024, 4:25 AM Arada The 565 housing units in Azalea are the fourth phase of the AED9.5 billion Masaar development in Sharjah UAE real estate developer Arada has awarded two contracts worth AED615 million ($167.5 million) to build all 565 residential dwellings in Azalea, the fourth phase of the AED9.5 billion Masaar mega-development in Sharjah’s Suyoh district. Construction will begin immediately and the units will be ready for handover by the end of 2025, the developer said in a statement. Local contractors Saleh Construction and Yanal Building will construct 324 and 241 housing units, respectively. NewsletterGet the Best of AGBI delivered straight to your inbox every week Masaar will house 3,000 villas and townhouses spread over six phases, featuring a “green spine” of 70,000 trees. More than 1,500 homes are under development in the second, third and fourth phases of Masaar, following the completion of 430 houses units in the first phase by the end of 2023. Contracts for the remaining two phases will be awarded in the second quarter. The entire project is scheduled for completion by the end of 2026. Sharjah developer launches Syria home-building campaign Arada sets $2.7bn sales target on UAE market optimism Arada awards $191m contract for its first Dubai project In January, Arada forecast sales to hit AED10 billion in 2024, a 42.5 percent increase from AED7.02 billion achieved last year. The developer sold 2,824 homes in 2023, a 25 percent gain year on year, as buyers bought larger and higher-value villas and apartments. Ahmed Alkhoshaibi, group CEO of Arada, said the company continues to monitor locations across the UAE and will launch two more luxury projects in the first half of 2024.
