- These contracts mark a substantial investment in the company's ongoing and future real estate projects.
Arada awards Dhs1.48b contracts
Arada has awarded two contracts valued at Dhs1.48 billion for the construction of Sequoia and Saro, the final two phases of Masaar, the Dhs9.5 billion woodland megaproject in the Suyoh district of Sharjah.
The company said that it had awarded a contract to build 428 homes in the “Sequoia” valued at Dhs650 million, while the second contract, worth Dhs830 million, to build the 597 units at Saro, the sixth and final phase of Masaar.
Ahmed Alkhoshaibi, Group CEO of Arada, said, “We are thrilled to award these contracts in a timely manner, ensuring that the Masaar community is delivered efficiently and to an exceptional level of quality. Since the project’s launch over three years ago, our buyers have witnessed significant growth in the capital appreciation of their homes.”
Construction on Sequoia and Saro will begin immediately, with all homes expected to be completed by summer 2026.
These awards increase the number of homes under construction at Masaar to 2,570, with 430 homes in Masaar’s first phase completed at the end of 2023.
The second and third phases of Masaar, Kaya and Robinia, which consist of 986 homes, are scheduled to be completed within the coming months.
In January, Arada has reported a doubling of sales during 2023 to Dhs7.02 billion following unprecedented demand for its premium communities in Sharjah and Dubai.
The master developer saw a 100 per cent increase in the total value of property sold compared to the previous 12 months, buoyed by continued international interest in the UAE property markets.
In total, Arada sold 2,824 homes in 2023, a 25 percent gain on the previous year, once again reflecting the recent trend of buyers investing in larger and higher-value villas and apartments.
During the year, Arada also completed 2,610 homes at the Dhs35 billion Aljada megaproject, Sharjah’s largest mixed-use destination and the Dhs9.5 billion Masaar forested master community in the Suyoh district of Sharjah. A total of 3,300 homes are currently under construction across Aljada, Masaar and the Jouri Hills at Jumeirah Golf Estates community in Dubai.
Arada’s best-performing project in terms of sales in 2023 was Masaar, the high-end forested community located in Al Suyoh district of Sharjah. In total, the developer sold property valued at Dhs3.64 billion at the project.
