Arada awards $168m contracts for 565 Sharjah housing units

The 565 housing units in Azalea, the fourth phase of the AED9.5 billion Masaar development in Sharjah, are set to be handed over by the end of 2025.

UAE real estate developer Arada has awarded two contracts totaling AED615 million ($167.5 million) for the construction of all 565 residential units in Azalea. This phase is part of the Masaar mega-development located in Sharjah’s Suyoh district. Construction will commence immediately, and the units are expected to be ready for handover by the end of 2025, according to a statement from the developer.

Local contractors, Saleh Construction and Yanal Building, have been appointed to build 324 and 241 housing units, respectively.

Masaar is envisioned to accommodate 3,000 villas and townhouses across six phases, featuring a “green spine” adorned with 70,000 trees. Development progress includes over 1,500 homes in the second, third, and fourth phases, following the completion of 430 housing units in the first phase by the end of 2023. Contracts for the remaining two phases are anticipated to be awarded in the second quarter of the year, with the entire project slated for completion by the end of 2026.

In January, Arada projected sales to reach AED10 billion in 2024, marking a 42.5 percent increase from the AED7.02 billion achieved the previous year. The developer reported selling 2,824 homes in 2023, marking a 25 percent gain year-on-year, with buyers showing interest in larger and higher-value villas and apartments.

Ahmed Alkhoshaibi, the group CEO of Arada, stated that the company continues to explore locations across the UAE and plans to launch two additional luxury projects in the first half of 2024.