Arada awards AED1.48 billion contracts to build final two phases of Sharjah's 'Masaar' project
Arada has awarded two contracts valued at AED1.48 billion for the construction of Sequoia and Saro, the final two phases of Masaar, the AED9.5 billion woodland megaproject in the Suyoh district of Sharjah.
ANI
Jun 06, 2024 15:05 IST
Dubai [UAE], June 6 (ANI/WAM): Arada has awarded two contracts valued at AED1.48 billion for the construction of Sequoia and Saro, the final two phases of Masaar, the AED9.5 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 AED650 million, while the second contract, worth AED830 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. (ANI/WAM)
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