Arada unveils third phase of $2.17bn Masaar project in Sharjah

The new phase with 565 villas and townhouses is scheduled for completion in the second quarter of 2024

• 

  The Dh8 billion Masaar project will include 4,000 villas and townhouses in total. All pictures: Arada

• 

  The Masaar Experience Centre will house an array of attractions.

• 

  The first homes in the vast forested community are due to be handed over next year.

UAE property developer Arada unveiled the third phase of its Dh8 billion ($2.17bn) residential project in Sharjah due to strong investor demand as the country's property market rebounds from the coronavirus pandemic-induced slowdown.

The new phase of Masaar, named Robinia, will have 565 villas and townhouses and is expected to be completed in the second quarter of 2024.

Robinia, which features two-bedroom townhouses and premium five-bedroom forest villas, has been brought forward after the first two phases of the Masaar project sold out owing to high demand from buyers, Arada said on Wednesday.

“Masaar has already attracted significant buyer interest from a wide range of nationalities,” said Ahmed Alkhoshaibi, group chief executive of Arada.

“We are therefore pleased to launch sales for our third phase, Robinia, which focuses on uplifting wellness and sustainability for families that value quality of life, natural landscapes and exceptional community amenities.”

The launch of the new project comes as the UAE’s property market continues to recover from the pandemic on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme and the economic boost generated by Expo 2020 Dubai.

The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of sales transactions, buoyed by demand in the secondary real estate market, according to listings portal Property Finder.

Sharjah recorded 21,615 real estate transactions worth Dh6.3bn in the first quarter of 2022, according to a Wam report in April.

A five-bedroom villa at Robinia. Photo: Arada

Arada announced the launch of Masaar, which means "path" in Arabic, in January last year. The project, spread over eight gated districts, has 4,000 homes with a green spine featuring 50,000 trees.

Masaar is being built in the Suyoh district, which is close to Tilal City, Sharjah mosque and Nasma Residences.

The first contracts for the project were awarded in May last year, including one for infrastructure design and supervision consultancy services, which was won by Parsons Overseas. The contract to build the Masaar Experience Centre and show villa was awarded to ASGC.

Two more contracts to build infrastructure and provide landscaping services in Masaar’s central precinct and the buffer zone around the outside of the project were awarded in March.

In May, Arada also awarded two contracts worth Dh460 million to build the first residential district, Sendian. Contracts for both the second residential district, Kaya, and the third, Robinia, will be awarded before the end of the third quarter, the statement said.

Arada is a joint venture between KBW Investments ― a company controlled by Saudi Arabia’s Prince Khaled bin Alwaleed ― and Sharjah-based Basma Group.

Earlier this month, the developer raised $350m by issuing a five-year sukuk. The dollar-denominated Islamic bond is listed on the London Stock Exchange and is the first real estate issuance from the Middle East and North Africa region in 2022.

Since its launch in 2017, Arada has launched three mega projects in Sharjah, with a combined sales value of Dh33.5bn. It also announced the purchase of a plot of land on The Palm Jumeirah in Dubai for Dh240m as part of its expansion plans outside Sharjah.

The developer is targeting 25 per cent sales growth in 2022 to Dh3bn on the back of the UAE’s property market recovery from the pandemic. It also aims to complete 4,000 homes during the course of the year.

______________________

UAE megaprojects 2022: new developments in Dubai, Abu Dhabi and Northern Emirates

• 

  The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images

• 

  The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National

• 

  The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB

• 

  Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel

• 

  Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National

• 

  Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale.

• 

  The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN

• 

  First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National

• 

  The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi

• 

  The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar

• 

  Reem Hills on Reem Island. Courtesy Q Properties

• 

  Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada

• 

  Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties

• 

  Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra

• 

  Museum of The Future lights up in Dubai. Antonie Robertson / The National

• 

  Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam

• 

  The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai

• 

  Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group

• 

  A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment

• 

  The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National

• 

  Jubail Island will eventually house 5,000 residents.

• 

  SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office

• 

  Both towers of One Zaabeel in Dubai have been topped out.

• 

  The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton

• 

  Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM

• 

  Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group

• 

  Dubai CommerCity's first phase has been launched. Reem Mohammed / The National

• 

  Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir

• 

  An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman

• 

  The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam

• 

  Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah.

• 

  Railroad laying works for the second phase of the Etihad Rail project. Wam

• 

  The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi