UAE developer Arada unveiled the fourth phase of its Dh8 billion ($2.17bn) Masaar residential project in Sharjah amid strong investor demand.
The new phase, named Azalea, will have 566 homes from two-bedroom townhouses to six-bedroom villas and the project will be completed by the end of 2024.
The launch of the fourth phase has been “fast-tracked due to strong demand in previous phases, with 30 per cent of the full master plan now sold out”, the company said on Monday.
Arada announced the launch of Masaar, which means “path” in Arabic, in January last year. The project, spread across eight gated districts, has 4,000 homes and features a “green spine” with 50,000 trees.
“The rapid sale of homes at Masaar shows that Arada has the correct strategy in place to deliver the right product to meet the needs of investors and aspiring homeowners,” said Arada group chief executive Ahmed Alkhoshaibi.
The launch of the new project comes at a time when the UAE’s property market is continuing to expand following a coronavirus-induced slowdown.
The expansion is being driven by new government initiatives and increased market liquidity amid higher oil prices.
The prices of both villas and apartments have increased in Dubai and Abu Dhabi this year amid a broader economic recovery and growing investor interest in the UAE's property market.
Developers have unveiled new projects at Cityscape property convention in Dubai amid higher demand from buyers.
Arada announced the launch of a Dh2 billion Jouri Hills project at Dubai's Jumeirah Golf Estates while Dubai’s Sobha Realty unveiled two new megaprojects worth Dh24 billion close to its Sobha Hartland development in Mohammed bin RashidCity.
Arada, a venture between KBW Investments — a company controlled by Prince Khaled bin Alwaleed and Sharjah's Basma Group, is also looking to expand to Saudi Arabia, the Arab world’s largest economy, as well as to Europe and Australia.
Since its launch in 2017, Arada has unveiled three master communities in Sharjah — Aljada, Masaar and Nasma Residences.
Arada also bought a plot of land on Dubai’s The Palm Jumeirah for Dh240 million but it has yet to begin construction.
Construction at Masaar's first residential district Sendian, is under way and is expected to be completed by the end of June 2023, while contracts for Masaar’s second and third phases, Kaya and Robinia, are expected to be awarded by the end of this year, the company said.
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UAE megaprojects 2022: 33 new developments in Dubai, Abu Dhabi and the Northern Emirates
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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
