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.