Sharjah developer Arada has awarded a Dh395 million ($108 million) contract to Gulf Asia Contracting (GAC) to build a residential district in the emirate's largest mixed-use community, Aljada.
Construction work on Nasaq District, a cluster of six upmarket apartment buildings, will begin immediately and is scheduled for completion in 24 months, Arada said on Thursday.
“We’re determined to keep up the pace of work at Aljada, where 3,200 homes are now under construction, and look forward to working with our partner GAC to bring this vibrant new district to life," said Ahmed Alkhoshaibi, group chief executive of Arada.
Spread over a 223-hectare area, Aljada is Sharjah’s largest residential project with several residential districts, retail, hospitality, entertainment, sporting, health care, educational units and a business park.
With more than 25,000 homes planned for Aljada in total, Arada has so far sold 9,000 units, with 6,300 of those now completed, the company said.
The award of the new contract comes as Arada, a joint venture between KBW Investments – a company controlled by Saudi Arabia’s Prince Khaled bin Alwaleed – and Sharjah-based Basma Group continue to launch new projects.
The UAE’s property market has bounced back strongly from the coronavirus pandemic thanks to government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.
The new Nasaq District will feature 649 homes ranging from one-bedroom to three-bedroom apartments, Arada said.
Each block gives residents direct access to Aljada’s East Boulevard, which features shopping and dining options, as well as the community’s urban linear park that has sporting facilities.
The Nasaq District contract comes as Dubai contractor GAC continues work on other projects in Aljada, after in January 2023 winning a Dh475 million contract to build the Vida Aljada hotel complex.
Arada said work is also progressing on Madar, a family entertainment district in Aljada.
"Elsewhere on the Aljada jobsite, our teams are now closing in on the completion of the second phase of Madar, the popular family entertainment district, and we look forward to opening new and exciting attractions to the public in the coming months," Mr Alkhoshaibi said.
Madar at Aljada was designed by Zaha Hadid Architects. The first phase of Madar contains the Aljada Discovery Centre, the Zad food truck district, a free-to-enter drive-in cinema, a children’s adventure playground, an indoor events space, an outdoor amphitheatre and the Aljada Skate Park.
The second phase of the project consists of the second and third extensions to the Aljada Skate Park, additional parking space and a further 4.2 hectares of parkland, as well as the Wellfit gym and trampoline park.
Arada has reported a 186 per cent rise in its annual sales in the first half of the year after higher demand from buyers.
The total value of property sales in the six-month period to the end of June at the company's projects in Sharjah and Dubai reached Dh4.26 billion, Arada said in July.
The company sold 1,616 homes during the period, up 23 per cent compared with the first half of last year.
Sales at the company’s Aljada mixed-use development in Sharjah in the six-month period reached Dh638 million, Arada said last month. A total of 634 homes were sold at the Dh24 billion project.
