Sharjah-based real estate developer Arada launched its third project, valued at Dh8 billion ($2.2bn), in Al Juwaiza’a district of New Sharjah.
Construction on the Masaar residential project is scheduled to begin in the second quarter of 2021 with the first homes due to be handed over in the first quarter of 2023, Arada said in a statement on Sunday. The 19 million square foot project will include a total of 4,000 villas and townhouses.
"Interest in high-quality, well-designed master-planned communities in Sharjah remains strong, and we are confident that the Masaar lifestyle and the impressive list of amenities will resonate with end-users and investors," Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said.
Arada is a joint venture between KBW Investments – a firm controlled by Saudi Arabia's Prince Khaled bin Alwaleed – and Sharjah-based Basma Group. The company set a target to increase annual sales to Dh3bn by 2025, its chief executive Ahmed Alkhoshaibi told The National in August.
Sales in 2020 rose 35 per cent year-on-year to Dh1.75bn. The addition of Masaar brings the total value of Arada's project portfolio to over Dh33bn, according to the company.
Sales for Sendian, the first district in Masaar to be offered to the public, began on Sunday, the company said.
Sendian, which means oak tree in Arabic, consists of 445 homes, ranging in size from two-bedroom townhouses to five-bedroom villas.
Construction on the Sendian district will begin in June this year, with the first homes scheduled to be handed over in the first quarter of 2023.
The entire Masaar master plan is expected to take seven years to complete, Arada said.
Masaar, which means path in Arabic, will feature sports facilities, a five-kilometre looped cycling track, healthy cafes, footpaths flanked by 50,000 trees and acres of green space, according to the statement.
The project will also feature a fitness centre, skatepark, children’s adventure playground and an events area. Masaar’s community centre will contain a supermarket, shops, cafes and restaurants, among other services.
Also included in the Masaar masterplan is a large international school and nursery, located to the north side of the project.
"The abundance of green space, and an active lifestyle will also help to reduce the stresses of urban life, especially at a time when the importance of safety and security has never been higher," Prince Khaled, vice chairman of Arada, said.
The residential community was designed to cater to smart and sustainable living, according to Arada.
Masaar’s green areas will be irrigated by recycled water from the community’s onsite treatment plant to conserve resources, the company said. Water distribution will also be undertaken by an irrigation system that will reduce the amount of water required and monitor any leaks or losses in the system.
Forested areas at Masaar will be grown using a mixture of species native to the UAE and lush plants and trees, creating a micro-climate that will help reduce overall temperatures, thus lowering cooling costs within the community, Arada said.
Masaar is located in the district of Juwaiza’a, close to Tilal City, the Sharjah Mosque and Arada’s first project, Nasma Residences.
The community has access to Emirates Road and Mleiha Road. The project is a 15 minute-drive from Sharjah International Airport and 20 minute-drive from Dubai International Airport.
"The location is ideal for a convenient and traffic-free commute from Sharjah to Dubai or the Northern Emirates." Arada said.
The launch of the developer’s latest project follows the sell-out of Nasma Residences last year.
Since its establishment in 2017, Arada has delivered more than 1,000 houses and is on track to hand over a further 3,500 units during this year.
The developer sold a total of 2,337 units across its two projects, Aljada and Nasma Residences, during the course of 2020.
Property transactions in Sharjah increased 10 per cent to Dh4.6bn in the third quarter of last year, the emirate's real estate registration department said in November.
During the same period, average sale prices were 20 per cent lower year-on-year "mainly due to increased competition from Dubai with more affordable options", according to consultancy Asteco.