Sharjah-based Arada has continued to see strong growth over the last 12 months, cementing its position as the largest master developer in the Northern Emirates, and is now in the final stages of preparing its expansion into other markets within the UAE.
Over this period, Arada has completed a number of homes and phases within its master-developments – namely its first project Nasma Residences, its mega AED24-billion ($6.53 billion) Aljada development and Masaar – awarded major contracts and continued to launch new supply into the Sharjah market, which has rebounded favourably from the effects of the pandemic.
Ahmed Alkhoshaibi, Group CEO of Arada, tells Gulf Construction: “Arada has continued to record outstanding sales, an impressive delivery record and an increase of the value of contracts awarded, in line with the ongoing resurgence in the UAE real estate market. We have now captured by far the largest share of off-plan sales in Sharjah and are making the final preparations to launch our first project in Dubai.
“The next 12 months will again see Arada expand on a number of fronts. We are planning to launch three new projects within the next quarter or so, and are working towards the award of some major contracts at both Aljada and Masaar during the same period. We are big believers in the resilience of both the Sharjah and Dubai property markets and will be investing significantly in both locations in the near term.”
In June this year, Arada completed work on the sixth and final phase of the Nasma Residences community, marking the completion of the developer’s first-ever project. The two main contractors working on the final phase were Intermass and Kuwaiti contractor Mohammed Abdulmohsin Al-Kharafi & Sons Contracting (Al-Kharafi), while Darwish Engineering Emirates has almost completed infrastructure work at the project.
Featuring 1,117 villas and townhouses in total, Nasma Residences is spread over a 5-million-sq-ft area in the Suyoh district of Sharjah, and also contains three parks and two shopping centres.
At Aljada, Sharjah’s largest ever mixed-use community, construction continues at what is now one of the busiest and most complex jobsites in the region. Almost 7,000 homes are currently under construction, with 5,000 of these due to be completed over the course of the next three months. Spread over a 24-million-sq-ft area, Aljada is a true ‘city within a city’, featuring extensive residential, entertainment, retail, hospitality, cultural, commercial and educational offerings.
The last 12 months have seen the completion of the first residential phase of Aljada, which consists of nearly 1,500 homes, spread over 14 apartment blocks and a villa community. In August, Arada also completed the second and final phase of the Sabis International School-Aljada.
In addition, the developer has awarded a number of contracts as it pushes aggressively ahead with construction at Aljada. Major contracts included a Dh322 million deal to build the eight Tiraz buildings in Aljada’s cultural neighbourhood, Naseej District. The contract was won by Al-Kharafi, which has worked with Arada previously on the Nasma Residences project. Work on the Tiraz buildings started immediately and construction is scheduled to take 18 months to complete.
Meanwhile, in June, Arada awarded a Dh75 million contract to build all buildings in the second phase of the Madar at Aljada entertainment district to RAQ Contracting. Most recently, in October, Arada awarded two contracts valued at Dh454 million to Airolink Contracting to build nine apartment blocks in two separate districts of the city.
Construction is currently under way at a number of different components of the Aljada site, including the East Village residential community, the Nest student housing complex, the second Sarab villa community and The Gate apartment complex, as well as the Naseej cultural district.
Over the last 12 months, progress has also been made at Masaar, Arada’s third project, which is a forested community featuring 4,000 villas in the Suyoh district of Sharjah.
In May, Arada awarded two contracts valued at Dh460 million to build the first residential phase of Masaar. The two contracts were awarded to Al-Kharafi and Intermass, and are scheduled to take 14 months to complete.
During the year, Arada also awarded contracts for the construction of the infrastructure and landscape in the community’s central precinct as well as the buffer zone running around the outside of the project.
In September, the first part of the project to be completed, the Masaar Discovery Center, was opened by HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. The centre incorporates a children’s adventure playground, an outdoor amphitheatre, a children’s waterplay area, and a skate park, alongside the second location of the popular Zad food truck park, all of which are set in lush green landscaping.
Also open to the public is the community’s first completed home, the Masaar show villa, which can be reached via a forested walkway. The contractor for Masaar Discovery Center and the show villa was ASGC.
Arada has continued its strong sales performance in recent years, registering a 30 per cent growth in the total value of property sold during the first half of 2022 to reach Dh1.49 billion.
Those results capped a resilient period for the company, which also secured a $350 million sukuk issuance, its first ever public financing deal.