Masaar ... AED460 million contracts awarded for Phase One.

Sharjah developer Arada has announced that work is currently under way on nearly 6,500 residential units being built across its various communities. Of these, nearly 5,000 homes are on track for completion by the end of this year.

During the first six months of the year, Arada had launched Phase Three of its woodland megaproject Masaar, after Suyoh community’s first two phases got sold out.

Arada said it had witnessed a 30 per cent growth in the value of property sold during the first six months of 2022.

The developer sold homes valued at a total of AED1.49 billion ($405.6 million) at its two Sharjah megaprojects, Aljada and Masaar.

During the first half, Arada had awarded contracts valued at AED460 million to build Phase One of Masaar, and is currently putting the final touches to the first part of the project to be completed, the Masaar Experience Center and surrounding precinct.

Group CEO Ahmed Alkhoshaibi said: “As we look ahead to the H2, we have a strong pipeline of new launches, including our first Dubai project, which will help consolidate our sales still further and achieve the ambitious targets we set for ourselves.”