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Arada awards AED 615m contracts for Masaar development project

Arada awards AED 615m contracts for Masaar development project
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UAE – Mubasher: Arada has awarded two contracts at an aggregated value of AED 615 million to build all 565 homes in Azalea, the fourth phase of Masaar, according to a press release.

Masaar is valued at AED 9.50 billion and includes 3,000 villas and townhouses spread over six phases. 

As for the construction process in Azalea, it will begin immediately and all homes will be completed and delivered by the end of 2025.

Following the completion of 430 homes in the first phase by the end of 2023, more than 1,500 homes in the second, third and fourth phases at Masaar are currently under construction.

The company highlighted that the contracts for the remaining two phases will be awarded in the second quarter (Q2), with the entire project scheduled for completion by the end of 2026.

Ahmed Alkhoshaibi, Group CEO of Arada, mentioned: “Since we launched Masaar in 2021, it has become one of the country’s most successful offplan projects, with strong capital appreciation over the last three years creating significant additional value for our buyers.”