The contracts for the remaining phases are set to be awarded in Q2 2024. Credit: Arada Developments.

Property development company Arada Group has awarded two construction contracts for the fourth phase of the Masaar megaproject in Sharjah, United Arab Emirates (UAE).

Located in Sharjah’s Suyoh district, Masaar is a Dh9.5bn ($2.58bn) development featuring 3,000 villas and townhouses across six phases, and a ‘green spine’ of 70,000 trees. 

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Known as Azalea, phase four at Masaar involves the construction of 565 homes.

Work is set to commence immediately, with a completion and handover target set for the end of 2025.  

The Azalea contracts, valued at Dh615m, have been awarded to two companies, namely Saleh Construction and Yanal Building Contracting Company. 

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Saleh will be responsible for building 324 homes, and Yanal has been tasked with constructing 241 homes. 

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These contracts imply that more than 1,500 homes across the second, third, and fourth phases of Masaar are now under construction.  

The latest phase follows the completion of 430 homes in the first phase. 

Arada CEO Ahmed Alkhoshaibi said: “The feedback we have received from the first residents who have started moving into Masaar in recent months has been exceptional, underlining our commitment to setting a new standard of living for the UAE.  

“Since we launched Masaar in 2021, it has become one of the country’s most successful off-plan projects, with strong capital appreciation over the last three years creating significant additional value for our buyers.”   

The contracts for the remaining two phases are expected to be awarded in the second quarter (Q2) of this year, with the entire Masaar megaproject on track for completion by the end of 2026.  

Arada recently announced the completion of all eight Tiraz buildings in Naseej District, Sharjah, last month.