The Masaar project will feature 4,000 housing units and will be delivered in phases starting from 2023.
On Sunday, UAE development company Arada announced the launch of a new upmarket gated residential community project in Sharjah. The project is estimated at USD 2.2 billion.
The announcement was made in the backdrop of fewer project launches in neighbouring Dubai, where the real estate sector is in a deep downturn caused by excessive development over the past decade.
The Masaar project will cover an area of 19 million square foot and provide 4,000 housing units. It will be delivered in phases starting from 2023 and completed by 2028. Around 15,000 people are expected to live in the community eventually. Apart from residential and commercial facilities, the development will feature green spaces and an international school.
According to Arada, the project will be financed through equity, debt and sales.
The decline seen in Dubai, UAE's real estate leader, has been exacerbated by the coronavirus pandemic that has resulted in huge job losses and an outflow of foreign residents.
However, Arada is convinced that despite the pandemic, there will be significant demand for the project where a house will cost between USD 326 thousand and USD 1 million.
'When there is uncertainty, Sharjah has become known as a safe haven. It is known for its stability. Its residents are long-term. If you look at Sharjah residents, most of them are second generation. It's their home,' said Arada's CEO Ahmed al-Khoshaibi.
The company expects to award USD 408.3 million 1 in contracts this year, including for other projects.