Sharjah-based real estate developer Arada has announced the launch of Masaar, the developer’s third project, with a sales value of AED8 billion (USD2.2 billion).
The 19 million square foot upscale project will include 4,000 villas and townhouses in total, all set in eight gated districts linked by Masaar’s signature feature, a lushly landscaped and walkable ‘green spine’.
Construction on Masaar will begin in the second quarter, and the first homes are scheduled to be handed over in the first quarter of 2023.
“Masaar offers a path to the ultimate lifestyle transformation, and a major addition to Sharjah’s residential landscape. It is a serene, exclusive and forested environment that also offers all the comforts of a modern urban district, offering you the best of both worlds,” Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said.
Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, said, “Masaar has been designed to make its residents happier and healthier, while at the same time providing substantial benefits for the environment.
“The abundance of green space, and an active lifestyle will also help to reduce the stresses of urban life, especially at a time when the importance of safety and security has never been higher. We believe that by uniting people with nature, this community will set a new standard for living in the UAE.”
He told Asharq Al-Awsat newspaper that funding is occurring through a combination of shareholders, banking loans, and sales revenues.
So far, Arada has acquired SAR2.3 billion (USD613 million) from the banking funding. “In case any additional funding is needed, the options will be discussed with our partners in the banking sector,” Prince Khaled added.
The Arada Vice Chairman further assured that all buyers from the GCC countries and other Arab countries may purchase properties in Masaar on the basis of the freehold system while buyers from other nationalities may purchase on the basis of the leasehold ownership.