Arada has revealed plans to award the main contract for Phase 1 of its $6.5 billion (AED24bn) Aljada megaproject in January 2018.
The developer said that it would float the main construction tender for Phase 1 of the Sharjah community in November 2017.
Construction works are due to commence in Q1 2018, and the development’s initial phase will be delivered before the end of 2019, Construction Week reports.
Spread across an area of 2.2km2, and boasting a total population of approximately 70,000 people, Aljada looks set to become Sharjah’s largest ever real estate development.
Ahmed Al Khoshaibi, CEO of Arada, told Construction Week that that the community would include a total of 800 buildings upon completion.
“The first tranche of property that we are releasing onto the market numbers 272 units, which include three apartment blocks, as well as 28 townhouses and 56 semi-detached villas,” Al Khoshaibi explained.
“In total, we expect that the master plan will include about 800 buildings, including the residential, commercial, hospitality, retail, and leisure and entertainment segments. We estimate that the future population of Aljada will be 70,000 people, of whom 40,000 will be residents, and the rest either workers or tourists.”
Aljada’s master plan will be developed in 10 phases, with the entire community scheduled to be completed by 2025. Some sections of the Central Hub, the project’s entertainment and leisure precinct, will be available before Phase 1 has been handed over to homeowners, according to Arada.
The development was unveiled this morning in the presence of HH Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Al Khoshaibi told Construction Week that Aljada’s launch was brought forward following the success of Arada’s $408m (AED1.5bn) inaugural development, Nasma Residences.
“The Aljada master plan was designed by Woods Bagot, which worked closely with the Sharjah Urban Planning Council,” he said.
“Arada had initially planned to launch Aljada in 2018, but brought the launch forward thanks to the success of its first project, Nasma Residences, which quickly became the fastest-selling residential project in Sharjah when it was launched in March this year.”
UAE-headquartered real estate developer, Arada, was jointly established in January 2017 through a joint partnership enterprise between KBW Investments and Basma Group.
The developer will showcase its Aljada development during Cityscape Global 2017, which will take place at Dubai World Trade Centre (DWTC) from 11-13 September, 2013.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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