UAE-based Arada Real Estate Company has launched a luxury project in the Emirate of Sharjah, worth 8 billion dirhams ($ 2.2 billion).
According to Reuters, Ahmed Al-Khashibi, CEO of the company, said that the delivery of units in the Masar project, which is being built on an area of 19 million square feet with a number of four thousand units, will start in stages from 2023 and ends in 2028.
It is expected that about 15 thousand people will inhabit the project, which will include, in addition to residential and commercial facilities, green spaces and an international school.
Al-Khashibi said that financing the project will be capital, debt and sales.
The slowdown in Dubai, the real estate engine of the Emirates, has been exacerbated by the Corona virus pandemic that has resulted in massive job losses and the exodus of foreign residents.
But Al-Khashibi said that despite the pandemic, he expects that there will be great demand for the project, in which the house will cost between 1.2 and 3.7 million dirhams. >
he said, when mistiness became common, Sharjah became known as a safe destination. It is known for its stability. Residents stay for the long term. If you look at the residents of Sharjah, most of them are second generation. It is their home.
He explained that the company expects to award contracts worth 1.5 billion dirhams this year, some of them for other projects.
Arada is owned by Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Basma Group in Sharjah, and Prince Khalid bin Al Waleed bin Talal, Chairman of KBW Investments In Dubai.
