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Sharjah, United Arab Emirates
UAE developer Arada has awarded contracts worth 2.7 billion UAE dirhams ($735.19 million) for Masaar 2, a forested megaproject in Sharjah.
The scope of work covers the construction of 1,997 homes across four phases, the developer said in a statement.
In total, three construction firms and four consultancy firms have been appointed for Masaar 2.
UAE-based contractors Intermass (phases 1, 3 and 4) and Pivot Engineering & General Contracting (phase 2) have been appointed as main contractors for the construction of homes across all four phases.
The first handovers are scheduled in 2027, with full completion expected by June 2028.
The two contracting companies have previously delivered projects within the first Masaar master plan.
Launched in February, Masaar 2 generated AED5.6 billion in sales transactions. It features nature-inspired architecture and is anchored by a lush green spine with 40,000 trees.
In September, Arada launched Masaar 3, comprising 4,000 homes across eight phases.
The first Masaar masterplan includes 3,000 homes, with half of the community already handed over. The full completion is scheduled by the end of 2026.
(Writing by P Deol; Editing by Anoop Menon)
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