Dubai: The UAE’s property market gets its first offplan launch of 2021 – a Dh8 billion mixed-use community in Sharjah.
The master-developer, Arada, reckons there is enough demand for bigger homes and with ample space outside to go ahead with the launch, even as the country’s real estate sector is still coming to terms with the pandemic’s impact.
The new project, Masaar, is offering its units from Dh1.197 million. In total, 445 homes go on sale today (January 31). These are for the 1,730 square feet two-bedroom townhouses, and there are also four- and five-bedroom villas. The first handovers are set for first quarter 2023.
Quite a spread
It is located in Sharjah’s Al Juwaiza’a area, and will extend to 19 million square feet with 4,000 villas and townhouses. They will spread over eight gated communities and include a “walkable spine”.
Construction will begin in the second quarter. This is the third major project from Arada in Sharjah; it had previously launched Aljada, spread over 24 million square foot in the University City enclave, and Nasma Residences. This year, Arada also plans to launch a business park with 500,000 square metres of leasable space. This launch will take place in the third quarter.
Masaar is certainly one of the largest real estate projects in Sharjah, and – we believe - one of the most significant off-plan launches in the UAE this year
“We all know that the UAE real estate sector is undergoing a period of uncertainty - but this does not extend to all segments and all places,” said Ahmed Alkhoshaibi, CEO of Arada. “Both government data and our own results tell us that demand for well-designed, fully integrated communities in Sharjah has remained extremely competitive, despite the effects that the pandemic has had on consumer interest elsewhere.
"This is evidence of our belief in the resilience of the Sharjah market, and the ongoing investor demand for the types of communities Arada is building."
He’s got a point: recent offplan launches in Sharjah – from Arada as well as from Majid Al Futtaim – managed to capture quite a bit of demand all through last year. (It was the same with Aldar Properties in Abu Dhabi, with back-to-back launches in the second-half of last year pulling in buyers.)
In Dubai, the master-developers have eased up on new launches and instead have focussed on their ongoing projects. The same is happening with the bigger private developers.
A five-kilometre looped two-lane cycling track will cater to leisure riders and "professionals".
Pandemic and pricing
On whether the COVID-19 after-effects and general uncertainty in the marketplace led to lower price points for the first Masaar units, the CEO said: “Masaar is the product of both feedback from our customers and research about what investors who are buying property in today’s market are looking for.
“That data has showed us that buyers want more space, an environmental-friendly location, more safety and security, less stress and the ability to have an active healthy lifestyle surrounded by nature. This is what Arada is building in Masaar.”