Developer pushes ahead with construction at $6.5bn community as investor demand in Sharjah remains resilient.
Sharjah developer Arada has announced that the main construction contract to build East Village, the second residential phase of its $6.5bn Aljada project, has been awarded.
The $115M contract was won by Sharjah contractor Best Building Contracting Company, with work starting immediately. The scope of work includes the construction of 16 apartment blocks, which together total 2,000 units, and construction is due to be completed by the end of 2021.
At the end of July, Arada announced that it had seen first-half sales grow by 10 percent compared to the same period in 2019, which the developer said was largely due to strong investor interest from Emirati nationals and the public opening of the first part of Aljada, which took place in February this year.
The Aljada project, one of the most ambitious real estate projects in the UAE will include a wide range of apartments, commercial buildings, retail, hospitality, and entertainment and leisure options.
