Arada awards $115m contract to build second phase of Sharjah's Aljada megaproject.

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.

In a press release, Arada said that East Village is now 95% sold out.

“This is a key moment in the development of this record-breaking project, and is evidence of our determination to push construction forward at a number of areas within the Aljada project site,” said Arada’s chairman, Sheikh Sultan bin Ahmed Al Qasimi, in the press statement.

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 first homes in the initial residential phase of Aljada, First Avenue, are scheduled to be handed over to owners in the third quarter of this year.

www.arabianbusiness.com