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UAE-based developer Arada announced on Thursday that it has awarded a contract worth 475 million UAE dirhams ($129 million) to Dubai-based Gulf Asia Contracting Company to build Vida Aljada hotel complex, located within the AED24 billion ($6.5 billion) Aljada master community in Sharjah.
The four-building hotel complex comprises a 175-key Vida Aljada hotel, 255 branded residences and 149 branded serviced apartments, Arada said in a press statement.
Work on the Vida Aljada complex will begin immediately and is scheduled to take 30 months, the statement said.
Owned and developed by Arada and operated by Vida Hotels & Resorts, the Vida Aljada is the first of three Emaar Hospitality properties that will be built at Aljada, which include The Address Aljada and Rove Aljada.
Last month, the develper had announced the completion its AED700 million ($191 million) premium student housing complex Nest within Aljada. Situated on a 380,000 square foot plot located next to Aljada’s business district, Nest features 2,473 fully furnished dormitories (both individual and shared) spread over 12 apartment blocks.
Arada has completed 3,955 units in Aljada as a whole, following the completion of the first residential phase of the master community in April this year. Around 4,500 homes are currently under construction at Aljada, where the East Village residential phase and the second Sarab villa complex are on track for completion.
Read more: Arada awards 2 deals worth $256mln to build 986 homes at Masaar in Sharjah
(Writing by Senthil Palanisamy; Editing by Anoop Menon)