We report on optical components for parallel transmit and receive module, operating at 850nm, designed for short haul optical multimode fiber networks. The component is realized by flip-chip bonding of arrayed optoelectronic devices, i.e., VCSEL and PIN detector array, onto ultra-thin silicon- on-sapphire (UTSi) substrate, which is optically transparent and electrically insulated. Flip-chipped assemblies provide several advantages over conventional wire bond techniques, such as extremely low interconnection parasitics that enable high data rates at low power. Using UTSi technology further improves performance by minimizing crosstalk through its insulating substrate while providing the means for a reliable, low cost optical assembly directly onto the substrate. In addition, applying UTSi technology to optical modules allows a higher degree of functional integration within the module. The insulating substrate provides excellent isolation between mixed signal circuitry, enabling the integration of high performance transmitters, receivers and other sensitive analog circuits with digital circuitry on the same substrate. Furthermore, the integration of VCSEL and photodetector array with UTSi circuits for parallel optical interconnects yields several packaging advantages, such as parallelism, scalability, compactness and simplicity.