03 January 2024, Gulf News
Dubai: Sharjah developer Arada announced its expansion into the Dubai property market with a Dh600 million plot purchase in Zabeel 2. The master developer plans to build a 50-floor luxury residential tower on the 138,466 sq ft plot, containing 400 premium apartments, Arada said Tuesday.
The plot, purchased from Rital Properties (the real estate subsidiary of Emirates ENBD), is adjacent to Dubai International Financial Centre (DIFC) and marks Arada’s third project in Dubai.
Positioned between DIFC and Downtown Dubai, the land plot is close to Index Tower and Central Park Towers. The developer said that design work on Arada’s high-end residential project next to DIFC has already begun, and full details will be revealed next year.
Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said, “This acquisition marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers.” He said, “The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects and contribute to this thriving city’s powerful and dynamic real estate market.”
The announcement from Arada comes at the end of a strong year for Dubai’s property sector, which has seen a 37 per cent rise in the value of real estate transactions during the first nine months of this year to Dh430 billion, compared to the same period last year.
Abdulla Qassem, Chairman of Rital Properties, said, “We are passionate about fuelling Dubai’s economic engine and supporting innovative projects that solidify its position as a global hub for luxury living.”
Arada launched its first project in Dubai, Jouri Hills at Jumeirah Golf Estates, at the end of 2022 and has also announced a partnership with the Armani Group and Japanese architect Tadao Ando to build the Armani Beach Residences at Palm Jumeirah. A fourth project in Dubai will be announced in the first quarter 2024.