Arada expands in Dubai as it buys $163m plot to build 50-floor residential tower
Sharjah property developer Arada has purchased a plot of land worth Dh600 million ($163.4 million) in Dubai’s Zabeel 2 district, signalling its plans to expand its presence in the emirate’s high-end property market.
Arada bought the 1.3-hectare land from Rital Properties, the real estate subsidiary of Emirates NBD.
The plot of land is close to Index Tower and Central Park Towers. It lies between the Dubai International Financial Centre and Downtown Dubai, the developer said.
Arada plans to build a 50-floor luxury residential tower, containing 400 apartments offering views of Burj Khalifa and the Dubai skyline.
“This acquisition marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers,” said Arada vice chairman Prince Khaled bin Alwaleed.
“The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects and to contribute to the powerful and dynamic real estate market of this thriving city.”
Arada launched its first project in Dubai, the Dh2 billion Jouri Hills development within Jumeirah Golf Estates, at the end of 2022. The project features 294 high-end villas and town houses.
Last year, it announced a partnership with the Armani Group and Japanese architect Tadao Ando to build the ultra-luxury Armani Beach Residences on The Palm Jumeirah.
Another project in Dubai will be announced in the first quarter of this year, the company said.
Arada reported a 186 per cent rise in annual sales in the first half of 2023 amid higher demand from buyers.
The total value of property sales at the developer’s projects in Sharjah and Dubai hit Dh4.26 billion in the first six months of last year.
Arada sold 1,616 homes during the period, up 23 per cent on an annual basis.
Jouri Hills in Dubai recorded strong demand, selling 169 luxury villas with a cumulative value of Dh1.29 billion.
The announcement of the new project comes after the end of a strong year for Dubai’s property sector, during which the value of real estate transactions rose by 37 per cent to Dh430 billion during the first nine months of 2023, compared with the same period the previous year.