The biggest developer in Sharjah has confirmed its entry into Dubai’s property market by purchasing a Dh240 million plot on the Palm for the construction of a Dh1.5 billion luxury project.
“This was the last beachfront location with Nakheel (Palm’s master-developer) and we were chosen from the many who were interested in the plot,” said Ahmed Alkhoshaibi, Group CEO of Arada, which is the name behind the Dh24 billion Arada mixed-use project in Sharjah and the all-villa ‘forest’ community Masaar, also in that northern emirate.
“We believe the Palm location is one of the best there is – if not the best location. This is the right time for us to make an entry into Dubai. It was always the plan that once we set a benchmark within Sharjah, we would move into new markets.”
Dubai real estate is set for another big year in 2022 with Dh240 million on the 20,500 square meter plot. On the island’s East Crescent, the land will be developed into an ultra-luxury residential project, whose design will be revealed in the second half of the year.
“The project will be specially curated for a post-COVID-19 era,” the CEO said. “It will be end-user focussed and could feature a branded operator. Every touchpoint will be designed based on ‘wellness luxury’. Sometime between the second and third quarter, we will press the button on the off-plan sales.
Arada will be a natural fit for The Palm, given its upscale leanings as a developer. The joint venture between Basma Group and Saudi Arabia’s KBW Investments. Dubai property sales on the Palm have been some of the biggest in 2021, with multiple Dh100 million-plus villas being sold. A new super-luxury project called Palm Flower was announced recently, with the costliest unit expected to cost Dh200 million.
Having moved into Dubai, the developer intends to launch two more projects there this year. “We are planning to get a lot more aggressive,” said Alkhosaibi. “It’s never easy finding the right sort of location. On other projects, we could consider entering joint ventures.”