Arada, a Sharjah master developer, has begun construction on its first property in Dubai at Jumeirah Golf Estates, with townhouses and villas priced from Dh3.5 million to over Dh30 million. Sales have begun as Arada prepares for its upcoming stage of expansion by looking to markets outside of Sharjah.
A site on the Palm Jumeirah had been purchased earlier this year by the developer for a premium project, so there was something of a surprise. Originally scheduled for the first launch, this has been moved to the first quarter of 2023.
The “Jouri Hills” project by Arada at Jumeirah Golf Estates will have 294 standalone villas, which are in high demand in Dubai and need a lot of topping off. The project, whose development is scheduled to begin in the middle of next year, is expected to bring in Dh2 billion in sales for the developer. The goal is to finish by the middle of 2025.
“For Jouri Hills, we acquired 2.3 million square feet as part of the JGE extension,” said Ahmed Alkhoshaibi, Group CEO of Arada. “We were always clear that Dubai would be our first market outside of Sharjah.
“We saw in JGE a mature location and with its two professional golf courses and other features, an ideal setting for ultra-luxury homes. Our Palm project is only off by a couple of months from our original plans, and that too will generate Dh2 billion in sales.”
Jumeirah Golf Estates, a 40 million square foot development, has a number of residential clusters and is currently well established. As Dubai continues to attract affluent customers from both inside and outside the country, Signature Developers in Dubai recently unveiled a super-premium project there.
Lining up Saudi Arabia
After its plans for Dubai are realized, Arada will focus on opportunities in Saudi Arabia and “in international markets.” “Early- to mid-next year, we will be in a position to confirm where that would be,” the CEO said.
“In Sharjah, we are well settled with the three projects – Aljada, Nasma, and Masaar. Our share of the off-plan space in the emirate is at 70 percent and we have been getting 30 percent annual increases in sales since inception.
“So, the way we look at it, this does set us up nicely for expansion into new markets. As to how this will be financed, we are sure of the funding options available to us, and we will keep monitoring closely how future market cycles show up in demand.”