Developer Arada of Sharjah announced its entry into the Dubai real estate market by acquiring a Dh600 million plot in Zabeel 2. According to Arada on Tuesday, the master developer intends to construct a 50-story luxury residential tower with 400 upscale apartments on the 138,466-square-foot plot.
Arada’s third project in Dubai, the plot was acquired from Rital Properties, an Emirates ENBD real estate subsidiary, and is next to the Dubai International Financial Centre (DIFC).
Close to Index Tower and Central Park Towers, the land plot is situated between DIFC and Downtown Dubai. The developer stated that complete details for Arada’s upscale residential project near DIFC will be disclosed in the upcoming year, with design work already starting.
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.”
With a 37% increase in the value of real estate transactions in the first nine months of this year to Dh430 billion, over the same period last year, Arada’s announcement caps off a successful year for Dubai’s property market.
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.”
At the end of 2022, Arada unveiled Jouri Hills at Jumeirah Golf Estates, its first project in Dubai. The company also revealed a collaboration with the Armani Group and Japanese architect Tadao Ando to construct the Armani Beach Residences at Palm Jumeirah. The first quarter of 2024 will announce a fourth project in Dubai.