Sharjah’s Arada Buys $163m Plot Near DIFC for Expansion into Dubai Market
Sharjah-based property developer Arada has expanded its footprint into Dubai’s upscale real estate market with the acquisition of a Dh600 million ($163.4 million) plot in Zabeel 2 district.
The purchased 138,466-square-foot land, bought from Rital Properties (a real estate subsidiary of Emirates NBD), is strategically located between Dubai International Financial Centre and Downtown Dubai, in close proximity to Index Tower and Central Park Towers.
Arada intends to construct a 50-story luxury residential tower on the plot, featuring 400 apartments that will offer impressive views of the iconic Burj Khalifa and the Dubai skyline.
Vice Chairman Prince Khaled bin Alwaleed expressed Arada’s commitment to delivering exceptional projects and contributing significantly to Dubai’s thriving real estate market.
This acquisition marks Arada’s third prime location in Dubai, following their previous project, Jouri Hills development within Jumeirah Golf Estates, which features 294 high-end villas and townhouses.
The company is also gearing up for another significant project announcement in Dubai in the first quarter of 2024. Arada has seen a substantial surge in sales, reporting a 186% increase in the first half of 2023, reaching a total value of Dh4.26 billion in property sales in Sharjah and Dubai.
The robust performance aligns with Dubai’s booming property sector, witnessing a 37% increase in real estate transactions during the first nine months of 2023, with values rising by 36.7%. This growth is attributed to various factors, including economic recovery, increased oil prices, and governmental reforms.
Arada is actively engaged in design work for its new high-end residential project adjacent to the DIFC, while also managing three master-planned communities in the Northern Emirates, totaling Dh33 billion in value, including the acclaimed Aljada mixed-use development in Sharjah.
