Arada enters the Dubai real estate market with the purchase of a 240 million dirhams plot in Palm Jumeirah – News

Design work on Arada’s mixed-use Palm Jumeirah project, which will contain residential, leisure and dining components, has already begun

Dubai – Located on the eastern crescent of The Palm, the 20,500m² plot offers views of the Burj Khalifa and Burj Al Arab



Published: Mon 17 Jan 2022, 2:59 PM

Arada, a Sharjah-based development company, has purchased the last remaining beachfront land on the crescent of the world-renowned, award-winning Palm Jumeirah, marking the fast-growing developer’s first project outside of Sharjah and entry in the Dubai property market.

Valued at 240 million Dh, the land was purchased from Nakheel, the master developer behind Palm Jumeirah. Located on the eastern crescent of The Palm, the 20,500 square meter plot offers views of the Burj Khalifa and Burj Al Arab to the east and the rest of The Palm and Dubai Marina to the south and east. Where is. The site is also close to the Waldorf Astoria Dubai Palm Jumeirah and Sofitel Dubai The Palm.

Design work has already begun on Arada’s mixed-use project at the Palm Jumeirah, which will contain residential, leisure and dining components. Full details will be revealed at the sales launch, scheduled for the third quarter of 2022.

Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “This is a historic moment for Arada, allowing us to diversify into one of the most respected and competitive real estate markets in the world. . Our exponential growth in less than five years has resulted in a reputation for delivering beautifully designed projects to an exceptionally high standard, and we look forward to bringing this capability to Dubai. We are particularly pleased to launch our first project in Dubai at the world-renowned Palm Jumeirah, one of the largest and most ambitious in the emirate. successful megaprojects.

Arada’s projects include Aljada, Sharjah’s largest mixed-use megaproject, where 5,000 units are currently under construction, and Masaar, an upmarket forest community with 4,000 villas and townhouses. The developer has completed 2,200 homes in total, including five of the six phases of its first project, Nasma Residences.

-Wam

Penny D. Jackson