by Nbsrealestate
In a strategic move, Sharjah-based developer Arada has made a noteworthy entry into the dynamic Dubai real estate market by acquiring a prime Dh600 million plot in Zabeel 2. The announcement on Tuesday revealed that Arada, a prominent master developer, envisions the construction of a 50-story luxury residential tower featuring 400 upscale apartments on this expansive 138,466-square-foot plot.
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This marks Arada’s third venture in Dubai, and the plot acquisition from Rital Properties, an Emirates ENBD real estate subsidiary, situates the development adjacent to the prestigious Dubai International Financial Centre (DIFC). Nestled between the iconic Index Tower and Central Park Towers, this prime location positions Arada’s new project in close proximity to DIFC and Downtown Dubai.
Arada has outlined plans to disclose comprehensive details about the upscale residential project near DIFC in the upcoming year, with the design work already underway. Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, emphasized the significance of this acquisition, stating, “This marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers.” He added, “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.”
The transaction aligns with Dubai’s property market’s stellar performance, witnessing a remarkable 37% increase in the value of real estate transactions in the first nine months of this year compared to the same period last year.
Abdulla Qassem, Chairman of Rital Properties, expressed enthusiasm, saying, “We are passionate about fuelling Dubai’s economic engine and supporting innovative projects that solidify its position as a global hub for luxury living.”
Arada’s successful year in Dubai includes the unveiling of Jouri Hills at Jumeirah Golf Estates at the end of 2022. Additionally, the company announced a collaborative venture with the Armani Group and Japanese architect Tadao Ando to develop the Armani Beach Residences at Palm Jumeirah. Anticipation is high for the unveiling of Arada’s fourth project in Dubai, slated for the first quarter of 2024.
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In conclusion, Arada’s strategic acquisition of the Dh600 million plot in Zabeel 2 reflects its commitment to contributing exceptional projects to Dubai’s thriving real estate market. The upcoming luxury residential tower near DIFC is poised to be a notable addition to Dubai’s skyline, further solidifying Arada’s position as a key player in the region’s real estate landscape.
