20,500 sqm plot will contain a mixed-use project with residential, leisure and F&B components
Arada has purchased the last remaining beachfront land plot on the Crescent of the world-famous, award-winning Palm Jumeirah, marking the fast-growing developer’s first project outside Sharjah and its entry into the booming high-end Dubai property market. Since its foundation in 2017, Arada has rapidly become the largest developer in the Northern Emirates, following the launch of three record-breaking communities in Sharjah together valued at AED33 billion.
Valued at AED240 million, the plot has been bought from Nakheel, the master developer behind Palm Jumeirah. Located on The Palm’s East Crescent, the 20,500 square metre plot is ideally located with 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 west. The site is also close to the Waldorf Astoria Dubai Palm Jumeirah and the Sofitel Dubai The Palm.
Design work on Arada’s mixed-use project on Palm Jumeirah, which will contain residential, leisure and F&B components, has already begun and full details will be revealed at the sales launch, scheduled to take place in the third quarter of 2022.
HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said: “This is a landmark moment for Arada, allowing us to diversify into one of the world’s most respected and competitive real estate markets. 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 that capability to Dubai. We are especially pleased to be launching our first Dubai project at the globally renowned Palm Jumeirah, one of the Emirate’s most ambitious and successful megaprojects.”
Ahmed Alkhoshaibi, Group CEO of Arada, said: “The time is right for us to invest in Dubai, given the strong performance of the market during the course of 2021 and the impressive steps the Government has taken to increase interest in this sector. We already have a strong working relationship with Nakheel and look forward to building on this through the development of what will be a luxurious and highly sought-after project. We are also confident that further new projects in Dubai will be confirmed during the course of 2022.”
Arada has previously partnered with Nakheel over the launch of its gym and wellness brand, Wellfit, in November. Dubai’s largest indoor multi-sports centre, Wellfit opened at Circle Mall, Nakheel’s recently completed retail and entertainment destination located in Jumeirah Village Circle.
Arada’s announcement comes amid a resurgence in the Dubai property market due to its handling of the pandemic, economic support measures and new government initiatives to attract new businesses and foreign direct investment.
Residential property prices in Dubai have risen by 21% in the first 10 months of 2021 to AED1,235 per square foot, according to consultancy Knight Frank. Furthermore, the number of property transactions rose by 88% during the first 11 months of the year to AED134 billion, according to data from the Dubai Land Department. November 2021 was the busiest month for property sales in Dubai for eight years.
Arada’s projects include Aljada, Sharjah’s largest ever mixed-use megaproject where 5,000 units are currently under construction, and Masaar, an upscale forested community with 4,000 villas and townhouses. The developer has so far completed 2,200 homes in total, including five of the six phases as its first project, Nasma Residences.