Sharjah's Arada enters Dubai property market, purchases Dhs240m land at Palm Jumeirah
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Sharjah’s Arada enters Dubai property market, purchases Dhs240m land at Palm Jumeirah

Sharjah’s Arada enters Dubai property market, purchases Dhs240m land at Palm Jumeirah

The 20,500 square metre plot located on The Palm’s East Crescent has been bought from Nakheel

Dubai Palm Jumeirah

Sharjah’s real estate developer Arada has purchased the last remaining beachfront land plot on the Crescent of Palm Jumeirah.

Valued at Dhs240m, the plot has been bought from Nakheel, the master developer behind Palm Jumeirah. The purchase marks the developer’s first project outside Sharjah and its entry into the Dubai property market.

Located on The Palm’s East Crescent, the 20,500 square metre plot is 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, a statement said.

Design work on Arada’s mixed-use project has already commenced. The project on Palm Jumeirah will contain residential, leisure and F&B components.

Further details will be revealed at the sales launch, scheduled for Q3 2022.

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.”

Arada’s projects include Aljada, Sharjah’s 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 completed 2,200 homes in total, including five of the six phases as its first project, Nasma Residences. Arada has previously partnered with Nakheel over the launch of its gym and wellness brand, Wellfit, in November.

Residential property prices in Dubai have risen by 21 per cent in the first 10 months of 2021 to Dhs1,235 per square foot, according to consultancy Knight Frank. Furthermore, the number of property transactions rose by 88 per cent during the first 11 months of the year to Dhs134bn , according to data from the Dubai Land Department.

November 2021 was the busiest month for property sales in Dubai for eight years, the statement added.

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