Sharjah property developer Arada has purchased land worth Dh600 million ($163.4 million) in Dubai's Zabeel 2 district, signalling its plans to further expand in the emirate's high-end property market.
Arada bought the 138,466-square-foot plot from Rital Properties, the real estate subsidiary of Emirates NBD.
The land is close to Index Tower and Central Park Towers, and lies between the Dubai International Financial Centre and Downtown Dubai, the developer said.
Arada plans to build a 50-floor luxury residential tower on the land, containing 400 apartments offering views of Burj Khalifa and the Dubai skyline.
“This acquisition marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers,” said Arada vice chairman Prince Khaled bin Alwaleed.
“The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects and to contribute to the powerful and dynamic real estate market of this thriving city.”
Arada launched its first project in Dubai, the Dh2 billion Jouri Hills development within Jumeirah Golf Estates, at the end of 2022. The project features 294 high-end villas and town houses.
Last year, it announced a partnership with the Armani Group and Japanese architect Tadao Ando to build the ultra-luxury Armani Beach Residences on The Palm Jumeirah.
Another project in Dubai will be announced in the first quarter of 2024, the company said.
Arada reported a 186 per cent rise in annual sales in the first half of 2023 amid higher demand from buyers.
The total value of property sales at the developer's projects in Sharjah and Dubai hit Dh4.26 billion in the six-month period to the end of June.
Arada sold 1,616 homes during the period, up 23 per cent from the first half of previous year.
Jouri Hills in Dubai had a strong showing, selling 169 luxury villas worth Dh1.29 billion.
The announcement of the new project comes after the end of a strong year for Dubai’s property sector, during which the value of real estate transactions rose by 37 per cent to Dh430 billion during the first nine months of 2023, compared with the same period the previous year.
Total transactions in the emirate increased by 33.8 per cent on an annual basis, while values rose more than 36.7 per cent during the January to September period.
Property sales continued to rise across the UAE amid a broader economic recovery on the back of higher oil prices and government reforms such as residency permits for retired and remote workers.
In Dubai, residential prices rose by 19.6 per cent annually in the third quarter, with average apartment and villa prices increasing by 19.7 per cent and 18.9 per cent, respectively, according to CBRE.
Design work on Arada’s high-end residential project next to the DIFC has already begun, the company said.
In addition to its project pipeline in Dubai, the developer has three master-planned communities in the Northern Emirates valued at Dh33 billion in total, including Aljada, a mixed-use development in Sharjah.
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