Arada 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 into the booming high-end real estate market. rise of Dubai. Since its founding in 2017, Arada has quickly become the largest developer in the Northern Emirates, after launching three record-breaking communities in Sharjah, together valued at AED33 billion.
Valued at 240 million AED (63 million USD), 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 is ideally situated 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 the west. The site is also close to the Waldorf Astoria Dubai Palm Jumeirah and Sofitel Dubai The Palm.
Design work on Arada’s mixed-use project at the Palm Jumeirah, which will contain residential, leisure and dining components, has already begun and full details will be revealed at the launch of the sale, which is expected to take place on the third quarter 2022.
HRH 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 most competitive 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 in the world renowned Palm Jumeirah, one of the most ambitious and successful megaprojects in the emirate.
Ahmed Alkhoshaibi, CEO of Arada Group, said: “The time has come for us to invest in Dubai, given the strong performance of the market during 2021 and the impressive steps the government has taken to increase interest for 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 highly sought after luxury project. We are also confident that other new projects in Dubai will be confirmed during 2022.”
Arada has already partnered with Nakheel to launch its gym and wellness brand, Wellfit, in November. Dubai’s largest indoor multi-sports facility, Wellfit has opened at Circle Mall, Nakheel’s recently completed retail and entertainment destination located in the Jumeirah Village Circle.
Arada’s announcement comes amid a resurgence in Dubai’s property market due to its handling of the pandemic, economic support measures and new government initiatives to attract new business and foreign direct investment.
Residential property prices in Dubai have increased by 21% in the first 10 months of 2021 to reach AED 1,235 per square foot, according to consultancy Knight Frank. In addition, the number of real estate transactions increased by 88% in the first 11 months of the year to reach AED134 billion, according to data from the Dubai Land Department. November 2021 was the busiest month for Dubai property sales in eight years.
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 so far completed a total of 2,200 homes, including five of the six phases of its first project, Nasma Residences.