Master developer Arada continues to expand into the high-end Dubai property market, this time with a purchase of a plot of prime land in Zabeel 2.
This is adjacent to the Dubai International Finance Center (DIFC) and it is a significant expansion milestone for the developer.
The plot carries a value of AED 600 million and was purchased from the real estate subsidiary of Emirates NBD called Rital Properties.
The land plot is spread over an area of 138,466 square feet and is close to both Central Park Towers and Index Tower.
It is positioned strategically between Downtown Dubai and DIFC and the developer plans on building a luxury residential tower of 50 floors that would comprise of a total of 400 apartments.
In addition, it would offer views of the stunning Dubai skyline and Burj Khalifa from the central location, right at the heart of the emirate’s notable financial hub.
A ceremony was conducted at the headquarters of Emirates NBD in Dubai where the plot purchase agreement was signed.
CEO of Rital Properties Ahmed Al Sheryani, Group Chief Executive Officer of Arada Ahmed Alkhoshaibi, Chairman of Rital Properties Abdulla Qassem and Vice Chairman of Arada, HRH Prince Khaled bin Alwaleed bin Talal attended the event.
Vice Chairman of Arada, HRH Prince Khaled bin Alwaleed bin Talal said that the acquision was a major step in strengthening Arada’s position as one of the most prominent master developers in the UAE.
He also added that the plot was their third prime location in Dubai and highlights their commitment to delivering exceptional projects.
He went on to say that the developer was also committed to making a contribution to the dynamic, thriving and powerful real estate market of Dubai.
Chairman of Rital Properties, Abdulla Qassem said that they were looking forward to becoming a part of the economic engine of Dubai and wanted to support innovative projects.
He stated that it would help them in solidifying their standing as a global hub for luxury living. He added that they were also looking forward to working with Arada and ensure the successful delivery of this new project.
The high-end residential project close to DIFC has already seen its design work begin, but full details about it will be disclosed next year.
The announcement came at a time when the property sector in Dubai ended a rather strong year, as the value of real estate transactions recorded a rise of 37% in the first nine months of 2023.
This saw the transactions reach a value of AED 430 billion. Arada’s first project in Dubai was launched in 2022 in Jouri Hills at Jumeirah Golf Estates.
The developer has also announced a partnership with Japanese architect Tadao Ando and the Armani Group for building the Armani Beach Residences located at Palm Jumeirah.
In the first quarter of 2024, the master developer will announce its fourth project. Other than its developments in Dubai, Arada is also the largest developer in northern Emirates.