Positioned between DIFC and Downtown Dubai, the land plot is near Index Tower and Central Park Towers. The developer stated that design work on Arada’s high-end residential venture subsequent to DIFC has already begun, and full particulars will likely be revealed subsequent yr.
Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, stated, “This acquisition marks a major step in strengthening our standing as one of many UAE’s most outstanding grasp builders.” He stated, “The positioning is our third prime location in Dubai and underscores our dedication to ship distinctive tasks and contribute to this thriving metropolis’s highly effective and dynamic actual property market.”
The announcement from Arada comes on the finish of a powerful yr for Dubai’s property sector, which has seen a 37 per cent rise within the worth of actual property transactions through the first 9 months of this yr to Dh430 billion, in comparison with the identical interval final yr.
Abdulla Qassem, Chairman of Rital Properties, stated, “We’re keen about fuelling Dubai’s financial engine and supporting revolutionary tasks that solidify its place as a worldwide hub for luxurious residing.”
Arada launched its first venture in Dubai, Jouri Hills at Jumeirah Golf Estates, on the finish of 2022 and has additionally introduced a partnership with the Armani Group and Japanese architect Tadao Ando to construct the Armani Seashore Residences at Palm Jumeirah. A fourth venture in Dubai will likely be introduced within the first quarter 2024.