Gulf Construction Online - Sharjah’s Arada buys Palm Jumeirah plot

Real Estate

The 20,500-sq-m plot is located on The Palm Jumeirah’s East Crescent.

Sharjah’s Arada buys Palm Jumeirah plot

01 February 2022

Leading Sharjah developer Arada said it has purchased the last remaining beachfront land plot on the Crescent of the Palm Jumeirah, marking the fast-growing developer’s first project outside the northern emirate.

Valued at AED240 million ($65.35 million), the plot has been bought from Nakheel, the masterdeveloper of Palm Jumeirah. Situated on The Palm’s East Crescent, the 20,500-sq-m plot is ideally 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.

Design work has already begun on Arada’s mixed-use project on Palm Jumeirah, which will contain residential, leisure and F&B components, and full details will be revealed in the third quarter of 2022.

Since its foundation in 2017, Arada has rapidly become the largest developer in the Northern Emirates, following the launch of three record-breaking communities in Sharjah, together valued at AED33 billion.

Arada has reported a solid performance for 2021 with its sales hitting AED2.41 billion, up 38 per cent over the previous year, thanks to successful new project launches and a resurgence in the overall property market in both Sharjah and the wider UAE.

Arada completed the sale of 2,488 homes across its project portfolio last year, thus registering a six per cent jump on the year before. Its best-performing project in terms of sales was Masaar, the upscale forested villa community that became the UAE’s first major offplan launch of last year. It sold a total of 559 homes in that community worth AED1.2 billion.

On the results, Vice Chairman Prince Khaled bin Alwaleed bin Talal says: “Arada is now well-positioned as one of the region’s most prominent and active developers, with a clear road map for the coming years. We are determined to carry this momentum forward into 2022 with an increased focus on home deliveries at our existing communities, alongside the launch of our first projects outside Sharjah.

“We will also continue to focus matching customer demand for a smart and sustainable lifestyle with world-class homes, facilities and services,” he adds.

Group CEO Ahmed Alkhoshaibi says: “For 2022, our aim is to complete 4,000 impeccably designed smart homes, all of which will be delivered to an exceptionally high level of quality.”