Arada acquires premium Dubai plot for new residential project
The plot will be used to develop a 50-floor luxury tower comprising 400 apartments
Sharjah developer Arada has purchased a prime land plot in Zabeel 2, adjacent to Dubai International Financial Centre (DIFC). This marks a further significant expansion for the master developer into the high-end Dubai property market.
Valued at US $163.3mn, the plot was purchased from Rital Properties, the real estate subsidiary of Emirates NBD. Positioned between DIFC and Downtown Dubai, the 138,466sqft land plot is close to both Index Tower and Central Park Towers.
Plans are in place to develop the land into a 50-floor luxury residential tower, containing 400 premium apartments, offering views of the Burj Khalifa and Dubai skyline from a central location.
The plot purchase deal was signed at a ceremony held at the Emirates NBD Headquarters in Dubai, in the presence of Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada; Abdulla Qassem, Chairman of Rital Properties; Ahmed Alkhoshaibi, Group CEO of Arada; and Ahmed Al Sheryani, CEO of Rital Properties.
Prince Khaled said, “This acquisition marks a significant step in strengthening our standing as one of the UAE’s most prominent master developers. 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.”
Abdulla Qassem added, “We are passionate about fuelling Dubai’s economic engine, and supporting innovative projects that solidify its position as a global hub for luxury living. We look forward to working with Arada and look forward to the successful delivery of this landmark project in the near future.”
Meanwhile, design work on this high-end residential project next to DIFC has already begun.
