Arada buys prime Dubai plot to build 50-storey residential tower
DUBAI, January 2, 2024
Sharjah developer Arada has purchased a prime land plot in Zabeel 2 adjacent to Dubai International Financial Centre (DIFC), thus marking yet another significant expansion milestone for the master developer into the high-end Dubai property market.
Valued at AED600 million ($163.3 million), the plot was purchased from Rital Properties, the real estate subsidiary of Emirates NBD.
Strategically positioned between DIFC and Downtown Dubai, the 138,466-sq ft 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."
Design work on Arada’s high-end residential project next to DIFC has already begun, he stated.
Qassem said: "We are passionate about fueling 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," he added.-TradeArabia News Service
