The Sharjah-based development company Arada has purchased the last remaining beachfront land plot on the Crescent of the Palm Jumeirah, marking the developer’s first project outside Sharjah and its entry into the Dubai property market.
The plot was bought from the developer behind Palm Jumeirah, Nakheel, and is valued at AED 240 million ($65.34 million).
The 20,500 square meter plot is located on the Palm’s East Crescent 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 on Arada’s mixed-use project on Palm Jumeirah has begun and will contain residential, leisure and F&B components.
Full details will be revealed at the sales launch, scheduled to take place in the third quarter of 2022.
Vice-Chairman of Arada Prince Khaled bin Alwaleed bin Talal said, “This is a landmark moment for Arada, allowing us to diversify into one of the world’s most respected and competitive real estate markets.”
“We are especially pleased to be launching our first Dubai project at the globally renowned Palm Jumeirah, one of the Emirate’s most ambitious and successful megaprojects”, added the Vice-Chairman.
Arada’s projects include Aljada, Sharjah’s largest ever mixed-use megaproject where 5,000 units are currently under construction, and Masaar, an upscale forested community with 4,000 villas and townhouses.
The developer has completed 2,200 homes in total, including five of the six phases as its first project, Nasma Residences.