The Sharjah-based Developer has purchased the last available beachfront Crescent plot at the iconic and award-winning Palm Jumeirah.
Valued at AED240 million, the plot has been bought from Nakheel, the master developer behind Palm Jumeirah. Located on The Palm’s East Crescent, the 20,500sq 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 on Arada’s mixed-use project on Palm Jumeirah, which will contain residential, leisure and F&B components, has already begun and full details will be revealed at the sales launch, scheduled to take place in the third quarter of 2022.
Ahmed Alkhoshaibi, Group CEO of Arada, said: “The time is right for us to invest in Dubai, given the strong performance of the market during the course of 2021 and the impressive steps the Government has taken to increase interest in this sector. We already have a strong working relationship with Nakheel and look forward to building on this through the development of what will be a luxurious and highly sought-after project. We are also confident that further new projects in Dubai will be confirmed during the course of 2022.”
