Arada buys $65m plot from Nakheel amid Dubai market entry – Construction Week Online
- Date: 17-Jan-2022
- Source: Construction Week
- Sector:Real Estate
- Country:UAE
Arada buys $65m plot from Nakheel amid Dubai market entry – Construction Week Online
UAE-based real estate developer Arada has purchased the last remaining beachfront land plot on the Crescent of Dubai’s Palm Jumeirah, marking the developer’s first project outside Sharjah and its entry into the Dubai property market.
Valued at $65.3m (AED240m), the plot has been bought from Nakheel, the master developer of Palm Jumeirah. Located on The Palm’s East Crescent, the 20,500m2 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.
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