Arada has purchased a prime piece of land at Zabeel 2, adjacent to the Dubai International Financial Center (DIFC), marking another major expansion milestone for the leading developer in Dubai’s high-end real estate market.
Valued at AED 600 million, the plot was purchased from Ritual propertiesthe real estate subsidiary of Emirates NBD.
The 138,466-square-foot land is near Index Tower and Central Park Towers. Strategically located between DIFC and central Dubai, there are plans to develop the land into a 50-storey luxury residential tower, containing 400 premium apartments, offering views of the Burj Khalifa and the stunning Dubai skyline from a central location in the heart of the important financial center of the city.
The purchase of the land was signed in a ceremony held at the Emirates NBD headquarters in Dubai. The event was attended by HRH Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, Abdulla Qassem, Chairman of Rital Properties, Ahmed Alkhoshaibi, CEO of Arada Group, and Ahmed Al Sheryani, CEO of Rital Properties.
HRH Prince Khaled bin Alwaleed bin Talal, Vice President of Arada, saying:
“This acquisition marks an important step in strengthening our position as one of the UAE’s leading master developers. The site is our third prime location in Dubai and underlines our commitment to delivering exceptional projects and contributing to the powerful and dynamic property market of this thriving city.”
Abdulla Qassem, Chairman of Rital Propertiescommented:
“We are passionate about driving 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.”
Design work in PlowingThe high-end residential project next to DIFC has already started and full details will be revealed next year. The announcement comes at the end of a strong year for Dubai’s real estate sector, which has seen a 37% increase in the value of real estate transactions during the first nine months of this year to AED 430 billion, compared to the same period last year.
News source: Emirates News Agency